Social Security benefits, claiming strategies, spousal and survivor benefits.
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 should […]
In 2019, 64 million Americans were estimated to have received Social Security benefits, and for more than half of elderly beneficiaries, Social Security represented over 50% of their income. Nonetheless, a recent SimplyWise survey found that less than one in eight Americans aged 60 to 70 considered themselves “very knowledgeable” on the topic. Worse, only one out of […]
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 of your […]
Many people mistakenly believe that if you’re divorced, you can’t claim Social Security benefits earned by your ex-spouse. However, the Social Security Administration has made provisions for spousal Social Security benefits after divorce where the spouse was married at least 10 years to a worker who is eligible for benefits. For people who fit that description, […]
A new study by SimplyWise asked a panel of 60 to 70 year old’s about their knowledge of specific social security rules and identified the four misconceptions that were the most prevalent. Social Security has a massive reach, with an estimated 64 million Americans having received benefits in 2019, according to the Social Security Administration. The impact is […]
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 have not yet […]
The future of Social Security is at stake in the 2020 presidential election, even if other issues are hogging the headlines for now. Social Security funds – comprised of Old-Age and Survivors Insurance (OASI) and Disability Insurance (DS) – will begin to leak assets and are on pace to run dry by 2034. Social Security money comes from payroll […]
Guard your assets! Use the FREE SimplyWise Charge-Finder to identify and report IRS fraud on your accounts. 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 […]
Social Security is much broader than just the benefits provided to retired workers. In fact, the Social Security Administration (SSA) provides an important source of retirement income for many Americans, including the spouses, ex-spouses, widows, widowers, and dependent children of workers. We break down everything you need to know, and how to apply for spousal […]
You might be imagining retirement as a completely different life from your working years: enjoying the hobbies you never had enough time for; spending long, fun-filled days with your grandkids; traveling wherever and whenever the whim strikes. But one aspect of your working years may follow you into retirement: taxes. Seniors are working at historic rates, […]