- When I Claim My $3,200 Social Security, Will My Wife Automatically Get a Spousal Benefit?
Spousal benefits are Social Security payments based on a spouse’s lifetime earnings record, and a spouse may receive up to half of the working spouse’s benefit. Eligibility is automatic, but payments do not begin until the spouse files an application with the Social Security Administration. To help explain this, let’s break down an example with… read more…
- What Is the Average Social Security Check at Age 66?
Social Security is a key source of income for millions of retirees. And knowing what the average Social Security check looks like at age 66 can help you plan more effectively. For those born before 1960, their full retirement age (FRA) is between 66 and 67. While those born after 1960 have an FRA of… read more…
- What Is the Average Social Security Check at Age 65?
For many Americans, Social Security is a foundational source of income in retirement. And knowing how much you can expect to receive, such as what the average Social Security check is at age 65, can help you plan ahead. It’s also important to note that claiming Social Security at 65 or earlier will result in… read more…
- What Is the Average Social Security Check at Age 64?
Knowing what the average Social Security check is at age 64 can help you decide when to retire and create a plan for your income in retirement. Collecting Social Security at 64 does mean you’re claiming benefits before your full retirement age (FRA), which still means a permanent reduction to your monthly benefit. But if… read more…
- What Is the Average Social Security Check at Age 63?
Social Security is a key source of income for many retirees. With that in mind, it’s useful to know what the average Social Security check may be at age 63 so you can better plan for retirement. It’s also important to understand that while you can begin collecting Social Security as early as 62, claiming… read more…
- What Is the Average Social Security Check at Age 70?
For many Americans, Social Security represents a significant part of their average retirement income. By age 70, most people have either already claimed their benefits or are about to. If you’ve waited until now to claim, you’ll receive the maximum possible monthly benefit thanks to delayed retirement credits. Regardless of when you claimed, knowing what… read more…
- What Is the Average Social Security Check at Age 67?
Planning for retirement means figuring out how much income you’ll have. And for many Americans, Social Security is a big part of that. Your monthly benefit at full retirement age (67) depends on your work and earnings history. A financial advisor help you determine when to start and build a retirement plan that fits your… read more…
- What Is the Average Social Security Check at Age 62?
Social Security benefits are a key part of retirement income for many people. You can start collecting as early as age 62, but doing so will lower your monthly payment for life. It’s important to know how early retirement affects your benefit and what the average payout is at 62 before deciding when to start.… read more…
- Can You Stop Social Security Benefits and Restart Later?
Deciding whether to stop Social Security and restart it later depends on your age and how long you have been receiving benefits. If you have been on Social Security for less than 12 months, you can apply to withdraw your application. This will essentially erase the claim. For those who have reached full retirement age… read more…
- What Happens to Your SSDI When Your Child Turns 18?
If you’re receiving Social Security Disability Insurance (SSDI), you may also receive additional benefits for a dependent child. But what happens to your SSDI when your child turns 18? Many parents rely on this supplemental income and want to understand how their child turning 18 will impact eligibility and benefits. Your SSDI benefit as a… read more…
- 5 Reasons You May Want to Take Social Security Early
Deciding when to claim Social Security can be one of the most important retirement decisions you’ll make. Delaying your benefits can result in higher monthly payments. But there are many reasons you might choose to take Social Security earlier — as soon as age 62. Early retirement, health concerns or a need for more income… read more…
- Maximum Social Security Benefit If You’re Born in 1958
If you were born in 1958, 2025 is a milestone year. You’ll be turning 67, which marks your full retirement age (FRA) for Social Security benefits. This means you’re eligible to claim your full Social Security retirement benefit without reductions for early claiming. Many individuals in your age group are evaluating when to start collecting… read more…
- 7 Things to Know About Social Security Survivor Benefits
Social Security is not just a benefits program for retired workers. It also provides essential support to nearly 5.8 million survivors of deceased workers each month. The benefits can help replace lost income and maintain financial stability during an incredibly challenging time. Eligibility depends on how long the deceased worked and your relationship to them.… read more…
- Can Rental Income Affect Your Social Security Benefits?
