- Social Security to Increase by 2.5% for 2025: What Retirees Should Know
Inflation has more or less finally been tamed. That’s the main takeaway from Social Security’s 2025 cost-of-living adjustment, announced by the Social Security Administration earlier this month. A financial advisor can help you build an income plan for retirement and decide when to claim Social Security. Find an advisor today. Every year the SSA adjusts… read more…
- Who Is Eligible for Social Security Survivor Benefits?
When a loved one passes away, Social Security survivor benefits offer a form of financial support to those left behind. Eligibility for these benefits primarily depends on the deceased person’s work history and the relationship between the survivor and the deceased. Immediate family members—including spouses, children and sometimes parents—may qualify to receive these benefits under… read more…
- Can You Collect Social Security While Still Working?
As you approach retirement age, the question of whether you can collect Social Security while still working often arises. Understanding how employment affects your Social Security benefits is crucial for making informed financial decisions. The good news is that it is indeed possible to receive Social Security benefits while continuing to work, but there are… read more…
- How Much Social Security Does a Nonworking Spouse Get?
Many families are concerned about Social Security for a nonworking spouse. When one spouse has not worked or has a limited work history, questions about eligibility for benefits often arise. The Social Security Administration offers spousal benefits based on the working spouse’s earnings record, providing financial support in retirement even for those who have not… read more…
- 5 Dangers of Trying to Live on Social Security Alone
For many Americans, Social Security serves as a crucial component of their retirement income. However, relying solely on Social Security can pose significant financial challenges. The program was never intended to be the sole source of income for retirees, yet many find themselves in this precarious situation. With the average monthly benefit at less than… read more…
- Can a CSRS Retiree Collect Spousal Social Security?
Determining whether a Civil Service Retirement System (CSRS) retiree can collect spousal Social Security benefits has historically been complicated. Previously, those under CSRS did not pay into Social Security, making them ineligible for certain benefits due to the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP). However, the Social Security Fairness Act, signed into… read more…
- Social Security in New York: Everything You Need to Know
Social Security makes a sizable financial contribution to New York State, which receives financial support worth tens of billions of dollars annually for millions of its retired and disabled citizens as well as their relatives and certain low-income people. For its part, the state exempts Social Security benefits from state income taxes, making it moderately… read more…
- Social Security in Texas: Everything You Need to Know
As one of a handful of states with no state income tax, Texas is one of the more financially attractive places to reside for people who are receiving Social Security benefits. Nearly 4.7 million Texans, including almost 3.3 million retired workers plus spouses and other people, got payments from Social Security’s primary program, Old Age,… read more…
- How a Government Pension Could Have Offset Your Social Security
Under longstanding Social Security rules, certain public-sector workers and retirees received smaller benefits due to the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These rules, intended to adjust Social Security benefits for retirees with government pensions from non-covered jobs, often led to lower or entirely withheld payments for millions. That changed in early… read more…
- Will the 2025 Social Security COLA Affect Future Retirees?
The 2025 Social Security cost-of-living adjustment (COLA) could influence future retirees by preserving the purchasing power of their benefits. COLA adjustments are designed to counteract inflation, ensuring that the primary insurance amount (PIA) reflects current economic conditions. Higher COLA raises today mean future retirees could begin collecting benefits that reflect a larger baseline, since adjustments… read more…
- How Many Hours Can You Work After You Retire?
While there’s no universal cap on post-retirement work hours, the number can impact Social Security benefits and taxes, depending on your age and earnings. Retirees under the full retirement age may see a temporary reduction in benefits if their income exceeds certain limits. Social Security recipients, in particular, need to be aware of specific earnings… read more…
- Can I Collect My Spouse’s Social Security Before They Retire?
Yes, you can collect your spouse’s Social Security benefits before they retire. But there are specific conditions and limitations to consider. The primary requirement is that your spouse must be eligible for retirement benefits and have filed for them. If you are at least 62 years old, you may qualify for spousal benefits, which can… read more…
- Does Workers’ Compensation Affect Social Security Benefits?
