Social Security
Social Security and geography: which states lead the pack around the USA?
Over 63 million Americans now collect Social Security benefits, and the beneficiaries include retirees, widows, disabled workers and some children. The first baby boomers began reaching retirement age in 2011 and continue to retire in large numbers each year. No…
Taking Social Security at age 62 necessary for some people
Selena Maranjian of The Motley Fool notes that despite what experts say about delaying Social Security benefits, there may be instances where it makes sense to claim benefits at age 62, despite the permanent reduction. She mentions three. One, it…
Be weary of claiming Social Security too soon
Americans are eligible to claim Social Security retirement benefits as early as age 62. But that decision comes with a cost, specifically reduced monthly benefits for life. A recent survey suggests the average age current retirees begin collecting is now…
Using Social Security as sole source of income is problematic
According to a new report by the Employee Benefit Research Institute 59% of retirees are using Social Security as a major source of income. However, as Maurie Backman of The Motley Fool notes, the program was never intended to be…
Five key facts about your Social Security check
Social Security is an important source of retirement income for millions of Americans, but it’s easy to make a mistake that can cost you benefits. Kailey Fralick of The Motley Fool says understanding these five concepts or strategies can help…
What does the average Social Security check buy? Not as much as you think.
With the average Social Security benefit at just over $1,300 per month, Michael Keenan lists a number of interesting things that such an average benefit would buy. Among them are an apartment to live for under $1,000 in 20 cities,…
Most Americans don’t know three essential facts about Social Security
Christy Bieber of The Motley Fool summarizes a new Nationwide survey that stated 76% of older adults didn’t know what their full retirement age was. Further, 52% didn’t know that Social Security provided income for life, and 60% failed to…
What filing for Social Security benefits “on time” means
Selena Maranjian of The Motley Fool describes “on time” as filing for Social Security benefits at one’s full retirement age, which can be 66 or 67 depending on birth year. She also describes early filing and late filing and more…
The myth of living on Social Security income alone
Be concerned when you hear someone minimizing the importance of saving for retirement because they note they are going to get Social Security. A recent survey from Nationwide found 26% of older adults believe they can rely on Social Security…
“File and restrict” and maximizing benefits
Tom Margeneau notes that he gets no other question more often from people than in the category of, “how do I maximize my Social Security benefits?” In this piece he addresses “file and restrict.” In short, that procedure allows someone…