If you’ve come across advice like “Social Security is going broke” or “you’re better off just waiting until 70 to claim,” you’re far from alone. These and other commonly repeated notions are persistent myths that can steer well-meaning savers off course. If you’ve believed any of these ideas, it may be time to bring in [...]
For many retirees, Social Security isn’t just a monthly deposit—it’s the foundation of their entire retirement income. But choosing when to claim it isn’t as simple as picking a birthday and signing paperwork. It’s a decision with lifelong consequences. Claim too early, and you could lock in thousands less per year. Wait too long without [...]
People often misunderstand Social Security retirement benefits and taxation since not all benefits are taxable. The amount of benefits one receives and how much Federal tax applies depend primarily on the income level of the receiver and other factors. How to determine if benefits are taxable If Social Security benefits are the only source of [...]
As we approach 2025, the Social Security Administration (SSA) has announced several important changes to the program that will affect millions of beneficiaries. These updates are designed to keep pace with the changing economic landscape and ensure that retirees and other recipients can maintain their quality of life. Here's a comprehensive look at the four [...]
Planning for retirement income is a crucial aspect of achieving a secure and comfortable retirement. With longer life expectancies and the need for additional sources of income, it's essential to consider various strategies to supplement Social Security benefits and ensure financial stability during retirement. Importance of Supplementing Social Security Benefits While Social Security provides a [...]
In 2022, the United States experienced the most significant inflation in four decades, primarily due to macroeconomic disruptions and supply chain issues following the COVID-19 pandemic. This led to an 8.7% cost-of-living adjustment (COLA) for Social Security beneficiaries in January 2023, the largest increase since the early 1980s. However, despite this, many retirees continue to [...]
Everyone’s financial situation is different. Loan status, job situation, and the age of your kids all significantly impact your financial situation as you approach retirement. When it comes to Social Security there are a lot of different factors to consider, and the right path forward may not be apparent to you. Just because someone else [...]
Now that the temperature is getting colder and we’re heading into October, there is something very important on the horizon for retirees: the announcement of the 2023 COLA for Social Security. COLA stands for “cost of living adjustment,” and it is essentially a yearly increase to Social Security payouts.[1] Every year, Social Security is increased [...]
Deciding when you claim Social Security is a key part of the puzzle for your retirement plan. You can withdraw as soon as you turn 62, but you can also delay your claim until you are 70 years old. There are pros and cons to each, so how do you know which age is right [...]
For most, Social Security provides a solid foundation for retirement income. In fact, as of September 2022, over 70 million Americans were collecting benefits.[1] However, not everyone knows exactly how or when to start tapping into this resource. As you grow older and retirement looms on the horizon, the decisions you make start to have [...]
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