Workers’ compensation, which provides financial support for employees injured on the job, can impact the amount you receive from Social Security. Specifically, if you’re receiving workers’ comp, your Social Security Disability Insurance (SSDI) benefits might be reduced to prevent your combined income from exceeding certain limits. This interaction is designed to balance the benefits you… read more…
- I Will Claim a $3,750 Social Security Benefit. Will My Wife Automatically Get a Spousal Benefit?
Social Security spousal benefits allow a spouse to receive a portion of their partner’s benefit if certain criteria are met. If one spouse claims a monthly benefit of $3,750, the other may be eligible for a spousal benefit, which typically amounts to up to 50% of the primary earner’s benefit. However, eligibility isn’t automatic –… read more…
- How to Claim Spousal Social Security Benefits
If you’re married, divorced or widowed, you may be wondering how to claim spousal security benefits based on your spouse’s work record. This can be particularly beneficial if your own earnings history is lower, or you’re planning a retirement budget. To start the process, you must make sure that you meet the eligibility criteria. Here’s… read more…
- When Can My Spouse Claim Social Security Benefits?
Knowing when a spouse can claim Social Security benefits can significantly impact retirement planning. Spousal benefits allow one partner to receive a portion of the other partner’s Social Security benefits, providing financial support in retirement. By understanding the eligibility criteria, the impact of full retirement age and the effect of early or delayed claims, among… read more…
- Factors That Determine the Amount of Your Social Security Benefits
Understanding what your Social Security benefit is based on can significantly impact your financial planning for retirement. The amount you receive hinges on several factors, including your lifetime earnings, the age you start claiming benefits, and the number of years you’ve worked. Additionally, the Social Security Administration uses a formula to calculate your benefits, which… read more…
- Does VA Disability Affect My Social Security Retirement Benefits?
As you plan for your retirement and financial future, you may wonder, does VA disability affect Social Security retirement benefits? Rest assured, VA disability benefits do not reduce the amount of Social Security retirement benefits you receive. VA disability compensation is considered an independent benefit and is not counted as income for Social Security purposes.… read more…
- What Is a Social Security Statement?
A Social Security statement is a document provided by the Social Security Administration (SSA) that outlines your earnings history and projected benefits. It serves as a comprehensive record, detailing your contributions to the Social Security system over your working life. By reviewing your statement, you can verify the accuracy of your earnings record and get… read more…
- When I Claim My $3,000 Social Security, Will My Wife Automatically Get a Spousal Benefit?
When you file for Social Security, your spouse becomes eligible for payments known as spousal benefits. However, they won’t receive these payments automatically. Instead, they must file with the Social Security Administration, whether they’re receiving their own retirement benefits or not. A financial advisor can help you plan for Social Security and build a comprehensive… read more…
- What Are the Social Security Trust Funds?
The Social Security Trust Funds are financial reserves established to support the Social Security program in the United States. They comprise two separate funds: the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund. These funds are designed to ensure the payment of retirement, survivor and disability benefits to millions… read more…
- When I Claim My $3,500 Social Security, Will My Wife Automatically Get a Spousal Benefit?
Understanding the nuances of spousal benefits is crucial to maximizing your household’s Social Security payments. For example, if you’re set to collect $3,500 per month from Social Security at full retirement age, your spouse may be eligible to receive $1,750 based on your earnings record, although this won’t happen automatically. Eligibility for spousal benefits ultimately… read more…
- Ultimate Guide to Social Security in New York (NY)
If you live in New York, you can apply for Social Security benefits online, by telephone or in person. The Social Security Administration maintains a website at SSA.gov, as well as dozens of local offices throughout the Empire State that you can call for information or schedule an appointment with. Before applying, you can use… read more…
- Ultimate Guide to Social Security in Massachusetts (MA)
Massachusetts participates in the Social Security system a little differently than most states. Massachusetts residents who belong to public-sector retirement plans don’t pay Social Security payroll taxes. As a result, these workers don’t earn credits toward Social Security benefits for their public-sector work. Some Massachusetts public workers may still qualify for Social Security benefits through… read more…
- 6 Ways to Maximize Your Social Security Survivor Benefits
Social Security survivor benefits provide essential financial support to eligible family members and help ensure stability during challenging times. Many people don’t realize that survivor benefits have different rules from regular retirement benefits. Timing your claim, coordinating with your benefits, and understanding eligibility requirements can significantly impact the amount you receive each month. Making informed… read more…