For more than 75 years the Social Security program has protected the financial well-being of our nation’s retired workforce. Today, more than 41 million retired workers are receiving monthly benefit checks from Social Security, a majority of whom need that income to meet their expenses during retirement.
Category: Social Security
When Should You Retire?
The short answer is when you’re financially and mentally prepared to do so, but there is much more to it than that. To retire comfortably, you’ll need to know how much retirement income your savings, pensions, and Social Security can sustainably create, as well as how your basic needs will be met, such as healthcare.
Don’t Get Sucked In by These 2017 Tax Scams
It can be hard enough to hand over some of your hard-earned dollars to Uncle Sam each year in taxes, but it’s even more painful if you fall for a tax scam and end up enriching some crooks. Learn more about common tax scams so that you can recognize — and avoid! — them.
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If you’re like most Americans, you’re going to rely on a mix of income sources in retirement, such as savings, pensions, work, and Social Security. In spite of this multi-income strategy, retirement costs, such as healthcare expenses, and inadequate savings, suggests there’s a real risk out living the money you set aside during your career.
What Is the FICA Tax, and Why Do I Have to Pay It?
If you’ve ever received a paycheck from your employer, you’ve probably felt a sense of accomplishment and disappointment all at once. The accomplishment comes in the form of the cash that’ll be flowing into your bank account, whereas the disappointment comes from the realization that you may owe quite a bit of tax on the wages you’ve earned.
Ready for Medicare? Not Until You Read This
Accordingto Fidelity Investments, a 65-year-old couple retiring this year will spend, on average, about $260,000 out of pocket on healthcare in retirement. One way to keep your healthcare costs in check is to be smart about Medicare and make savvy decisions.
81 Years of Social Security’s Maximum Taxable Earnings in 1 Chart
Social Security income is vital to the financial well-being of a majority of seniors during retirement. Data from the Social Security Administration shows that better than three in five retired workers rely on their Social Security benefits for at least half of their monthly income during retirement.
3 Facts About Baby Boomers’ Finances
Every year, the folks at the Transamerica Institute poll American workers to glean insight into baby boomers’ preparedness for retirement. The most recent survey offers up some interesting facts that anyone in their 50s ought to know.
Will Social Security’s $11 Trillion Shortfall Destroy Your Retirement?
Millions of seniors rely on Social Security to pay their living costs in retirement. The average beneficiary today receives $1,360 each month, though many collect much more.
Americans’ Average Social Security Benefit at Age 62
Millions of baby boomers are signing up for Social Security, and on average, retired workers were awarded $1,406.58 per month in benefits in December 2016. The amount received in Social Security income, however, varies significantly depending on your work history and the age at which you enroll.
What You Don’t Know About Social Security Could Cost You
Social Security is America’s most popular “retirement plan” by far, but it’s poorly understood by millions of Americans — especially those who are yet to claim their benefit. To help you make smart Social Security decisions for you and your family, here’s a quick guide to how your Social Security retirement benefit will be calculated, how your retirement age affects your benefit, and whether or not your spouse may be entitled to a higher benefit than they think.
Worrying About Retirement and Social Security? You’re Not Alone
According to a recent survey by Transamerica, most workers think that the financial challenges they’ll face in retirement will be harder to overcome than the challenges that prior generations faced. Do you agree?Read on to find out workers’ top concerns about retirement and Social Security, and why they’re so concerned.
This Hasn’t Happened to Social Security in 36 Years
Social Security plays a vital role in the financial well-being of many of our nation’s seniors. According to national pollster Gallup, around 60% of current retirees who are taking Social Security benefits rely on those benefits in a “major” way each month.
Here Are the 4% Retirement Rule’s Major Flaws
While there’s no magic retirement savings number guaranteed to deliver financial security during your senior years, many near-retirees are advised to use the 4% rule to see if they’re on the right track. Although the 4% rule has a strong history of success, it’s far from perfect.
How a Roth IRA Can Help You Make the Most of Social Security
If you’re earning income by working, and also collecting Social Security, you might be missing out on a valuable strategy that can increase the likelihood of maintaining financial security in retirement. Are you making the most of your Social Security income? If you’re not contributing to a Roth IRA, the answer may be no.
A Republican Privatization of Social Security Is a Real Possibility
Social Security was among the most important issues heading into the 2016 election. Yet, interestingly enough, it wasn’t paid very much attention during the debates, which is surprising when you consider that 61% of current retired beneficiaries count on Social Security to provide at least half of their monthly income.
Can Automatic Savings Plans Solve America’s Retirement Woes?
It’s no secret that Americans’ retirement readiness is abysmal. According to a 2013 study , more than half of American households won’t be able to live as comfortably in retirement as they did while working.
Why Taking Social Security Early Takes a Permanent Toll on Your Monthly Check
In this video from the Motley Fool Answers podcast,Alison Southwick and Robert Brokamp welcome Sean Gates to the show as they answer listener questions. This listener wants to know more about the country’s biggest entitlement program and how it works.
When Is It Best to Claim Your Social Security Benefits?
Roughly one-third of Americans rely on Social Security for more than 90% of their retirement income, so choosing when to claim Social Security can be one of the most difficult and most important decisions you face in your 50s and 60s. If you’re struggling to decide when to claim your Social Security benefits, you’re not alone.
Numbers everyone should know
Some numbers matter more than others. How much you make is important, for example, but your financial health depends far more on how much you keep.
What Is the Tax Credit for the Elderly or the Disabled?
Seniors today face a world of expenses, from housing to transportation to healthcare . Similarly, those who are disabled often have difficulty making ends meet, especially when their conditions render them unable to work.
