- When Does Social Security Increase?
Every year, the Social Security Administration (SSA) issues what is known as the Cost of Living Adjustment, or COLA. This is an annual increase intended to keep Social Security benefits in line with inflation. This increase is announced in October of each year and applies to all benefits starting in January of the following year. For… read more…
- 4 Ways to Increase Social Security Benefits
For many Americans, Social Security benefits make up significant part of their retirement income. Therefore, it’s important to understand which steps you can take to maximize your benefits. Whether you’re considering when to start claiming, how to build up your work history, or how working after retirement can affect your taxes, the choices you make… read more…
- I’m Planning to Get a $3,200 Monthly Social Security Benefit. How Can I Avoid Taxes?
More and more retirees are being taxed on Social Security benefits. Legislative changes over the decade have shaped the age of receipt, amount of benefits and taxation over the decades, meaning many Americans unexpectedly will face taxation on the public program paid into during their working years. For someone starting their Social Security benefits at… read more…
- I’m Going to Get $2,800 Per Month in Social Security. How Do I Reduce My Taxes on It?
One of the biggest surprises would-be retirees face when planning their retirement finances is the fact that their Social Security benefits could very well be subject to income tax. A financial advisor can help you plan for Social Security and potentially minimize your tax bill on your benefits. Connect with a fiduciary advisor today. One… read more…
- What Does Remarrying Do to Your Social Security Benefits?
If you’re divorced and thinking about remarrying, you may be wondering “If I remarry what happens to my Social Security?” In most cases, remarriage won’t affect benefits based on your own work history, including retirement or disability payments. However, if you currently receive benefits based on a former spouse’s work record, those benefits usually end… read more…
- Ultimate Guide to Social Security Benefits for Widows
Losing a spouse is an emotional and challenging experience, and it often brings financial concerns to the forefront. Social Security benefits can support widows financially and help them navigate expenses following a spouse’s death. This comprehensive guide covers eligibility criteria, the amount widows can receive in survivor benefits, the possibilities for divorced or remarried widows,… read more…
- You May Be Paying Too Much in Taxes on Your Social Security Benefits. Here’s How to Lower Them
Millions of Americans rely on Social Security benefits for all, or a portion, of their retirement income. Up to 85% of Social Security benefits are subject to federal income tax, depending on your total household income. However, Fidelity recently presented options for taxpayers to reduce how much they pay in taxes on Social Security benefits.… read more…
- Can You Answer These Social Security Questions Correctly? Only 13% of People Know the Answer to a Vital Question
Americans have rarely been more wrong about Social Security. As Nationwide Financial found in a recent survey, 40% of Americans say they’re either confident or very confident in their knowledge of Social Security. In fact, twice as many people say they’re “very confident” in their knowledge of the program and its benefits today compared with… read more…
- Social Security Update for September: What You Need to Know
If you receive Social Security payments, whether you’re in retirement or have a disability, the Social Security Administration (SSA) calculates your benefits as a monthly sum. Each aspect of the program, both Social Security and Supplemental Security Income (SSI), then issues those payments once per month to all beneficiaries. Understanding what the Social Security landscape… read more…
- Does Retirement Income Count as Income for Social Security?
Deciding when to take Social Security benefits is one of the most important questions to answer in planning your retirement strategy. Second to that is understanding what might increase or reduce your benefit amount. Does retirement income count as income for Social Security? No, but working while claiming benefits could shrink the amount that you’re… read more…
- Just 10% of Workers to Wait Until 70 to Take Maximum Social Security Benefits
Despite the fact that delaying the start of your Social Security benefits until age 70 means a 32% increase in the amount you would receive, only 10% of non-retired Americans between the ages of 60 and 65 plan to wait for the larger payout, according to the 2023 Schroders U.S. Retirement Survey. Consider working with… read more…
- Social Security Benefit Reduction for Early Retirement Chart
Filing for Social Security early in retirement affects how much you’ll receive in monthly benefits. Individuals can begin collecting as early as age 62, but doing so triggers a permanent reduction compared to waiting until full retirement age. The percentage of reduction depends on your birth year and how many months early you claim. Understanding… read more…
- Many Americans Are Mishandling Their Social Security. Are You One of Them?
