Social Security
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Rep. Larson and Sen. Cassidy Named Legislators of the Year for Their Work on Social Security
May 09 2023
May 9, 2023 — Topretirements.com just named a Republican Senator and a Democratic Congressman as 2023 National Legislators of the Year. Senator Bill Cassidy (R.LA) and Representative John Larson (D....
topretirements.com
Social Security Trustees’ Report: SS Fund Will Run Out of Money 1 Year Earlier
Apr 05 2023
April 5, 2023 — The Trustees of the Social Security and Medicare trust funds report on the current and projected financial status of the two programs each year. This summarizes the findings of t...
topretirements.com
Which States Tax Social Security Income?
Mar 29 2023
March 30, 2023 — It might come as an unpleasant surprise to many people that Social Security income can be taxed on both the federal and the state level. While there is no escaping the federal t...
topretirements.com
What Is The Average Social Security Check? | Bankrate
Mar 23 2023
Social Security offers a monthly benefit check to many kinds of recipients. As of October 2022, the average check is $1,550.48, according to the Social Security Administration – but that amount can ...
bankrate.com
Filling the Gap
Mar 23 2023
For those retiring early: assuming you are waiting until 65 for a pension, and 70 for full SS benefits, how are you filling the gap until then? Are you tapping into savings? Skimming off interest? Wor...
reddit.com
Social Security Calculator - Early Retirement, but waiting until 67 to take benefit
Mar 23 2023
Does anyone know if there's a Social Security benefits calculator that takes into account if you retire early (say at 55), but wait until your full benefit age (67) to start taking social security? Al...
reddit.com
Turned 63 2/23, Social Security appointment for benefits not until Friday, do they backdate benefits
Mar 22 2023
Hi there: I turned 63 in February of this year and called Social Security. They took down a lot of information but told me a second call (from their local office) is needed to finalize everything. The...
community.aarp.org
You Can Come Out Of Retirement And Work Again
Mar 20 2023
Everyone is suddenly talking about raising the retirement age, but is the discussion already moot? And what impact might earning post-retirement income have on your Social Security benefits?...
forbes.com
I'm confused on when to claim spousal benefits
Mar 20 2023
I just turned 67 and claimed my SS benefit when I reached my FRA, last year. My wife, who turns 66 this next week, was mostly a stay at home mom but did teach for a few years. Upon her turning 62, she...
community.aarp.org
Outlook For Social Security Trust Fund Worsens
Mar 17 2023
The demise of the Social Security retirement trust fund is likely to occur sooner than expected last year....
forbes.com
Fixing Social Security: No Easy Choices, But It s Doable
Mar 16 2023
Become an informed voter with a new app that helps you understand the hard choices our political leaders need to make to close Social Security’s funding gap....
forbes.com
In Retirement, Social Security Will Likely Pay Out More Than You Think: Study
Mar 16 2023
Pre-retirees tend to underestimate future Social Security benefits by nearly $2,000....
money.com
Can Social Security Be Saved? Yes, With a Few Changes
Mar 15 2023
Nearly every retiree, and many younger adults, have heard the alarming news that the Social Security Trust Fund will run out of money in another ten years or so, although the exact date changes regula...
baby-boomer-retirement.com
Social Security Confusion Regarding 40 Credits and Years Worked
Mar 14 2023
Hello- I'm hoping someone here has an easy answer to this question. I have the required 40 credits to claim social security. For many of my working years I was making high 5, low 6 figures (range was ...
reddit.com
Taking SS at full retirement age and still working
Mar 14 2023
Does anyone know and can answer if one is taking SS at FRA and still working, is that person able to increase the SS benefit by replacing a lower wage year with a higher wage year after starting to co...
reddit.com
How is Social Security base rate computed?
