Social Security
Answer these three questions before filing for Social Security
Deciding when to begin collecting Social Security benefits is among the most important life decisions one can make. Maurie Backman suggests asking these questions: 1.) Am I at full retirement age (now age 66 and 67 for those born in…
Social Security headed for “life support?”
“Life support” is not all that far-fetched a reality for the program that 63 million people rely on for a monthly benefit. Social Security is bumping up against issues that have been known for decades– namely, unfavorable demographics. People are…
Social Security’s Looming Insolvency – Blessing or Curse?
Imagine how relieved you would feel after your doctor said, “I’ve got some bad news for you. You are healthy now, but you will die one day.” You’d actually be relieved he didn’t give you six to twelve months to…
Working and collecting Social Security? What you need to know
About 20% of people age 65+ now work full or part-time, up 50% from 2000. It is important to understand the rules regarding work while collecting Social Security benefits. If you work before reaching full retirement age (66 or 67),…
Resist urge to claim benefits at 62 - Here’s why
Most people do file for Social Security benefits early, at or close to age 62. The drawback is permanently lower monthly benefits for life. For someone with a full retirement age of 67, claiming at 62 means a 30% reduction.…
Social Security’s Minimum Benefit Explained
The average Social Security benefit is about $1,400 per month, enough to keep a single person above the federal poverty level, though not all Americans who collect make this amount. Social Security’s special minimum benefit was created to offer a…
Ask these four questions before signing up for Social Security
Sean Williams notes the four components that determine monthly benefits at full retirement age. They are work history, earnings history, year of birth, and the age one claims benefits. Waiting as long as possible (to age 70) will greatly increase…
Lump sums, future income, and spousal benefits explained
When one decides to take Social Security will impact monthly benefits for a lifetime, so it is important to consider all options. Laurence Kotlikoff, professor at Boston University, addresses a number of questions in this column, including how a lump…
Social Security Fast Facts
Glen Harding of Money Talks lists a number of interesting, and less well known, facts about the Social Security program. Consider, for example, that the trust funds exceed all but the nine largest countries’ gross domestic products. Social Security is…
Big Government, Robin Hood, and Social Security
Green New Deal. Free child care. Higher Social Security payments. Carrie Lukas, president of Independent Women’s Forum, writes here about a liberal zeal to expand government spending. Social Security’s long-term fiscal health is not good. The program will only be…