Social Security
Five key tips to make the most of your Social Security benefits
The Motley Fool’s Selena Maranjian has these five tips for folks nearing retirement. One, know your full retirement age. It could be between 65 and 67, depending on birth year. Two, know how much income to expect. Three, learn how to…
Social Security myths that could cost you dearly
Over 60% of Social Security beneficiaries rely on those benefits for at least half their income, according to the Social Security Administration. Therefore it is so important to make the most educated decision you can about when to start collecting. Katie Brockman…
Warnings about cuts to Social Security and Medicare need to be taken seriously
Social Security is running a deficit this year by paying more to beneficiaries than is collected from worker payroll taxes. This is projected to continue until 2034, when all past reserves will be exhausted. Medicare reaches insolvency even sooner, in 2026. Both…
Federal Government options for dealing with Social Security’s ailing financial health
Sean Williams of The Motley Fool lists eight options the federal government has at its disposal for dealing with the looming shortfall in Social Security expected in just over a decade. Some include raising the retirement age to means-testing as well as…
FACT: Social Security and Medicare are NOT stronger now than a year ago
President Trump routinely states that his administration is making Medicare and Social Security stronger. But is that so? The Social Security Trustees report the trust fund will be exhausted in 2034 and benefits would have to be cut over 20%…
Social Security quiz: retirement ages, benefits, and numbers
Social Security payments go out to over 62 million beneficiaries every month. It’s also the single greatest expenditure of the federal government at over $950 million per year. But how well do people understand the basics of this important program? …
Millennials, Social Security, and Retirement
For the 83 million Americans born between 1982 and 2000 (commonly referred to as Millennials), retirement is a ways away. But a big worry looms large for this demographic group, namely that despite all they’re paying into Social Security now, a full 80% state they…
Social Security, Myths, and Midterms: What Voters Need to Know
With the Social Security program expected to spend over $1 trillion next year and the midterm elections now less than two months away, many voters will want to separate fact from fiction, yet still understand the very real financial problems facing…
Questions and Answers about the term “Maximum” when it comes to Social Security
In this question and answer session, Thomas Margineau addresses a number of issues related to the word “maximum” as it relates to Social Security. This includes the current maximum benefit amount of $2,788, the current maximum age of 70 one…
WEP and GPO: How these two provisions affect Social Security recipients
Government workers in 15 states participate in retirement plans that do not include contributions to the Social Security program, which makes them vulnerable to two provisions that can reduce their benefits in retirement. The states are Alaska, California, Colorado, Connecticut, Georgia,…