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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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...
submitted by /u/Civil-Action-9612[visit reddit] [comments]...
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...
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]...
Yesterday, French workers amped up their protest over President Macron’s proposal to cut pensions by raising the retirement age from 62 to 64....
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...
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...
Should you take the current debate seriously? Or should you just accept Social Security won’t be around when you need it?...
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...
You, on the other hand, probably have to pay Social Security taxes all year long....
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...
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 ...
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...
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...
submitted by /u/keeperoflogopolis[visit reddit] [comments]...
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...
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...
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 ...
submitted by /u/doofusgaloofus[visit reddit] [comments]...
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...
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 ...
Understanding this table is crucial to your financial well-being....
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...
Your optimism or pessimism about our politicians’ courage to shore up Social Security benefits could influence your claiming strategy, depending on your situation....
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...
Your optimism or pessimism about our politicians’ courage to shore up Social Security benefits could influence your claiming strategy, depending on your situation....
Wealthy folks are set to benefit most....
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...
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...
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...
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....
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...
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...
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...
Social Security spousal benefits can quickly get complicated when remarriages and other circumstances are taken into account. Let’s explore some examples....
For millions of Americans, Social Security benefits are what’s keeping them from living below the poverty line....
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...
The Social Security program, as designed, has become antiquated and is being asked to do something it was simply not designed to do....
Retirees of reddit I'm trying to help my mother find some info. My mother is planning on retiring this year at 68 from her job. So if she starts collecting her social security now it's a certain amoun...
Are cutbacks necessary to save Social Security and Medicare from bankruptcy?...
Hey all, maybe an odd question, but I continually see people in their 60-70's post here who seemingly have no idea about retirement, social security, etc. I saw one in fact where a guy who is a bit ov...
Because near retirees have no significant source of retirement income besides Social Security many will have to take any job they can find....
Don’t be mistaken into thinking that rising interest rates can justify claiming Social Security benefits early....
Every year we use the 1040A "Social Security Benefits Worksheet--Lines 6a and 6b" to compute how much of our Social Security benefit is taxable. In step 10 a "standard deduction" is subtracted - $12,0...
You aren't necessarily stuck with a bad claiming strategy...