Social Security benefits, claiming strategies, spousal and survivor benefits.
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 all available. […]
In all, it is estimated that 64 million Americans received Social Security benefits in 2019. Not only does the program have a wide reach, it is also extremely meaningful to beneficiaries; over half of elderly recipients rely on Social Security for more than 50% of their total income. It comes as no surprise, then, that […]
Will Social Security recipients get a stimulus check? The novel coronavirus has thrown citizens and markets into a panic. People are losing their jobs. Retirement savings are being ravaged. The government is responding with a $2 trillion stimulus deal that would give cash directly to Americans and some of the businesses hardest hit by the Corona Crash. […]
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 of […]
If you’re thinking about claiming Social Security benefits early given the current economic climate, you may want to consider your other options before deciding. In fact, there are important factors to weigh as you consider your retirement and when to claim. Your monthly benefit from Social Security can considerably vary depending on what age you choose to start your benefits. […]
Full Retirement Age (or “FRA”) is the age at which you can receive the full retirement benefits owed to you by Social Security. If you take your retirement benefit at FRA, you will receive your full Primary Insurance Amount (or “PIA”). (Your PIA is the amount Social Security owes you if you claim at your Full Retirement Age.) If you […]
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, the answer […]
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 you can apply […]
Divorce is often the subject of questions we receive, and it is the subject of some of the costliest and most common Social Security mistakes. The following is one such example: “I am divorced. Can my ex-wife collect on my Social Security benefit and how will this affect the income that I receive?” In order to […]
We received the following question from a user: If I claim retirement at 65 and am still working, what effect will my earnings have on my Social Security income? This question, from a user whom we will call Fred, is common (increasingly so, as seniors are working at historic rates), but in order to answer it, we […]