- Can You Get a Lump Sum Social Security Payment?
You may be able to choose to receive a single lump sum payment representing six months’ worth of Social Security retirement benefits. The lump-sum option is only available to people who have reached full retirement age without filing to receive… read more…
- Does Disability Pay More Than Social Security?
Applying for Disability benefits has a reputation as a time-consuming and inefficient process. Consequently, many people entering their 60s who could potentially qualify for disability benefits may opt to just elect for Social Security a couple of years early to… read more…
- How to Calculate Your Social Security Break-Even Age
Deciding when to take Social Security retirement benefits is important because it can directly affect your benefit amount. While you can technically start taking benefits as early as 62, you’d receive them at a reduced amount. On the other hand,… read more…
- Can You Collect Unemployment and Social Security?
If you’re collecting Social Security, your benefit won’t be reduced if you’re receiving unemployment checks at the same time. However, receiving Social Security benefits may affect the size of your unemployment benefit. Each state has its own rules for unemployment eligibility,… read more…
- This Bernie Sanders Bill Could Hike Your Social Security by $2,400 and Ensure Solvency
Ginning up fears that Social Security “is going broke” or “is running out of money” is a mainstay of American politics — and an argument that experts point out simply isn’t true. A financial advisor can help you plan for… read more…
- Can an Adult Child Get a Parent’s Social Security?
While you might think of Social Security as a retirement program for seniors, the government-sponsored fund supports adults and children with disabilities as well. In addition, Social Security payments may be transferrable to children if the working parent passes away.… read more…
- Why Are Retirees Feeling Pinched? Social Security Fell This Much Short Last Year
If America is seeing a significant uptick in the number of grumpy old men – and women – one reason might well be the big shortfall during 2022 between inflation and their Social Security payments. According to the nonpartisan Senior… read more…
- You Need to Know About These Major Social Security Changes in 2023
There’s a huge cost-of-living increase coming to Social Security recipients this year – the largest adjustment since 1981, thanks to pandemic-prompted inflation. But that’s not the only change coming. Other dollar limits on Social Security payroll taxes, taxes on benefits,… read more…
- Could Working After Age 70 Increase Social Security?
Working after age 70 could increase your Social Security benefits, if you’re earning a high salary or didn’t have a robust earnings history in your younger years. Let’s break down how you can increase your benefits and how it can… read more…
- If You Delay Retirement, You Should Also Delay This
For many reasons, including rising costs of living and longevity, Americans are delaying their retirement. While workers in the past would try to hang it up at around 62, workers now are frequently planning on working into their 70s. If… read more…
- Why Delaying Social Security Is More Lucrative Than Ever
Americans are contending with rampant, pandemic-ignited inflation, which is expected to clock in at 10.6% for November compared to a year ago. To counter this high-inflation environment, Social Security payments are set to have a massive hike next year. The… read more…
- Social Security Payment Schedule for 2025
Every year, the Social Security Administration issues a calendar of when the various Social Security benefits are going to be paid for the following year. All Social Security benefits are paid electronically. The Social Security Administration stopped sending paper checks… read more…
- A Guide to Earning Social Security Credits: How Much You Need to Retire, How You Earn Them and Special Considerations
Since 1935, Americans have had the provisions of the Social Security Act at play as a big part of their retirement plans. Signed into law by President Roosevelt, the Social Security Act was designed to provide income to retirees 65… read more…
- It Just Got Harder to Earn the 40 Credits Necessary to Receive Social Security
The 2023 Social Security increase will have retirees seeing 8.7% more income, but those preparing to retire might not make the cut to qualify for this benefit. Social Security is an earned perk of being an American taxpayer, but to… read more…
- How to Pay for Nursing Home Care With Social Security
According to a recent study by Genworth Financial, the median cost of nursing home care in the United States was $8,910 per month for a private room and $7,800 per month for a semi-private room in 2021. These costs are… read more…
- Will Inflation Cause 85% of Your Social Security Income to Be Taxed?
Amid rampant inflation, Social Security payments are set to get a hefty boost. But that boon may come with a major consequence: a gnarly tax bill. With inflation running at 8.5% after running as high as 9.1% this year compared… read more…
- You Need to Know About These Plans to Expand Social Security
Social Security has been a hot button issue in American politics for a long time. In fact, in Washington, D.C. circles, Social Security used to be known as the “third rail” of politics — if you touch it, you die. It’s… read more…
- Rules for Switching Social Security Benefits
Social Security benefits can provide you with a stream of retirement income that is reliable. Deciding when to take benefits is an important question, especially if you’re married and hope to qualify for spousal benefits. If you’re already taking Social… read more…
- Social Security Rules After a Divorce
Marriage can affect how you do your taxes, make money and plan for retirement. If your marriage ends, it’s important to know the rules regarding divorce and Social Security. Who’s eligible for what benefits, how much can you collect and… read more…
- Social Security Payments Could Be This Much by 2030: How to Plan Accordingly
Increases in Social Security payments, which are linked to a key measure of inflation, are expected to rise significantly for the rest of this decade. By looking at historical data on annual hikes in Social Security payments, the average monthly… read more…
- New Bill Would Eliminate Taxes on Social Security Benefits
Social Security is one of the cornerstone programs of the American Social Safety net — even if it doesn’t always completely cover a person’s retirement expenses, it gives everyone something to build off of when planning for their golden years.… read more…
- Social Security Benefits for Divorced Spouses
Social Security benefits can be an important part of your financial plan for retirement, whether you’re single, married, widowed or divorced. If you were married previously, it’s helpful to understand how claiming a Social Security benefit for divorced spouse status… read more…
- Unretiring? Don’t Make These 3 Social Security Mistakes
Retired Americans are feeling the pressure of returning to work due to rising prices and the COVID-19 pandemic. But reentering the workforce while earning Social Security benefits could have consequences. We’ll take a look at the obstacles retirement-age Americans are… read more…
- Social Security Fairness Act Repeals Windfall Elimination Provision and Government Pension Offset
The windfall elimination provision and government pension offset both can reduce the Social Security payments a public employee collects. But there’s a bill in Congress, which has strong backing, that could eliminate both the windfall elimination provision and the government… read more…
- How Massive COLA Increase Could Actually Eat Into Your Social Security
Social Security increased by 5.9% in 2022, the biggest cost-of-living hike in four decades. And next year, it could go even higher depending on inflation. Larger payments, however, may come with a significant caveat for some beneficiaries, pushing their income beyond the thresholds that determine Medicare Part B premiums and how much of their Social Security benefits… read more…