Social Security

5 Things The Average Social Security Benefit Can Pay For

You'll often hear that Social Security won't go very far in helping you attain financial security in retirement. And that's true. The average senior today collects $1,519 a month, which translates into a little over $18,000 in annual income. But...

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How Social Security Reform Could Make A Popular Federal Program Better

Rachel Greszler, Ilana Blumsack Society, Americas Now is the time for Congress and the next administration to tackle Social Security’s shortfalls and shortcomings by transitioning it to a smaller, better-targeted program. America’s most...

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7 Surprising Social Security Rules You Should Know About

Social Security is a complicated program, and an interesting one at that. But while some of the program's rules may be fairly well-known, here are a few you may not be aware of.You're entitled to your full monthly Social Security benefit, based on...

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Planning To Claim Social Security At 65? You May Need To Rethink That

For many people, the age of 65 is considered the standard retirement age for a few different reasons, including the fact that Medicare becomes available then. But if you're planning on quitting work and claiming your Social Security benefits at 65,...
Related topics: Medicare

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43% Of Social Security Beneficiaries Worry They'll Outlive Their Savings. Here's How To Avoid That...

Running out of money in retirement is a huge concern. In fact, 43% of Social Security recipients have this fear, reports SimplyWise. That's dangerous given that older Americans may not have much opportunity to boost their nest eggs.If your...

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Will Joe Biden Cut Social Security Benefits?

Close to 65 million Americans receive a Social Security benefit each month, 71% of whom are retired workers. For many of these retirees, their monthly payout accounts for at least half of their income.Social Security has become increasingly...
Related topics: Joe Biden

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3 Potential Social Security Changes To Watch

Social Security accounts for at least 50% of income for half of senior married couples and for seven in 10 unmarried seniors. That makes it a vital source of retirement money for millions -- and it means every current and future retiree has a vested...

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71% Of Older Americans Worry Social Security Will Run Out Of Money. Are They Right?

Social Security serves as a major income source for many seniors today, even though those benefits are only designed to replace about 40% of the typical earner's pre-retirement paycheck. But the program's long-term financial stability is, at this...

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3 Social Security Numbers You Need To Know For 2021

For current retirees and those planning to retire soon, it's important to pay careful attention to any changes to Social Security benefits. In 2021, several key numbers are changing in a way that could affect your income.Here are three new numbers...

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Here's How The Social Security Benefit Calculation Is Changing Next Year

Social Security benefits are probably going to be one of your key sources of retirement income, so it can be helpful to understand a little bit about how your benefit amount is determined, and to know the amount of money you're likely going to get...

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Social Security: Something To Give Thanks For In 2020

Nancy J. Altman, Linda BeneschOur Social Security system is government at its best. Without it, the consequences of COVID and the resulting economic fallout would be far worse.

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'major Test' For Soul Of Biden Presidency: Aoc, Ilhan Omar Back Effort To Keep Deficit Hawk Bruce...

Jake Johnson, staff writer"If the Biden administration is serious about protecting Medicare and Social Security, they must not appoint one of the biggest champions of cuts to lead their budget agency."
Related topics: Joe Biden, White House, Medicare

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How Social Security Reform Could Make A Popular Federal Program Better

America’s most popular federal government program—Social Security—will be insolvent within 15 years, leaving older workers and retirees fearful of future benefit cuts. It will also leave younger workers reticent to contribute even larger...

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4 Social Security Mistakes That Could Cost You Up To $280,000

Social Security should be easy enough to manage. Sadly, it's not. The rules that determine your benefits are complicated enough to create some tricky, and possibly expensive, pitfalls.Here's a look at four Social Security mistakes that could cost...

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3 Reasons I'm Writing Off Social Security For My Retirement

Social Security helps millions of seniors stay afloat financially, and chances are, it will be around for a long time, in least in some form, to do the same for future retirees. But I'm not factoring Social Security into my retirement plans, and...

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The Most Important Social Security Number You Need To Know

Age 62 is the earliest age to claim Social Security. Age 70 is when credits for delaying your benefits stop accruing. There's an important number between those two that you should really be aware of: your full retirement age, or FRA.Why is FRA...

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What's The Maximum Tax You'll Pay To Fund Social Security In 2021?

Payroll taxes are Social Security's most important funding source, as they provide the bulk of the money the entitlement program receives. Virtually all workers pay Social Security taxes in the United States, and the amount you pay directly...
Related topics: Taxes

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You Can Stop Worrying About These 2 Social Security Myths

Fears about the future of Social Security have been around for decades, perpetuated in part by a general lack of understanding about how the program works. I'll be honest: Social Security isn't in a great spot, and 2020 has only thrown salt in its...

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Don't Claim Social Security Benefits Until You Understand These 3 Crucial Rules

More than half of U.S. workers say they don't have a solid understanding of how Social Security works, according to a survey from the Nationwide Retirement Institute. That same survey also found that around 20% of baby boomers expect to depend on...
Related topics: Polls

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Here's How Seniors Have Been Getting Robbed Out Of Social Security Income Since 1993

It's an oft-bemoaned fact that Social Security doesn't pay seniors enough money to live comfortably. Of course, not being able to live on Social Security alone really shouldn't come as a shock to retirees, as those benefits were never meant to fully...

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