Knowing the nuances of Social Security can significantly impact your retirement planning. As of July 2, 2023, new rules are in place regarding the Full Retirement Age (FRA), which affects how much you can receive. Let’s look into these changes and how you can maximize your benefits, potentially earning up to $3,822 per month in … Read more
Reaching the age of 62 is a milestone, especially when it comes to Social Security benefits. The amount of money you can receive from Social Security varies based on several factors. Let’s cut into what influences your benefits and how you can maximize them. Work History The number of years you’ve worked significantly affects your … Read more
The Social Security Administration (SSA) has recently announced possible adjustments to its retirement age requirements, which could significantly impact Social Security benefits. Knowing these potential changes and preparing your financial budget accordingly is crucial. Rachel Greszler, Senior Research Fellow at the Roe Institute, has proposed raising the full retirement age (FRA) to 70. If her … Read more
As Social Security benefits continue to fall short, the outlook for beneficiaries nationwide is concerning, with potential monthly benefit cuts of up to 20%. High inflation significantly impacts older Americans’ finances. According to the Senior Citizens League, Social Security benefits have lost 20% of their purchasing power since 2010. To counteract this loss, retirement benefits … Read more
Social Security is a lifeline for many U.S. seniors, providing crucial financial support in retirement. The latest statistics reveal that retirees receive an average monthly benefit of $1,918.28, translating to an annual income of just over $23,000. For those yet to retire, knowing these figures is essential for effective retirement planning. Monthly and Annual Benefits … Read more
Within the past months, about 20,000 disabled workers were removed from Social Security benefits. According to Social Security statistics, in April of this year, the number of disabled workers receiving Social Security benefits was 7.25 million. This number decreased slightly in May to about 7.23 million. The percentage remained constant throughout the months, with about … Read more
Millions of people with severe disabilities are set to receive their Supplemental Security Income (SSI) checks in August, with a maximum value of $943. These Social Security payments will be disbursed within just ten days, offering essential financial relief to those most in need. Eligibility To qualify for these payments, beneficiaries must meet specific criteria. … Read more
The average Social Security check for retirees as of June 2024 is $1,918. However, this average conceals the broad range of possible payments, which can vary significantly based on when you start collecting benefits and your earnings history. Some retirees receive considerably more, while others receive less. Early Filing If you choose to file for … Read more
Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) are vital programs administered by the Social Security Administration (SSA). These programs are designed to provide financial support to eligible individuals, particularly those who are disabled or have limited income. As the cost of living continues to rise, these benefits often undergo adjustments to help … Read more
In a groundbreaking decision, the Colorado Court of Appeals has ruled that Social Security payments can now be used as alimony between divorced partners. This landmark ruling signifies a major shift in how Social Security benefits can be utilized in divorce settlements, potentially impacting countless individuals navigating the complexities of financial support post-divorce. Court’s Decision … Read more