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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The American Academy of Actuaries (Academy) recently published its annual Actuarial Perspective on the annual OASDI (Social Security) Trustees Report. Usually, these briefs are published by the Academ...
My SO and I both recently retired at 62 however most of our 401Ks are in target date funds for when we turn 67. Currently we are able to live off SS and pensions and don't need to touch the 401Ks. Giv...
I applied for SS retirement benefits on August 17, 2023. At that time I also applied for disability but to be honest I wasn't hopeful for that. My retirement is at step one of 3 and my disability is c...
Married couples can boost their lifetime retirement income by many thousands of dollars by using creative strategies to claim their Social Security benefits....
Few government agencies touch the lives of more Americans than the Social Security Administration — the agency pays $1.4 trillion in benefits to more than 71 million people every year. But Socia...
Here's what I'm trying to do and what I found out, but would like to confirm. I'm a U.S. citizen and permanent resident of Japan, having lived here 40 years. I live with my same sex partner of more th...
Thebrief’skey findings are: Tax preferences for saving in retirement plans are expensive – about $185 billion in 2020, according to Treasury estimates. Strikingly, they also seem a bad dea...
Introduction The U.S. Treasury estimates that the tax preference for employer-sponsored retirement plans and IRAs reduced federal income taxes by about $185-$189 billion in 2020, equal to about 0.9 pe...
Maximizing your Social Security benefits is impertive. We share 6 tips to get the most money from Social Security in retirement....
Seniors saw a boost in Social Security benefits in 2023. But there's a downside—the increase may result in a higher tax bill this tax season for some taxpayers....
James addresses a common concern for a couple approaching retirement through a listener’s question. Listener Rob plans to collect Social Security early at 62, raising questions about his wife&rs...
Learn how to increase your Social Security benefit in retirement....
By the time Millennials and Generation Z retire, signing up for Social Security online will no doubt be second nature. It’s been a little rockier for the less technologically adept baby boomers....
My plan was to wait until age 70 to collect my Social Security benefits based on getting an extra 8% per year for delaying. The figures shown on the Social Security web site don't line up with this. I...
Four retirees with limited incomes open up about how they make it work...
Social Security is getting a 3.2% boost this month — but retirees' expenses have risen by more than triple that rate since last year....
As CDs mature and rates drop, where would you move this money? My current portfolio is 50% Equities, 40% CD and 10% Bonds. I'm drawing SS and plan to retire this year. I'm 68 years old, sold my house ...
Politics aside please… So we always hear about social security headed for insolvency and one solution being tossed around is reducing benefits by 20-30%. Has anyone here factored that possibili...
I will turn age 70 on June 1 and plan to start taking Social Security then in order to get the highest amount. So I have a timing question: Do I have to have first turned age 70 to do this? For exampl...
Learn all about Medicare plans and costs for different parts of the plan with Money's expert guide....
I have a slightly oddball question that doesn't seem to fit anywhere. The text of the letter I just received from SSA says this about working while collecting: "When you reach your full retirement age...
Elon Musk earned $160,200 in about 4 minutes. In the first few hours of 2024, over 220 U.S. workers will have likely paid their Social Security taxes for the entire year. In contrast, over 160 million...
Only about 10% of people wait until they are 70 to collect Social Security and get all the reasons, expected longevity, current health, and so on. I'm 69 and two months and now thinking hard about ret...
Tax increases, stubborn inflation, skyrocketing healthcare costs… And Social Security’s running out of money. It’s no wonder America’s retirement system just got downgraded. H...
It seems like a simple question, but I cannot get a straight answer, arrg!!! Help! If I retire at 64, and no longer work, and I decide not to take SS benefits until 67, will the SS amount continue to ...
Learn about how Social Security programs support retirees, people with disabilities and more....
My wife and I are both retired at 67. I'm deferring Social Security until 70 to maximize the monthly benefit; my wife is collecting hers because it makes sense to. Our lifetime, based on family, will ...
Abstract This paper examines the Social Security Administration’s (SSA) ongoing efforts to strengthen its relationship with tribal communities across the U.S. We conducted a descriptive study of...
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...
Photo credit: jb When planning for your Social Security benefits, there is an additional tactic that you may never have heard of: the Protective Filing Statement. This statement is a way to apply for ...
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...
When I go to social security site It shows an amount at different ages and lines from 62-70. I plan to retire at 64 but not take social until 67. I know they do a 40 year look back. But is that amount...
I (65f), divorced. My income is Social Security plus some side income from selling crafts. I have a partner of 10 yrs who is quite comfortable in their retirement funds and helps keep our standard of ...
Abstract In the three decades from 1980 to 2010, there was a steady rise in the number of men receiving Social Security Disability Insurance (DI) benefits. The number of beneficiaries peaked in 2012 a...
Im 56 have $490k in a Roth, $60k in Traditional IRA will collect $1299 in pension in 10 years with an estimated $3900 a month in SS in 10 years. $75k in savings. Can I retire in 10, or will I have to ...
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....
The current strong economy is an opportunity to address the Social Security shortfall, update contribution rates, and expand retirement savings options....
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...
Retirement experts Tyson Thacker and Ryan Thacker have issued a critical warning to Utah residents who are planning to file for Social Security in the next five years. “Social Security is a crit...
New Urban Institute report shows the average American will receive much more in benefits…...
What do you cash in first, IRAs or non-IRAs? We have a gap of 4-6 years between retirement and claiming SS. We need to draw from savings, should we cash the IRAs or the non-IRAs (mainly 401k's and mon...
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 in the process of submitting application on the SSA web site for my wife to start collecting social security benefit at FRA in February 2024. Will SSA automatically calculate her maximum payment,...
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...