If your financial or employment situation has changed due to coronavirus, you may be rethinking your Social Security claiming strategy. While you can claim Social Security benefits as early as age 62, you will receive a permanently smaller benefit. If you wait to claim past your full retirement age, your benefit will increase by 6 [...]
10,000 Baby Boomers are turning 65 every day[1], and Social Security will soon start to pay out more than it takes in.[2] While it’s unlikely that the government will ever get rid of the program, there will likely be some changes in the coming years. It’s important to understand the system and to work closely [...]
In 2019, Social Security benefits received a 2.8% increase[1] – the largest since 2012. But in 2020, benefits will only see a 1.6% increase[2]. Even though inflation is low right now, the cumulative effect of inflation has eroded the buying power of Social Security by a third since 2000[3] according to the Senior Citizens League. [...]
Updated Thursday, September 12th, 2019 Did you know that there are many ways you can claim Social Security benefits? On one hand, this means that people may choose a strategy based on their unique lifestyle, income needs, and family situation. On the other hand, it means that there can be potential room for error: A [...]
Turning 65 means a lot of great things – you’re eligible for Medicare, you’re at or near your full Social Security age, and of course you can get into some museums, buy Amtrak tickets, and eat at certain restaurants for a discounted price. Unfortunately, you may also be targeted by criminals trying to steal your [...]
The annual report on Social Security’s financial condition was recently released, and many are worried about the program’s solvency. The annual cost of the program is expected to exceed its income for the next 75 years starting in 2020. And, the trust fund that covers retirement benefits is expected to be depleted by 2034. This [...]
Social Security is only designed to replace a part of a retiree’s income, and the buying power of its benefits has decreased by a third since 2000, according to a report by the Senior Citizen’s League. The cost-of-living adjustments (COLA) used to determine Social Security benefits don’t always accurately reflect seniors’ rising living expenses. And, [...]
Recently, the Social Security Administration announced that they are taking action in an attempt to crack down on Social Security fraud. With the biggest Social Security day of the year, October 11, fast approaching, where Social Security beneficiaries find out how much, if any, of a “raise” they are going to get for the year. [...]
