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 […]
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 […]
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. […]