Social Security benefits provide essential income for millions of Americans. However, there can be a reduction in benefits if your total income exceeds certain thresholds. Many retirees use rental income to supplement their retirement, but it interacts with Social Security differently than wages or self-employment income. Unlike wages from a job, the Social Security Administration… read more…
- Social Security Benefits: Early Retirement vs. Age 70
Determining when you claim Social Security benefits will affect your quality of life in retirement. Many people have a tough time deciding between taking early retirement or waiting until age 70 to maximize their benefit payments. Working with a financial advisor can help you evaluate your options and choose the best strategy for your situation.… read more…
- Social Security To End Telephone Verification: Will You Have to Go In Person?
Starting on March 31, the Social Security Administration will change how it processes requests. According to a March 18 announcement, the agency will no longer allow individuals to file for benefits or change their banking information over the telephone. Instead, they must do so either through the SSA’s web portal (called “my Social Security”) or by… read more…
- I’m Going to Earn $3,400 per Month in Social Security. How Can I Reduce My Taxes on It?
Many people don’t owe federal income taxes on their Social Security retirement benefits. However, with $3,400 in monthly benefits, you could be one of the many people who do have to pay taxes on this income. From zero to 85% of your benefit income may be taxed as ordinary income, depending on your filing status… read more…
- Will Doing $50k in Annual Roth Conversions Lead to Higher Social Security Benefits?
Curious if a Roth conversion might boost your Social Security benefits? Here’s the reality: while converting to a Roth IRA ramps up your taxable income for that year, it doesn’t affect the way Social Security calculates your benefits. Social Security relies solely on your earned income — not the extra taxable income generated by a… read more…
- I’m Going to Get $2,600 a Month From Social Security. How Can I Reduce My Taxes on It?
Retired people who get monthly Social Security payments may owe income tax on a portion of the benefits depending on their income and filing status. The amount of benefits exposed to taxes is determined based on income and filing status, and may range from 0 to 85%. The taxes applied to your $2,600 monthly benefit… read more…
- Social Security Fairness Act Adds an Average $360 Benefit for Some: Will You Be Getting a Bigger Social Security Check?
If you are a current or former public sector employee or a survivor, spouse or ex-spouse of someone like that, you may receive more from Social Security as a result of new federal legislation. The Social Security Fairness Act repeals two federal laws that for decades have reduced or eliminated Social Security benefits for some… read more…
- 7 Mistakes That Can Mess Up Your Social Security Benefits
Social Security payments are a key part of most retirement plans, but many people reduce their benefits by claiming too early, misunderstanding spousal benefits or misjudging how work income affects payments. A financial advisor can help you understand the rules and choose the right time to claim so that you can maximize your benefits. Here… read more…
- These 3 States Stopped Taxing Social Security Income in 2024. Is Yours Next?
The trend of states eliminating income taxes on Social Security benefits continued in 2024, with three more states joining the more than 40 that already exempt the monthly government retirement payments from state income taxes. Social Security retirement recipients in Kansas, Missouri and Nebraska won’t have to pay their states’ income taxes on their benefits… read more…
- Social Security in Florida: Average Payments, Taxes and Contact Information
Florida extends the financial equivalent of an open-arms welcome to Social Security recipients, since it collects no income taxes on government retirement benefits or, in fact, other types of income. This means retirees depending on monthly Social Security checks can devote more of their financial resources to supporting their retirement lifestyles. In Florida, Social Security… read more…
- Social Security in California: Average Payments, Taxes and Contact Information
California has the largest number of Social Security recipients and also receives more dollars in benefits than any other state. Almost 6.3 million state residents collect payments from Social Security’s main program for retirees, disabled workers and their families according to recent data from the Social Security Administration. Those payments total around $114.8 billion per… read more…
- When I Claim My $2,950 Social Security, Will My Wife Automatically Get a Spousal Benefit?
The rules around Spousal Social Security benefits have several nuances, but some policies are crystal clear. One is that a spouse must specifically request to begin receiving spousal benefits. That is, it’s not automatic. Another certainty is that a spouse will only receive the spousal benefit if it is a larger amount than the benefit… read more…