Is This President Obama’s Parting Shot at Gun Owners?
With just weeks to go in his administration, President Obama will see finalized a rule he pushed for three years ago to deny certain Social Security benefits recipients the right to purchase firearms, a sweeping denial of Second Amendment rights that has critics in an uproar. The rule would have the Social Security Administration feed into the national background check system its information on people getting disability benefits who have a mental health issue.
How Much Social Security Tax Do I Pay?
Social Security helps millions of seniors and disabled Americans stay afloat financially, but to fund the program, current workers all need to contribute a portion of their earnings. So just how much does Social Security take out of your check? The amount of Social Security tax you’re liable for will depend on your income, but if you’re a high earner, you should know that this year, only your first $127,200 in wages will be subject to Social Security taxes.
Republicans’ Sweeping Social Security Reforms Could Be Just What the Program Needs
For many working Americans, Social Security is a program that’s probably out of sight and out of mind. For those on the doorstep of retirement or currently retired, Social Security is more likely than not a vital income source that helps them make ends meet.
Read This Before You Take Medicare Benefits
If you’re getting close to 65, chances are you’re going to enroll in Medicare. While it’s common knowledge that Medicare is the United States’ health insurance program for retirees, many people don’t fully understand certain things about Medicare, such as when to enroll, how much it costs, what all the “parts” of Medicare are, and more.
Social Security: 3 Crazy (but Effective!) Ways to Get More Benefits
Social Security is a vital way for retirees to make ends meet, and making the most of your Social Security benefits is critical. Plenty of conventional strategies exist that can help you boost your benefits, from delaying before applying for Social Security to making sure that you’ve maximized your earnings throughout your 35-year career.
Sorry, Baby Boomers: You’re Never Going to Retire
The oldest members of the baby boom generation have turned 70, and thousands more are reaching standard retirement age every day. Yet even as baby boomers approach their golden years, they’re doing so with an unprecedented level of pessimism about their financial future.
Republican Efforts to Reform Social Security Could Financially Cripple Most Seniors
Just how important is Social Security? According to the Social Security Administration , better than 6 in 10 seniors are currently reliant on their benefits to make up at least half of their monthly income. A recent poll from Gallup also found that more than 8 in 10 pre-retirees will rely, to some degree, on Social Security income during retirement.
7 Ways the GOP’s Proposed Social Security Changes Could Impact Your Pocketbook
House Ways and Means Social Security Subcommittee Chairman Sam Johnson recently introduced legislation he says is a way to “save Social Security for generations to come.” Federal actuaries agree that the GOP proposal should make the Social Security trust fund solvent for 75 years.
Medicare in 2017: 5 Numbers Everyone Should Know
When you decide to stop working, the odds are good that Medicare will be a critical part of your financial plan to cover your healthcare expenses. Medicare doesn’t cover all of your costs of staying healthy, but with most people becoming eligible for the program when they turn 65, joining the more than 56 million Americans who already get Medicare proves to be the best choice in most cases.
Can You Pass This Quiz on Social Security Benefits?
For many Americans, Social Security will be a vital source of income during retirement. The most recently released data from the Social Security Administration found that 61% of current beneficiaries rely on Social Security to provide at least half of their monthly income.
How to Sign Up for an E*TRADE Brokerage Account: A Step-by-Step Guide
Getting started in investing online can seem overwhelming. There are more than a few online brokerages to choose from, and each has its own online application to navigate.
Keep an Eye on Tax Rates When Adding Income
More income is generally a very good thing, but some of the impact of a higher income can be blunted by a higher tax rate. Fortunately, there are sensible steps you can take to make sure you’re taking full advantage of that new money.
TSP Contribution Limits in 2017
The Thrift Savings Plan, or TSP, is the defined contribution retirement plan offered to U.S. civil service employees and retirees, as well as members of the uniformed services. With nearly five million participants, the TSP is one of the most popular retirement programs in America.
3 Tax Scams to Watch Out For in 2017
Tax season is right around the corner and, unfortunately, a surge in tax scams is likely to come with it. Tax scams can take many different forms, but most tax scams fall under three major categories: fraudulent returns, phone scams, and phishing.
Can You Pass This Medicare Quiz?
Social Security may seem to get all of the glory given that it puts money in seniors’ pockets on a monthly basis during retirement, but the importance of Medicare is growing. According to the Urban Institute, an average income male with $47,800 in earnings in 2015 dollars will receive more in estimated lifetime benefits from Medicare than Social Security if he turns 65 in the year 2055.
Social Security in 2017: 12 Stats Everyone Should Know
You might not appreciate it yet, but Social Security is vital to most Americans. And it looks like it may be undergoing some big changes, as Republican lawmakers have proposed cuttingbenefits and increasing the retirement age to 69. Given all that, it’s more valuable than ever for you to know more about Social Security.
What Does 2017 Hold for Social Security?
Over 60 million Americans rely on Social Security to cover their living costs in retirement. Whether you’re a current recipient or not, you may be impacted by the changes Social Security will undergo come 2017.
How Much Will Social Security Benefits Go Up in 2017?
Tens of millions of Americans rely on Social Security for a large chunk of their income in retirement, and many of them look forward to the cost-of-living increases in their monthly benefits they typically receive at the beginning of each year. 2016 was an exception to that rule, because Social Security didn’t make any cost-of-living increase at all.
5 Ways Your Retirement Can Easily Be Ruined
Nearly all Americans share one goal: they want to be able to hang up their work coat after many years in the labor force and know that they’re financially set for retirement. Unfortunately, this is a goal that’s being reached by a depressingly low number of Americans.