Several key updates to the Social Security system will go into effect beginning in January 2026. These changes will affect benefit amounts, retirement age rules, taxes, and the minimum income required to qualify for future benefits. 2.8% COLA Increase The Social Security Administration (SSA) announced a 2.8% COLA for 2026 on October 24. This modest […]
Changes Coming to Social Security in 2026 Read More »
This year will see a record number of Baby Boomers reach the traditional retirement age. All of them will be at least 65 by 2030. However, this poses a financial challenge since fewer taxable workers eventually translate into less funding for Social Security. There will be a serious crisis if Congress does not take action.
2024’s Record Number of Retirees May Spark a Recession Read More »
We were recently asked a question that led us to believe this week’s topic might be useful to many of you. While most of us are aware of how Social Security works, here are the five most important things every married couple should know about Social Security. 1) Nothing keeps you from getting your own
Married Couples and Social Security Read More »
Have you ever wondered if working in retirement reduces your Social Security benefits? If you are younger than your full retirement age for the entire year, your benefit will reduce by $1 for every $2 you earn in excess of the [current] annual limit of $22,320. If you start working in the year you reach
Social Security and Working In Retirement Read More »
Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in
We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits? Most people would be better off
You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67. You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30%
Full Retirement Age Read More »
Retirees need to take full advantage of every available tax break they can. This is especially true if you’re living on a fixed income; you need that money to last, so every cent counts. However, holding on to your money during retirement is easier said than done. It’s easy to miss valuable tax-saving opportunities and
Tax Breaks For Retirees in 2024 Read More »
We’ve heard many times that it’s a good idea for retirees to put off receiving Social Security payments, as waiting can allow you to get more out of them than if you were to start as soon as age permits. One way to make this more feasible is to include annuities in retirement strategies to
We’ve previously discussed different types of scams you should be looking out for. This week, we wanted to bring yet another one to your attention. You might get an email claiming to be from someone with the Social Security Administration, a message along the lines of “Due to suspicious illegal activity detected during our investigation,
An Email Scam Going Around Read More »
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