Navigating retirement planning and Social Security rules can be challenging in the best of times. Trying to think about your 401(k) and your benefits during coronavirus can be downright overwhelming. But you are not alone. A recent poll found that despite the ongoing pandemic, Americans are more concerned about their finances than their health right now. The coronavirus […]
As we all adjust to this new normal, grocery stores and retail chains are stepping up to better serve some of the more vulnerable populations during the novel coronavirus pandemic. A number of chains recently announced early opening policies to give senior citizens and other at-risk groups less-crowded space to shop. Panic-shopping has left shelves […]
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 […]
This is a challenging time for just about everyone. Even beyond the health concerns, many are facing stressors like jobs lost, salaries cut, and savings and portfolios way down. (Though at least tax season has been pushed back…) And while social distancing and coronavirus isolation is necessary, being alone can add fuel to the fire. Spending time […]
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 […]