It’s no secret: seniors are working at historic rates. Almost a quarter of seniors are now in the job market, up 18% from 10 years ago, and the Bureau of Labor Statistics expects this to increase over the next eight years. Relatedly, unemployment for seniors has dropped to an impressive 2.6%, below the national rate of 3.5%. At […]
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 […]
For many Americans, reaching retirement age doesn’t mean the end of work. In a poll from The Associated Press-NORC Center for Public Affairs Research, 23% of workers said they don’t expect to stop working. Additionally, new stats show that people above the age of 65 are already working at all-time high rates since record keeping began. […]
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, […]
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 scams were reported and […]