The Most Important Social Security Chart You’ll Ever See
If you talk to a group of retirees, I’m willing to bet that a good number of them will agree on how beneficial Social Security is to their retirement finances. I’m also willing to bet that many of them will confirm that Social Security isn’t always the easiest program to navigate. There is no shortage […]
This Popular Retirement Savings Strategy Doesn’t Work for Me. Here’s What I’m Doing Instead
It’s a big myth that a comfortable retirement can be achieved with Social Security benefits alone. If you earn an average wage, you can expect Social Security to replace about 40% of your pre-retirement income. Personally, I’m not too excited about the idea of a 60% pay cut. I do expect my expenses to go […]
Do You Qualify for Spousal Social Security Benefits? 3 Things to Know Before Applying
Social Security income is an essential portion of most retirement plans, but spousal benefits don’t get enough attention. Many people don’t even realize that they can claim retirement income based on their spouse’s earnings, and these cash flows can be significant for households where people are no longer in the workforce. It’s a good idea […]
The Social Security Cost-of-Living Adjustment (COLA) Forecast for 2025 Was Just Updated. There’s Bad News in Store for Retirees.
Inflation has cooled substantially over the past year, but many retired workers are still struggling with post-pandemic price increases. The statistics below come from the 2024 Retirement Confidence Survey conducted by the Employee Benefit Research Institute and Greenwald Research. Less than three-quarters of retired workers believe they have enough money saved to live comfortably through […]
Social Security Won’t Just Announce a 2025 COLA This Week. Here Are 2 More Big Changes to Look Out For
It’s the week retirees have long been waiting for. At long last, the Social Security Administration (SSA) is gearing up to announce a 2025 cost-of-living adjustment (COLA). And if you’re wondering what’s taking so long, the answer is that the SSA needs to wait for September inflation data to become available to arrive at that […]
