Spousal Social Security Benefits: 4 Things All Retired Couples Should Know
Many people view Social Security as a plan that forces individuals to save for their retirement. That view is mostly correct. Employers must contribute to the retirement savings of their workers, too. There’s also a twist to Social Security that allows spouses to claim benefits based on their husbands’ or wives’ benefits. How do these […]
This Flaw in the Social Security Benefit Calculation Will Cost Retirees $120 on Average in 2025
In just a few weeks, retirees will get their first Social Security benefits with the 2025 cost-of-living adjustment (COLA) included. This will raise the average check to $1,976 per month. It’s less than what many were hoping for, especially after three years of above-average COLAs, including a whopping 8.7% increase for 2023. Many argue the […]
Retirees in These States Could Lose Some Social Security Benefits to State Taxes in 2025
Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free » Since Social Security retirement benefits became available in 1935, they have been a much-needed financial relief for countless Americans. For some retirees, Social Security is their only source of income and keeps them financially afloat. […]
The Average Retiree Could Collect an Extra $740 in Social Security Benefits by Making This 1 Simple Move
The majority of retirees depend on Social Security to some degree, with 88% of currently retired adults saying their benefits are at least a minor source of income, according to a 2024 poll from Gallup. However, around half of U.S. adults aren’t sure how to maximize their benefits, a 2024 survey from the Nationwide Retirement […]
Married or Divorced? Here’s How Your Social Security Will Change in 2025.
Married and divorced retirees are often entitled to spousal or divorce benefits, and a new year brings fresh changes to Social Security. Whether you’re already collecting Social Security or plan to begin claiming in 2025, now is the time to brush up on how benefits are changing in January. From a new cost-of-living adjustment (COLA) […]
Here’s How Much You Should Have Invested for Retirement at Age 62
Saving for retirement is one of the most important undertakings of adulthood. Yet few people know how much they need to retire, making it hard to understand whether they are saving enough throughout their working years. This puts people at risk of undersaving for retirement, which could help explain why the average retirement age in […]
3 Things About Social Security That Won’t Change in 2025 but May Surprise Many Retirees
Social Security is an important piece of nearly every retiree’s budget. Six in ten retirees say their monthly checks are a major source of income, while another three say they play at least a minor role in their finances, according to this year’s edition of an annual Gallup poll. But as most retirees know, there […]
Here’s the Newest 401(k) Average Account Value by Age. Where Do You Stand?
Comparing yourself to other investors can be a dangerously misleading exercise. Other investors may have different investing goals than you, and they certainly earn different incomes. Some future retirees will likely burn through their savings far too quickly, while others will actually grow their net worth even after they quit working. In other words, your […]
5 Social Security Changes Retirees Need to Know About in 2025
2024 is coming to an end quickly, and several changes and adjustments are set to take effect in the world of Social Security in the new year. Most of these are inflation-related, and while some apply to retirees who already get Social Security, others apply to those who are about to start collecting their benefits […]
Social Security Full Retirement Age Is Increasing in 2025
The Social Security full retirement age will be increasing from 66 to 67 for workers in the United States. In this video, I’ll discuss the details of the Social Security full retirement age, what it means to you, and how to know when the right time to start collecting Social Security might be for you. […]
