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 […]
Making a mistake on your taxes can not only be costly, it can be a big red flag for the Internal Revenue Service, leading to an audit. For people nearing retirement, the stakes can be even higher. Many Americans in retirement will experience many “firsts,” including making retirement distributions, collecting Social Security retirement benefits and passing money […]
For many Americans, reaching retirement age doesn’t mean the end of work. That may be truer than ever for people in their 50s and 60s given the recent market slide related to the coronavirus pandemic. A survey conducted by SimplyWise on March 3 and 4 of people aged 55 to 60 found that continued market […]
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 […]
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 […]