The biggest obstacle to maximizing your Social Security benefits isn’t your life expectancy, your health or how long you work – it’s your brain. That’s the conclusion of a new study published by the National Bureau of Economic Research. Researchers found that your fear of loss and personal sense of ownership of your benefits are… read more…
- How to Calculate Spousal Social Security Benefits
Spousal Social Security benefits allow a person to receive payments based on their spouse’s work record, which can be useful if they have little or no work history of their own. The maximum spousal benefit is 50% of the higher-earning spouse’s full retirement benefit. However, factors like claiming age and additional earnings can reduce this… read more…
- Social Security Overview for August 2023: Everything You Need to Know
Millions of Social Security recipients play a common waiting game to see when their monthly benefits checks will hit their bank accounts or debit cards. Unlike most paychecks, Social Security benefit payments for many recipients are tied to a particular Wednesday of the month rather than a specific date. Consider working with a financial advisor… read more…
- How Will the Declining Inflation Rate Impact Your Social Security Benefits?
As inflation continues to fall, next year’s estimated cost-of-living adjustment for Social Security recipients has ticked up to 3%, according to The Senior Citizens League. The organization is now projecting the 2024 COLA will increase the average monthly retirement benefit by a little more than $53.60, bringing it to nearly $1,841. The group’s June estimate… read more…
- More Workers Plan to Retire on Less Money by Claiming Social Security Early
Hammered by inflation, recession fears and doubts about the future of Social Security, an increasing number of working Americans say they plan to claim their Social Security benefits early while staying on the job. Here are the factors driving this… read more…
- 2024 Social Security Cost-of-Living Adjustment Will Be Smaller, Says Report
The good news is that inflation is dropping, with the average annual cost of living falling from 4.9% in April to 4% in May, according to the latest data from the U.S. Department of Labor. The bad news is that… read more…
- Maximum Social Security Benefit for Married Couples in 2025
The maximum monthly Social Security benefits a person can get in 2023 is $4,555 if they wait until age 70 to claim their benefits. The maximum amount of benefits a married couple can receive would be $9,110 if both of… read more…
- Can You Pass This Social Security Quiz? Nearly 7 in 10 People Struggle With These Basic Questions
Pop quiz: True or False – Social Security retirement benefits are subject to income tax just like withdrawals from a traditional IRA account. If you answered “False,” you’re smarter than more than 60% of your fellow Americans nearing retirement. In… read more…
- Almost 8 in 10 People Oppose Raising the Full Retirement Age for Social Security
There’s a reason that Social Security is called “the third rail of American politics” – as in, touch it and die. Most Americans – especially seniors – are fiercely protective when it comes to their retirement benefits. A financial advisor… read more…
- Bad News: The Next Social Security Cost-of-Living Adjustment Could Be Just 3%
As inflation has reached highs over the past year, retirees are spending more. And as a result, their Social Security benefits are increasing. The cost of living adjustment (COLA) is 8.7% in 2023, according to the Social Security Administration. And as… read more…
- What Is the Average Social Security Check in 2026?
Since the Social Security Act of 1935, Social Security has been America’s social program to help fund Americans’ retirement. But how much can you expect to see when you collect Social Security? Can the average American live on the average… read more…
- Social Security to Run Dry in 2034
Recently, the Social Security Administration announced that its cash reserves will run out in 2034, a year earlier than earlier projected. When this happens, the agency will continue to pay benefits based on its ongoing tax revenue. This will require… read more…
- Social Security Taxes Can Hit You Hard in Retirement. Here’s How to Lower Them
Retirement account withdrawals not only help you cover basic living expenses, but they also can fund the lifestyle you’ve always envisioned in your golden years. That money, however, can have unintended tax consequences. Required minimum distributions (RMDs) and other withdrawals… read more…