Social Security
Social Security Will Not Provide Sufficient Retirement Income
The latest research from Vanguard found that Social Security will not provide adequate retirement income for low-income workers. The report states, “The goal for an average saver is to replace at least 70% to 85% of pre-retirement income in retirement,…
Another important date for retirees
On October 12th, the Social Security Administration will announce the 2024 cost-of-living adjustment (COLA). However, there is another day that will be just as important. It is the day the Centers for Medicare and Medicaid Services (CMS) announces the 2024…
The Social Security commissioner responds to report on how overpayments are handled
After a story and the call from members of the Congress and Senate on how Social Security handles overpayments, Kilolo Kijakazi, acting commissioner of Social Security, announced, “I am putting together a team to review our overpayment policies and procedures…
Why Americans do not like these possible Social Security funding solutions
Yes, the Social Security Trust fund is in trouble; however, Social Security will not run out of money since current workers fund retiree beneficiaries. Although current workers pay into the program via payroll tax, the revenue will not be enough…
Congress is demanding answers on the Social Security overpayment issue.
The Social Security Administration has recently been in the news for its clawback of over $20 billion in overpayments. Social Security sends clawback bills to beneficiaries that they believe were mistakenly overpaid for years or possibly decades. Laurence Kotlikoff, a…
Stop stressing about retirement
We all look forward to retirement, less stress, pursuing hobbies, visiting new places, or spending time with family and friends. However, many Americans are stressing out about retirement. A recent study by Allianz Life found most retirees are “more afraid…
Where will you be on October 12th?
Are you waiting for October 12, 2023, at around 8:30 a.m.? If so, you are not alone. More than 67 million Social Security recipients will be waiting to hear the Social Security Administration announcement of the 2024 cost-of-living adjustment. However,…
How working affects your Social Security
The Transamerica Center for Retirement Studies reports almost half of the baby boomers plan to keep working past age 70 or never retire. However, if you are working while on Social Security, it is crucial to understand the earnings test…
When are Social Security benefits taxable?
“Certain things in life are unavoidable, including dying and having to pay taxes!” Many Social Security recipients are surprised that they may have to pay taxes on their benefits. Of course, it will all depend on whether you exceed the…
Why some Americans claim benefits early
You can start receiving your Social Security retirement benefits as early as age 62; however, you are entitled to full benefits when you reach your full retirement age. And, if you delay taking your benefits from your full retirement age…