Most of us don’t really know what our Social Security number means. Why is one person’s number so very different from someone who was born in the same hospital a few years later? Do they recycle Social Security numbers? What do those three sequences represent? And what is a Social Security number? According to the […]
The Social Security Administration was born out of the national upheaval following the Great Depression. And today, we’re going through a historic pandemic that is similarly rocking our nation and world. Social Security benefits are received by about 64 million people — retired workers, disabled people, and survivors of workers who have died. It provides roughly a third […]
No one likes to think about losing loved ones. But, especially as you near retirement age, it’s important to plan for the future, even if it means contemplating the death of your spouse. Understanding how the Social Security Administration distributes survivors benefits can help reduce the related financial stresses of your loss. Who is eligible for […]
You started out by filing for your own Social Security benefits that you earned from your own work and payment into the Social Security system. But now you’re wondering whether you can, instead, switch to a benefit as the spouse (or ex-spouse) of someone who made a lot more money than you did. In short, […]
For many people, especially those on a tight budget, the idea of applying for Social Security earned benefits or spousal benefits as early as age 62 can be very exciting. Being able to count on an extra $1,000 or more in income each month can make a huge difference in their financial lives. While it’s true […]
“When can I retire?” “When can I take Social Security?” Obviously, people want the option to retire as soon as they like—the earliest age generally being 62. But the decision to take Social Security retirement benefits can be complicated by your health, your marital status and your spouse’s Social Security plan. One of the key […]
There are thousands of factors for couples to consider when determining how to manage their Social Security retirement benefits. This includes some of the basics like the age of both spouses, how much each has earned, when each plans to retire, what their life expectancy is, and what other forms of income they have. Couples […]
In the past, many tasks like applying for Social Security benefits or a card required a trip to the local Social Security office. You might need to make an appointment, take time off work, travel to the office, and wait your turn. Today, almost all Social Security business can be handled online, from the comfort […]
If you’re divorced, you may think you can’t claim Social Security benefits earned by your spouse. In fact, two of the four most common and costly Social Security mistakes made have to do with people misunderstanding rules for divorcees. However, the Social Security Administration has made provisions for people who are divorced but who were […]
The sweet spot for when to take your Social Security benefits depends on many variables, including your age, the date of your birth, your spouse’s benefits, and whether you plan to work past age 62. Once you reach full retirement age, you will receive your full benefits no matter how much you earn. If you […]
Prices for consumer goods generally rise over time. For example, the cost of an average home 20 years ago would have been about $194,000 compared to the average price in 2019 of $377,000. Similarly costs for utilities, food, and other basic life needs also increase. To account for this, the Social Security Administration adjusts the […]
The idea behind Social Security is that, when someone grows old, disabled, or unable to care for themselves for some reason, the money they paid into Social Security during their working years will be returned to them as a monthly benefit, so they are not left without an income. That money is collected in taxes […]
Social Security fraud now constitutes the top scam in the U.S. The Federal Trade Commission said it has received nearly 1.3 million reports of scammers posing as government agents since 2014, more than any other type of fraud reported in that time frame. In the first three months of 2019, nearly 65,000 incidents of attempted […]
Supplemental Security Income, or SSI as it is commonly known, provides extra financial security for people who are blind, disabled, or over age 65 who lack the resources to cover basic needs. When Social Security was put in place in 1935, that extra measure of security was expected to be provided by the states; but […]