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.
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As we approach retirement, we often find ourselves immersed in a sea of financial considerations, pondering our savings, Social Security ... Read more...
I’ve been doing an analysis of whether to take social security early (before 67) or not, and I wonder whether I am doing the math properly. If I compare taking SS at (a) age 62 versus 67, and al...
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 3.2% starting in January 2024....
Thebrief’skey findings are: Grandparents raising grandchildren are often under financial stress but – without legal custody – tend to get little formal support. Importantly, Social S...
First a bit of backstory. I’m still five years away from retiring. I set my goal at 65, and with an IRA and 401k currently sitting at 700k, I feel comfortable with my five year plan. Especially ...
I understand that if I am on social security and under the full retirement age, then if I work and earn more than approximately $21,000 then for every 2 dollars earned they deduct a dollar. I was curi...
I am a widow, age 65. Initially when I visited the local SS office and presented all my paperwork, I was told that I could start collecting my SS benefit whenever I choose, and then when I turn 66+4 m...
A CRR at Boston College report looks at a previous survey that examines why Americans…...
Once a year, Social Security reports on the program’s financial outlook but the bottom line doesn’t change: the reserve in the trust fund is running out of money. Many workers and retirees...
I see a lot of comments that you should wait until 67 to take you SS as it increases by 7.5% per year. But if my sole income is IRAs (including a lump sum pension), I think it would be better to take ...
Cost-of-living adjustment makes sure the backbone of our retirement system keeps pace with rising prices. With the release of the September CPI-W inflation number, the Social Security Administration a...
Did you know that if you made an average income throughout your career, your Social Security benefits could add up to hundreds of thousands of dollars in lifetime income? And if you made an above-aver...
Both my wife and I are collecting SS benefits. I waited until just short of age 70 to collect. She started collecting at age 63. I receive the larger amount. When one of us passes, how is the survivin...
Retirees should consider several factors when deciding whether to take Social Security early....
Social Security and 401(k) plans leave Americans less secure than retirees in much of the world, a new ranking finds...
Millions of Social Security beneficiaries, from retirees to disabled workers, will receive the cost-of-living adjustment, which is far less than last year’s but still higher than average....
Up to $168,600 of earnings will be subject to Social Security tax in 2024, raising the taxes taken out of a high earner's paycheck to $10,453....
October 12, 2024 –The Social Security Administration announced today that Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 per...
For 2024 - it is 3.2% But don’t get too excited? - Medicare Part B premiums still haven’t been announced - CAME BACK TO EDIT and ADD the new Part B base premium for 2024 - $174.70 CMS.gov ...
One program could help solve a looming $1.3 trillion savings shortfall, but only 11 states are participating....
Thebrief’skey findings are: Despite Social Security’s online tools, many retiring workers still contact an agency representative for help. Both online and in-person applicants report high ...
I’m 65, my wife is 62. I plan to start drawing next year, I was going to wait until FRA, but have seen too many people die and get nothing. If I start drawing, what is the best option for my wif...
So I have a pension and social security and I'm retired, just for argument sake, if my spouse gets half of my income will she get half of my pension AND half of my social security? She currently does ...
Look at your finances to determine how you'll use the boost in benefits....
In our high-tech world, virtually any transaction or communication can be executed online. Yet, despite the range of services that Social Security offers on its website, two-thirds of older Americans ...
I (M66) reach FRA early 2024 at 66 1/2. I own my home and car, have some savings and investments, 401k, and a small pension. Simple 'back of the cocktail napkin' arithmetic leads me to believe I can a...
Hi I was using the SS calculator and entered that i would like to collect 5 months past my last birthday. My birthday is at the end of a month. So would I collect at the beginning of the 5th month or ...
With a partial federal government shutdown on tap if an agreement isn’t reached by midnight…...
About 20% or retirees polled by T. Rowe Price say they're working either full- or part-time....
Hi I originally posted part of this on r/socialsecurity and u/Mid_AM suggested I post it here, too. I’m interested to hear from people who’ve taken their SS early vs full retirement age. H...
Trying to decide when you should claim your social security benefits? There are pros and cons to claiming early – make an informed decision with my help....
September 19, 2023 – Quick – what is the 2023 maximum monthly benefit from Social Security? $2810/mo., $3035/month, $4193/mo., or $4,555/mo.? And, how much is the average benefit? If you g...
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....
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...
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...
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 ...
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...
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...
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...
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?...
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...
The demise of the Social Security retirement trust fund is likely to occur sooner than expected last year....
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....
Pre-retirees tend to underestimate future Social Security benefits by nearly $2,000....
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...
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 ...
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...
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...
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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...