Mar 13 2023
I know all about how the amount we receive is adjusted by whether we retire at, before or after FRA. But what I’m trying to learn is which 35 highest years of income go into the equation- does i...
reddit.com
Can someone explain the reasoning behind penalizing SS benefits if you earn too much
Mar 13 2023
submitted by /u/Civil-Action-9612[visit reddit] [comments]...
reddit.com
Dividend investing and Social Security vs Sequence of Return risk and owning bonds
Mar 12 2023
I am wondering about living on dividends and social security in retirement, and how this solves certain problems raised by sequence of return risk and owning bonds, both in the years before retirement...
reddit.com
Reality Check Please Retired last year at 71 and started collecting SS
Mar 11 2023
My understanding is I can earn up to $21,240 this year without any impact on my SS benefits. Is this true or did I miss something? submitted by /u/mrcanard[visit reddit] [comments]...
reddit.com
While French Workers Strike To Protect Their Pensions U S Elders Fear More Social Security Cuts
Mar 09 2023
Yesterday, French workers amped up their protest over President Macron’s proposal to cut pensions by raising the retirement age from 62 to 64....
forbes.com
Social Security at 62 v ACA subsidies a dilemma and request for advice
Mar 09 2023
I would appreciate some advice concerning the timing of my Social Security payments, and how that interacts with ACA subsidy payments. I am 60. I will turn 65 in August of 2027. I have an ACA plan. Du...
reddit.com
Talk me into waiting until 70 years old to take SS
Mar 08 2023
From age 62 to 79, I will get $393,720 from Social Security. If I wait until I am 70, it will take me 9.65 years to earn $393,720. That is a long time before I start losing money. It will be basically...
reddit.com
Why Do They Keep Talking About Raising The Retirement Age?
Mar 07 2023
Should you take the current debate seriously? Or should you just accept Social Security won’t be around when you need it?...
forbes.com
Social Security in Multigenerational Families
Mar 07 2023
It’s not unusual for Black and Latino children to live with their grandparents, who are either the primary caregivers or members of a multigenerational family. And just as the grandparent is int...
squaredawayblog.bc.edu
Why Millionaires Don't Have to Pay Any More Social Security Taxes This Year
Mar 06 2023
You, on the other hand, probably have to pay Social Security taxes all year long....
money.com
Social Security and Medicare Premium
Mar 06 2023
We are already on Medicare A & B. As we have not started SS yet, I pay the premiums directly on a quarterly basis. My understanding is once SS starts, the premiums will be taken from our monthly c...
reddit.com
Completing the SSA-1724
Mar 02 2023
I need help completing the form for claiming amounts due in the case of a deceased beneficiary. Question #1...name of surviving widow - that's me...I entered my SS#, I answered "yes" to living in the ...
community.aarp.org
2023 Social Security COLA Is Huge: Traditional Retirees Rejoice!
Mar 01 2023
I don’t know if you’ve heard, but the 2023 Social Security COLA (Cost Of Living Adjustment) is a whopping 8.7%! This increase is both huge and head-scratching. The 2023 Social Security COL...
financialsamurai.com
Is my SS "worth" $1 million
Feb 25 2023
Is my Social Security "worth" $1m? I'm a high earner and I think the max benefit I'll get at 65 is something like $3,500/month. So yearly that's $42,000. Using the 4% rule that equates to about $1 mil...
reddit.com
Link to study from Fed about timing of taking SS
Feb 24 2023
submitted by /u/keeperoflogopolis[visit reddit] [comments]...
nber.org
Social Security amount question
Feb 24 2023
I understand that the sooner you start collecting, the lower the amount you receive will be. But what about if you retire before you start collecting? Will the estimated amounts be lower than what SSA...
reddit.com
WSJ article on taking SS early.
Feb 23 2023
High Price Retirees pay for taking SS early. (Sorry, I don't know how to link without a firewall. I will figure it out and post here later.) submitted by /u/Chinacat_Sunflower72[visit reddit] [comment...
reddit.com
When delaying social security payout, is the amount received increased for each month of delay, or only at full year anniversaries?
Feb 21 2023
My FRA is 66 and 4 months, which I hit last month. But I'm still working and plan to delay my social security until July (when I'll be 66 and 10 months) -- believing (from some places I've read) that ...
reddit.com
If you apply for social security 3 months before you are eligible (as I've been advised to do) and you decide not to collect it, how hard is it to back out?
Feb 20 2023
submitted by /u/doofusgaloofus[visit reddit] [comments]...
reddit.com
Retire next year?
Feb 19 2023
I am 53m with wife, 53f, one kid, 15. Retired from military in 2020 with 70k pension that I am currently receiving. Wife gets 30k if I die first. I expect 35k/yr social security at 67. Wife will colle...
reddit.com
Will Social Security get fixed before 2034? And if so, how?
