Social Security is a government-run program in the United States that provides a source of income for retirees, as well as for people who are disabled or the survivors of deceased workers. The program is funded through payroll taxes, and it is designed to provide a basic level of financial security for those who are no longer able to work.
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Benefit/contribution ratios provide no guidance on how to fix Social Security. Two of my friends – Andrew Biggs (“No, Social Security Isn’t Earned”) and Gene Steuerle (“L...
In today's encore episode, we're talking about how to avoid the six most common Social Security mistakes. Some of these mistakes can be easily corrected. However, others can result in long-term or eve...
Pessimism about Social Security appears to have peaked a decade ago....
James addresses a listener's question regarding Social Security strategies in retirement. Sasha, aged 59, seeks advice on when to start collecting Social Security, considering her husband's benefits a...
Understand how Social Security payments are adjusted for inflation and think about your taxes for the coming year....
Whenever you apply for Social Security benefits before your full retirement age, those benefits are always reduced....
Abstract This paper compares Social Security outcomes for non-Hispanic Black, Hispanic, and non-Hispanic white beneficiaries and assesses the capacity of various benefit enhancements to narrow racial ...
My wife is a teacher in a public school system in Georgia, and plans to retire at the end of the current school year. The system she has always worked for (35 years) does not participate in Social Sec...
New Urban Institute report shows the average American will receive much more in benefits…...
My husband (66) has always been the primary breadwinner. He was laid off from his corporate job in 2004 and started his own consulting business. We've made it through, but there's never been extra mon...
Photo credit: coop Your wage earnings and other income can impact your Social Security benefit in several ways. These earnings can increase the amount of your Social Security benefit that is taxable. ...
I am starting Social Sec at 68 and 10 months. On the Soc Sec graph at 68 I would have received (this is an example) say $2700 and at 69 say $3000. When I took it at 68 and 10 months I am still only re...
I am 65 years old and I want to start collecting my SS benefits now. My full retirement age is 66 and 8 months. I was told by SS agent that if I work and make money while collecting Social Security be...
I received my Social Security statement last night for 2024 COLA increase. For those that are interested check the SS site and see if yours is available....
As my retirement approached in 2021, my wife and I collaborated closely with our financial advisor to determine our streams ... Read more...
The first place most people say they would go for information about Social Security’s various benefits is family and friends. That’s true whether they are Black, White, Asian, or Hispanic....
The experts typically say that you’re better off waiting. But that isn’t always the case....
Trying to sign up for Medicare online but the process keeps walking me through Social Security benefits which I DON’T want yet. Is this usual? How do I get on the correct path? submitted by /u/a...
You may not realize it … But filing for social security could be one of the most important financial decisions in your life. Because the difference between your best and worst case scenarios&he...
For seniors, Social Security and Medicare are arguably two of the most prominent issues. You should not make these two important decisions on your own....
Here's what happens to your Social Security benefits when you pass away....
I will reach FRA in April, 2025. I plan on taking SS early, in Jan, 2024. I am still working and I understand that if I earn over the approx 22K amount, I will be subject to the $1 reduction per $2 ea...
I will be retiring with generous pension, paid in social security for 40 years full time. I’m told they will tax my SS benefit about 85%. I’m holding off applying until I know for sure. I ...
The American Federation of Government Employees calls the reduced raise a "diet COLA."...
I’ve been doing an analysis of whether to take social security early (before 67) or not, and I wonder whether I am doing the math properly. If I compare taking SS at (a) age 62 versus 67, and al...
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 3.2% starting in January 2024....
Thebrief’skey findings are: Grandparents raising grandchildren are often under financial stress but – without legal custody – tend to get little formal support. Importantly, Social S...
First a bit of backstory. I’m still five years away from retiring. I set my goal at 65, and with an IRA and 401k currently sitting at 700k, I feel comfortable with my five year plan. Especially ...
I understand that if I am on social security and under the full retirement age, then if I work and earn more than approximately $21,000 then for every 2 dollars earned they deduct a dollar. I was curi...
A CRR at Boston College report looks at a previous survey that examines why Americans…...
I see a lot of comments that you should wait until 67 to take you SS as it increases by 7.5% per year. But if my sole income is IRAs (including a lump sum pension), I think it would be better to take ...
Did you know that if you made an average income throughout your career, your Social Security benefits could add up to hundreds of thousands of dollars in lifetime income? And if you made an above-aver...
Both my wife and I are collecting SS benefits. I waited until just short of age 70 to collect. She started collecting at age 63. I receive the larger amount. When one of us passes, how is the survivin...
Retirees should consider several factors when deciding whether to take Social Security early....
Millions of Social Security beneficiaries, from retirees to disabled workers, will receive the cost-of-living adjustment, which is far less than last year’s but still higher than average....
Up to $168,600 of earnings will be subject to Social Security tax in 2024, raising the taxes taken out of a high earner's paycheck to $10,453....
October 12, 2024 –The Social Security Administration announced today that Social Security and Supplemental Security Income (SSI) benefits for more than 71 million Americans will increase 3.2 per...
For 2024 - it is 3.2% But don’t get too excited? - Medicare Part B premiums still haven’t been announced - CAME BACK TO EDIT and ADD the new Part B base premium for 2024 - $174.70 CMS.gov ...
One program could help solve a looming $1.3 trillion savings shortfall, but only 11 states are participating....
Thebrief’skey findings are: Despite Social Security’s online tools, many retiring workers still contact an agency representative for help. Both online and in-person applicants report high ...
I’m 65, my wife is 62. I plan to start drawing next year, I was going to wait until FRA, but have seen too many people die and get nothing. If I start drawing, what is the best option for my wif...
So I have a pension and social security and I'm retired, just for argument sake, if my spouse gets half of my income will she get half of my pension AND half of my social security? She currently does ...
Look at your finances to determine how you'll use the boost in benefits....
In our high-tech world, virtually any transaction or communication can be executed online. Yet, despite the range of services that Social Security offers on its website, two-thirds of older Americans ...
I (M66) reach FRA early 2024 at 66 1/2. I own my home and car, have some savings and investments, 401k, and a small pension. Simple 'back of the cocktail napkin' arithmetic leads me to believe I can a...
Hi I was using the SS calculator and entered that i would like to collect 5 months past my last birthday. My birthday is at the end of a month. So would I collect at the beginning of the 5th month or ...
With a partial federal government shutdown on tap if an agreement isn’t reached by midnight…...
About 20% or retirees polled by T. Rowe Price say they're working either full- or part-time....
Hi I originally posted part of this on r/socialsecurity and u/Mid_AM suggested I post it here, too. I’m interested to hear from people who’ve taken their SS early vs full retirement age. H...
Trying to decide when you should claim your social security benefits? There are pros and cons to claiming early – make an informed decision with my help....