- Boost Your Social Security Benefits in Retirement With This ‘Bridge’ Strategy
When it comes to claiming Social Security, most retirees can’t wait to start collecting those checks. A 2020 report from the Bipartisan Policy Center found that more than 70% of Social Security beneficiaries currently claim their benefits before age 64. In fact, nearly 35% and 40% of men and women, respectively, claimed their benefits at… read more…
- What Income Reduces Social Security Benefits?
Earning income while receiving Social Security benefits can impact the amount you receive, but only under specific circumstances. The Social Security Administration (SSA) may reduce benefits for individuals who claim them before reaching full retirement age and continue to work. However, this reduction applies only to earned income from employment or self-employment. Other sources of… read more…
- New Bill Would Boost Your Social Security Checks by $2,400 Per Year
Bernie Sanders (I-VT) and Democratic lawmakers believe they have a plan to fix Social Security for the long term, and in doing so, boost benefits by $2,400 per year. Sanders and U.S. Rep. Peter DeFazio, (D-Ore.), recently introduced the Social… read more…
- Social Security Funds to Run Dry by 2035? Here’s How to Prepare
The Social Security Administration now says the funds Social Security uses to pay benefits will run dry by 2035, one year later than previously predicted. For most Americans those extra 12 months are cold comfort. Will Congress come to the… read more…
- 65% of People Struggled With These Social Security Questions: Can You Get Them Right?
If you’re approaching retirement age, chances are you need to brush up on your Social Security knowledge. A recent MassMutual poll found that most people nearing retirement age don’t know the ins and outs of this vital safety net program.… read more…
- Your Social Security Benefits Could Rise by as Much as 8.6% in 2023
High inflation has pinched many wallets this year, but perhaps none so much as retirees’. Not only do rising healthcare costs rank as one of the most pressing concerns for Americans on a fixed income, jumping prices have put even more strain on those budgets. In 2020, life events affected retirement timing for nearly half… read more…
- Can Social Security Be Grossed Up?
If you’re a retiree who depends on Social Security, in some cases you can gross up your Social Security income on financial paperwork. You would do this to make your income more accurately represent the equivalent amount of earned income when it comes to qualifying for loans or other financial programs. This depends entirely on the… read more…
- Social Security Disability Rules After Age 50
Workers of any age who become disabled may be able to qualify for monthly cash payments from the federal government. However, people older than 50 may find it easier to be declared disabled and eligible for Supplemental Security Income (SSI) benefits. SSI is similar to but separate from regular Social Security benefits, which are based… read more…
- Is Social Security Taxed After Age 70?
Millions of older Americans live solely on a Social Security check. And while other Americans rely mostly on workplace retirement plans like a 401(k) or an individual retirement account (IRA), these monthly benefits from the government can make or break your… read more…
- Getting a Mortgage With Only Social Security Income
Retiring on a fixed income does not preclude you from getting a home loan. You may not qualify for a larger mortgage that requires more earned income. Still, you can get a home loan with Social Security alone. However, not having regular income from a job or retirement accounts will make securing a mortgage more… read more…
- What Is the Minimum Social Security Benefit for 2025?
Social Security benefits can play an important part in your retirement plan. Understanding how those benefits are calculated can help you to determine when to take Social Security and how much you might receive. The minimum Social Security benefit calculation… read more…
- How to Get a Social Security Bonus
Social Security is an important part of the retirement income puzzle for many people. Even if retirement is still decades away, it’s important to understand what you can do to maximize those benefits once the time comes. Employing some simple… read more…
- How to Get a Social Security Award Letter
A Social Security Administration (SSA) award letter confirms that you have been approved for benefits. Unsurprisingly, these letters are sometimes also referred to as benefit letters. These are usually sent to people who have applied for disability coverage, as well as other Social Security programs. Applying for a Social Security award letter is relatively straightforward,… read more…
- What Is the Social Security Administration (SSA)?
Social Security is commonly known for providing an income for people in retirement. However, the Social Security Administration (SSA) does much more than provide social retirement plans. The SSA also provides social insurance protection to workers who become disabled and provides survivor benefits to families when the main income earner dies, among other services. Consider… read more…
- What’s the Maximum Family Social Security Benefit?
Family members of someone who collects Social Security may be able to claim their own monthly checks based on that person’s earnings record. But the government limits the benefits that can be paid out to a family on one earnings record. This cap, known as the maximum family Social Security benefit, typically ranges from 150%… read more…
- Social Security Disability Income Limits
For some, it’s degenerative; for others, everything changes in a split second. In either case, the consequences are lasting. And in either case, you find yourself in need of financial aid because a disability makes it impossible to continue working.… read more…
- The Largest Social Security Boost in 40 Years Still Isn’t Enough to Offset Monster Inflation
The Social Security Administration said on October 13 that Social Security and Supplemental Social Security payments will be going up by 5.9% in 2022. Advocates for older Americans, however, caution that this won’t be enough to keep up with the inflation that… read more…
- How the Windfall Elimination Provision in Social Security Works
Throughout your career, it’s likely that a portion of your income has gone toward Social Security benefits each pay period. The purpose? When the time comes to retire, you are able to draw monthly benefits from this program. This provides… read more…
- You May Soon Be Able to Insure Against Social Security Going Bust – But Should You?
You may be able to profit off your pessimism about the health and durability of Social Security. That may be welcome news for young and middle-age adults who are particularly bearish about the future of Social Security. The Nationwide Retirement Institute’s 2021 Social Security Survey found that 71% of people worry the 86-year-old program will run out of… read more…
- 71% of People Think Social Security Will Run Out – Are They Right?
Young and middle aged adults are particularly pessimistic about the future of Social Security, but their greatest fears will likely never come to fruition. The Nationwide Retirement Institute’s 2021 Social Security Survey found that 71% of people worry Social Security will run out of funding in their lifetimes, while a considerable percentage of Millennials and… read more…
- How Does Government Pension Offset Work?
One of the most valuable perks of working for the government is the pension. Previously, government pensions could reduce or eliminate spousal or survivor benefits from Social Security due to a policy known as the Government Pension Offset (GPO). These reductions often caused financial concerns for retirees who expected to receive both incomes in retirement.… read more…
- Where Retirees Rely Most on Social Security – 2021 Edition
Social Security is a financial safety net for millions of retired Americans. Founded in the aftermath of the Great Depression, this social insurance program was designed to pay out monthly income for workers after reaching full retirement age. But for most people today, the money provided by Social Security is not enough to live on during retirement.… read more…
- Can You Collect Social Security and Disability?
Wondering whether you can collect Social Security and Social Security Disability Insurance (SSDI) at the same time? The short answer is probably not. The long answer, however, is maybe. Social Security and SSDI serve similar purposes, but the requirements vary for each. Social Security is for those who’ve reached early or full retirement age, while… read more…
- Who Is Exempt From Social Security Taxes?
The vast majority of American workers pay in to the country’s Social Security system through payroll taxes. These taxes provide retirement and disability income, as well as death and survivorship benefits. Still, not every worker is required to pay them. Knowing… read more…
- Guide to Social Security Cost-of-Living Adjustments (COLAs)
Although the future is unpredictable, there are some things we can generally say with confidence. One is that prices are likely to rise, or inflate, over time, meaning the cost of living rises as well. Inflation affects those in the workforce, and… read more…