Feb 19 2023
The Congressional Budget Office (CBO) predicts that by 2034, Social Security will not have enough money to fully fund its obligations. In other words, as of that year, they cannot continue to pay out ...
reddit.com
This Social Security Table Means Everything for Your Retirement | The Motley Fool
Feb 18 2023
Understanding this table is crucial to your financial well-being....
fool.com
Social Security Benefits Increased in 2023
Feb 17 2023
Great news, here is the Cost-of-Living Adjustment (COLA) Information for 2023 "The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security...
thinksaveretire.com
Worried About Social Security’s Future? Make A Plan For When To Start Your Benefits
Feb 15 2023
Your optimism or pessimism about our politicians’ courage to shore up Social Security benefits could influence your claiming strategy, depending on your situation....
forbes.com
Family Maximum Benefit (Disability)
Feb 14 2023
Photo credit: jb In a previous article we talked about the Social Security Family Maximum Benefit for a retired worker – and we mentioned that there was a separate calculation for the Social Sec...
financialducksinarow.com
Should Social Security’s Funding Challenges Cause You To Claim Benefits Early?
Feb 14 2023
Your optimism or pessimism about our politicians’ courage to shore up Social Security benefits could influence your claiming strategy, depending on your situation....
forbes.com
Social Security Payments Just Increased, and Scammers Are Already Targeting Retirees
Feb 13 2023
Wealthy folks are set to benefit most....
money.com
Why not think of Social Security as the equivalent of bonds/annuities
Feb 12 2023
So, I'll most likely have somewhere between $1.2 and $1.4 million when me and the wife retire in about a dozen years. We've got two-thirds of a million right now; we'll each continue to max out our Ro...
reddit.com
eligible for any social security..?
Feb 12 2023
I have worked in the US for approx 10 years and now live in Canada. Do I qualify for US social security benefits? Do these years working in the US count towards Canada OAS or CPP? submitted by /u/reti...
reddit.com
about SS and dying before drawing
Feb 12 2023
My wife (of 35+ yrs) has earned much less than I have over the years. The calculators all say my wife should start drawing SS at 62 and I should start drawing at 67. If I die before I start drawing, w...
reddit.com
Where Disability Benefits Are Worth the Most: How Your State Stacks Up
Feb 07 2023
Recipients of Social Security disability benefits rely on the monthly check as a vital source of income, but in no state does it match up to the livable wage....
kiplinger.com
Social Security Email from AARP
Feb 07 2023
Yesterday I received an email from AARP titled "Tell Joe Biden to Protect Social Security." This is an inaccurate and misleading title. If anything, President Biden has vowed to protect social securit...
community.aarp.org
How Will Social Security and Medicare Survive in the New Congress?
Feb 07 2023
February 7, 2023 — The debt ceiling is one of the big issues in the new Congress. How it plays out should be interesting, with Republicans narrowly controlling the House and the Democrats with a...
topretirements.com
Evaluating Annuities, Pensions, and Social Security – SWR Series Part 56
Feb 06 2023
February 6, 2023 Welcome to another installment of my Safe Withdrawal Rate Series. See the landing page of this series here for an intro and a summary of all posts I’ve written so far. On the me...
earlyretirementnow.com
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About Social Security
Social Security is a government-run program in the United States that provides a source of income for retirees, as well as for people who are disabled or the survivors of deceased workers. The program is funded through payroll taxes, and it is designed to provide a basic level of financial security for those who are no longer able to work.
To be eligible for Social Security benefits, an individual must have worked and paid into the Social Security system for a certain number of years. The amount of benefit that an individual receives is based on their earnings history, with higher earners receiving a higher benefit.
In general, people are eligible to receive Social Security retirement benefits when they reach the full retirement age, which is determined by their date of birth. The full retirement age is currently 66 for people born between 1943 and 1954, and it is gradually increasing to 67 for those born in 1960 or later. However, people can begin receiving reduced benefits as early as age 62, or they can choose to delay receiving benefits until after their full retirement age, in which case they will receive a higher benefit.
It is important to note that Social Security benefits are not intended to be the sole source of income for retirees. Rather, they are meant to supplement other sources of retirement income such as savings, investments, and pensions. It is important to plan for retirement and consider all sources of income that may be available to you.