Social Security is a critical source of income for many retirees, with four in 10 baby boomers saying their benefits will be their primary source of income, according to a 2023 report from the Transamerica Center for Retirement Studies. But older people are also working longer than ever. The report also found that about half …
For millions of seniors, Social Security is a retirement lifeline. But sometimes even small misunderstandings can be costly. While you don’t need to know every detail of how the program works, knowing at least the basics of how your benefits are calculated can help you avoid any surprises in retirement. These three factors are among …
If you think Social Security will provide a large portion of your retirement income, think again. In August, the average monthly Social Security retirement benefit was $1,840. That’s only about $22,000 over a year. Fortunately, if you have earned more than average over your working life, your benefits will be above average. There is, however, …
A 3.2% cost of living adjustment will affect more than 66 million Social Security beneficiaries starting in 2024, due to inflation. However, those receiving SSI will receive their first increased payment at the end of this year. Each year, the Social Security Administration determines the cost-of-living adjustment for Social Security benefits. The COLA is based …
Kevin Xiong / Getty Images/iStockphoto For decades, the U.S. Social Security system has been the cornerstone of retirement planning, ensuring a basic level of financial support for retirees. However, while the American system has its merits, several countries around the world have developed impressive retirement programs that offer superior benefits, sustainability and overall satisfaction. Here’s …
Many older adults get most of their income from their monthly Social Security benefits. So naturally, Social Security recipients tend to expect a significant cost of living adjustment, or COLA, from one year to the next. In 2023, Social Security recipients obtained a COLA of 8.7%. But the 2024 COLA will be much smaller. The …
Are you planning to collect Social Security retirement benefits at age 62? You’re not alone. Nearly one in three Americans did so in 2021, according to the latest data analyzed by the Congressional Research Service. Some may soon be more motivated to apply for retirement benefits sooner. Here’s why claiming Social Security at age 62 …
Prostock-Studio / Getty Images/iStockphoto Have you heard about the $16,728 annual Social Security bonus? There is really no bonus that retirees can receive. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount. Florida retirees are fleeing: Here’s where they’re going insteadDiscover: The simple and effective …
By Russell Gloor, national social security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens Dear Rusty: Can my wife claim her benefits now (at age 63, and we know about the early claim reduction) and then when I retire at 66 years and 10 months in almost 3 …