Planning for retirement can feel overwhelming, but understanding how your Social Security benefits compare to others in your age group can help. As of November 2024, over 59 million retired workers received monthly benefits, totaling $99.5 billion. The average monthly check for retired workers in November 2024 was $1,925.46, according to the Social Security Administration … Read more
Social Security provides critical financial support to millions of Americans, but navigating the rules about working and collecting benefits can be complex. Knowing these guidelines is essential, especially if you’re balancing a job and Social Security income while approaching or surpassing your Full Retirement Age (FRA). Here’s a breakdown of how earnings affect your Social … Read more
For many Americans, 65 has long been the golden age of retirement. However, the “full retirement age” (FRA) for Social Security benefits has already climbed beyond 65 and is set to rise again in 2025. FRA is the age at which workers are eligible to claim 100% of their Social Security benefits. As this age … Read more
Claiming Social Security benefits is a major financial decision, and timing is everything. While it’s tempting to retire early, waiting until your full retirement age ensures you don’t lose out on the benefits you’ve worked so hard to earn. Over the decades, changes to the full retirement age have gradually increased the threshold from 65 … Read more
Every new presidency brings shifts, but Donald Trump’s term could redefine programs like Social Security. With plans to cut government spending, Trump introduced the Department of Government Efficiency, aiming to streamline expenditures for a budget surplus. While this strategy may promote fiscal responsibility, it raises concerns for programs like Social Security, leaving beneficiaries vulnerable without … Read more
Saving for retirement often involves using tax-advantaged accounts like IRAs or 401(k)s to maximize growth through compounding interest. However, as retirement approaches, it’s essential to know Required Minimum Distributions (RMDs)—rules that govern mandatory withdrawals from these accounts. Knowing the ins and outs of RMDs can help retirees make informed decisions to avoid unnecessary penalties and … Read more
Medicare is a cornerstone of healthcare for retirees, offering access to essential services. However, its complex structure can lead to confusion and costly mistakes. Whether you’re nearing retirement or want to be prepared for the future, here are three critical aspects of Medicare that every retiree should understand. Age 65 One common misconception is that … Read more
As the new year approaches, another concern is quietly creeping up—Social Security’s financial shortfall. This long-anticipated issue was confirmed once again by the Social Security and Medicare Boards of Trustees in their annual report, and the outlook isn’t optimistic. The warning bells have rung loud enough that a recent Nationwide survey found that 84% of … Read more
Each year, Social Security beneficiaries eagerly await news about the Cost of Living Adjustment (COLA). For those on fixed incomes—where increases are tied to a set base amount rather than variable salary growth—any rise can offer relief, especially amidst lingering inflation and pandemic-related challenges. In 2024, inflation outpaced the COLA within the first half of … Read more
Social Security is a program synonymous with stability, yet it adapts yearly to ensure its longevity and relevance. For 2025, two key updates stand out: the Cost-of-Living Adjustment (COLA) and an increase in the maximum taxable income. These adjustments will impact retirees and workers significantly. Let’s look into the details and their implications. COLA The … Read more