This Extremely Common Social Security Mistake Could Cost You $4,560 Per Year
If you’re going to be relying on Social Security to any extent in retirement, it pays to understand as much as possible about how the program works. That’s often easier said than done, as Social Security can be incredibly complex and confusing at times. However, if there’s one factor to fully grasp, it’s your full […]
Here’s How to Tell If You Qualify for Social Security Spousal Benefits
Social Security is best known for providing monthly income to retirees based on their earnings over the course of their working lives, but there’s more to the program than that. One important aspect of it that married (and divorced) couples ought to know about is its spousal benefit, which can provide retirement income to both […]
The Little-Known Reason Why Working After Claiming Social Security Could Increase Your Benefits
True or false: Once you begin receiving Social Security retirement benefits, they’ll never be higher. This statement is false, as many retirees already know. Social Security calculates a cost-of-living adjustment (COLA) each year. These adjustments boost everyone’s benefits. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 […]
8 Words From President-Elect Donald Trump That Can Change Social Security Forever
In November, close to 52 million retired-worker beneficiaries took home an average Social Security check of $1,925.46. While this isn’t a boatload of money, it’s proved to be a vital source of income for our nation’s aging workforce. In each of the last 23 years, national pollster Gallup has completed a survey that questions how […]
2.8 Million Americans Could Receive Expanded Social Security Benefits in 2025. Here’s How
Social Security’s 2025 cost-of-living adjustment (COLA) bumped the average benefit from $1,927 per month to $1,976 per month. It’s a $49 increase, but many hoped for more. Despite slowing inflation, some retirees still find it difficult to make ends meet, particularly when they don’t have a lot of personal savings. A new bill headed for […]
This Is the Average Social Security Benefit for Age 72
Thankfully, Social Security benefits have grown since the first check was cut to one Ida May Fuller in 1940. The $24.54 she received from check number 00-000-001 wouldn’t go very far today. Thanks to several Acts of Congress and dozens of cost of living adjustments (COLAs), the average check today is much higher, providing a […]
How Much Is the Required Minimum Distribution (RMD) If You Have $1 Million in Your Retirement Account?
When it comes to required minimum distributions, or RMDs, from retirement accounts, the rules have changed a bit in recent years. For a long time, the RMD age was 70 1/2 years old, but it now stands at 73. If you turned 73 in 2024, you must take your first RMD by April 1, 2025. […]
3 Retirement Savings Changes That Take Effect in 2025
Saving in 401(k)s and IRAs is a smart way to put money aside for retirement. However, there are rules you need to know in order to take maximum advantage of these accounts. Moreover, as with most things in the world of finances, nothing is ever truly set in stone, and adjustments to key retirement accounts […]
Here’s the Average Social Security Benefit for Retirees at Ages 62, 66, and 70
A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70. Yet, less than 10% of newly awarded retirees actually waited that long in 2023, and the percentage is similar in prior years. […]
Are You One of 2.8 Million Americans Who Could Benefit From the Social Security Fairness Act?
The U.S. Senate recently voted to proceed with the Social Security Fairness Act, a bipartisan bill that could expand Social Security benefits for nearly 3 million Americans. The bill passed in the House of Representatives in November and is now on its way to President Biden’s desk. If passed, the landmark legislation could significantly impact […]
