Whether you’ll rely primarily on Social Security benefits in retirement, or instead view benefits as a supplement to your retirement savings, understanding your eligibility and how to optimize the amount you receive is important. Here, we’ve listed 15 of the most important things you’ll need to know to do just that. 1. There are three […]
The COVID-19 pandemic has deeply impacted the global economy, and it’s being felt on a very personal level by millions who’ve lost their jobs, their businesses and their savings. But people at or near retirement age may be hit especially hard. If you are in this group — and especially if you’ve been recently laid […]
Back in 2002, the Social Security Administration noted that, unless there was significant reform, the Social Security system would become insolvent by around 2041. In order to make up the shortfall, the government would either need to cut Social Security benefits by more than 25% or increase Social Security payroll taxes to more than 18%. […]
If you’re looking at living as frugally as possible in your retirement, you may be considering moving to a state where the cost of living is more affordable. In the United States, the average retiree needs about $904,000 to cover their living expenses in retirement. Some states, like Hawaii, can cost twice that amount, but […]
Where you live in retirement can have a big impact on your annual expenses. While the average annual cost of living in the U.S. is $51,624, that figure can fluctuate significantly — from nearly double that amount in the most expensive state to just under 90 percent in the least expensive. Consider the average retirement […]
Former wives (and all spouses, for that matter) of a worker who dies can receive Social Security divorced spouse benefits, as either spousal or survivor benefits. Moreover, they can receive benefits at the same percentages as widows and widowers), as long as the marriage lasted at least 10 years. That changes if the surviving spouse remarries […]
It may seem logical that if you never worked — and therefore never paid into Social Security — that you would not be eligible to receive Social Security benefits. Well, that’s not the case. In fact, there are several different scenarios in which a person can receive Social Security benefits without ever having paid into the system, […]
Where you choose to live, particularly in retirement, can have a big impact on your bottom line. Some states have higher property taxes than others. Some states tax things like food. Some states have no income tax at all, while others tax income including Social Security benefits. Many Americans mistakenly believe that Social Security is not taxable, so […]
The average Social Security benefit across the country can vary pretty widely, and that variance has as much to do with the types of benefits being received as it does how much or for how long a worker may have worked. Some of the factors that impact a person’s benefits include: Whether they are receiving […]
While the Social Security Administration has had to cease some services due to the COVID-19 outbreak, benefit recipients will continue to receive their checks, whether through direct deposit or in the mail. That’s good news for the people who receive these benefits, especially now that other forms of income may be limited or not at […]