More than 60 million Americans are currently receiving Social Security benefits, 41.2 million of whom were retired workers as of the November snapshot from the Social Security Administration . Of these retired workers, both Gallup’s survey findings and data from the SSA show that Social Security is relied upon by roughly 60% of retirees to account for at least half of their monthly income.
Category: Social Security
How Much Will Medicare Cost You in 2017?
Medicare covers more than 57 million Americans, providing the healthcare coverage they need. Every year, though, the cost of Medicare typically goes up, and the program passes through those increases to its participants in the form of higher premiums, deductibles, and other expenses.
Just in time for the new year, some financial planners’ best retirement tips
Many Americans don’t use financial planners for all the wrong reasons. Some don’t think they have enough money tucked away.
UPDATE 1-Mobile phone company to pay $30 million in U.S. fraud case
A KDDI Corp mobile phone unit has agreed to pay $30 million to resolve U.S. government claims that it defrauded a low-income subsidy program by seeking reimbursement for ineligible consumers, prosecutors said on Thursday. Total Call Mobile LLC agreed to no longer participate in the Lifeline subsidy program or reimburse tens of thousands of ineligible consumers who had enrolled, Manhattan U.S. Attorney Preet Bharara said in a statement.
5 Things You Didn’t Know Were Taxable
We all know taxes are unavoidable, but you may not realize how much of your money the IRS gets its hands on. Here are five things you may be surprised to learn are taxable.
Forget Social Security Cuts: Here’s What Americans Fear Most in Retirement
We all know that Americans fear Social Security benefit cuts, and rightfully so: Social Security is currently on an unsustainable path that will lead to the Trust Fund’s being depleted by 2034, according to current estimates. That would lead to a 25% or so benefit cut for retirees to keep the program operating.
Americans’ 5 Big Fears About Retirement
If you’re among the millions of American workers worrying that retirement may fail to live up to your expectations, you’re not alone.A new study by Transamerica shows that American workers are wrestling with fearsinvolving financial security and health in retirement. If you have similar worries to the respondents to this survey,here are some ways to overcome them.
Time to Get a Reverse Mortgage in 2017?
Many seniors struggle financially in retirement. If you need a way to generate extra cash, you might be contemplating a reverse mortgage.