Social Security benefits

[caption id="attachment_1263" align="alignleft" width="150"] Myths And Facts About Delaying Your Social Security Benefits[/caption]The U.S. Social Security Retirement Benefits program remains one of the most important ways that retirees in the United States will be able to pay for their living expenses later in life. Recent research has shown that most Americans have not been successful on building their own retirement nest eggs. Less than half of US households have any retirement savings at all, and even the median nest egg size for individuals close to retirement (age 55 to 64) is only about $100,000. But Social Security...

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Even though many of the assumptions have changed regarding what retirement looks like and how we act during retirement, one thing has remained relatively constant: the timing of retirement is closely related to eligibility for federal Social Security retirement benefits. For example, some people begin to consider retiring when they first become eligible for partial Social Security benefits (at age 62). Many others still base their retirement expectations on the age at which they’ll receive full Social Security benefits (between age 65 and 67), while still others wait until they can receive the maximum Read More »

Even though the future health and viability of the Social Security program has been called into question, it's unlikely that Social Security retirement benefits will disappear entirely. Furthermore, even if you have a sizable retirement nest egg you still need to understand how much income you can expect to receive from all the sources you have available, including Social Security. As you save for retirement and making your savings plans it’s important to know how much Social Security you’ll receive when you retire, regardless of where you are in the process. Here is some retirement advice on how...

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One of the biggest political issues during 2012 was the future of the Social Security program. The most popular Social Security program – the retirement benefits program – is itself quite massive. The Social Security program provides approximately 65% of the program recipients with the majority of their retirement income, and it prevents roughly 15 million Americans from falling into poverty. In addition, individuals who are still many decades away from retirement are involved in the program through their payment of payroll taxes. Because Social Security touches so many lives, even the smallest changes are likely to impact a large...

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Despite all the uncertainty surrounding the future of the Federal Social Security program, most of us still count on being able to receive some type of Social Security benefit when we retire. While it would be unwise to rely on receiving any specific dollar amount each month in benefits – since benefit calculations may very well change in the future – it’s still useful to take a look at what you might expect to receive. Having a general idea of your likely Social Security benefits might make it easier for you to calculate the other aspects your retirement savings plan....

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Your retirement plan is likely to have a number of different savings and income components. For example, you may be fortunate enough to have a defined benefit pension plan through your employer. You may also have a 401(k) account through past and present employers, as well as Roth and traditional IRAs. You may even have annuities and one or more life insurance policies with an investment feature. Notice that the list above does not include an income source that many people would first think of when they consider retirement – the federal Social Security program. It would be prudent, however,...

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Social Security is perhaps the most valuable benefit any individual will ever receive from the federal government. For many people, Social Security will be a significant component of their retirement income. Individuals who have not saved for their own retirement may end up relying almost entirely on Social Security during their retirement years. Despite it being so often talked about, there is still a significant lack of understanding about some basic terms and conditions of the Social Security program; even questions relating to eligibility and benefits. Here is some retirement advice and answers to some of the most common Social...

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Even as the discussion surrounding Social Security becomes increasingly rancorous, many retirees still rely on the program for a significant portion of their retirement income. In fact, because many people find themselves in a much worse position than they anticipated with respect to their retirement nest egg, Social Security payments sometimes represent a necessary element of their retirement planning process. Most people already understand that a person becomes eligible to receive Social Security benefits by working and paying Social Security taxes. But what’s not as widely known is that spouses of workers may also be eligible to receive Social Security,...

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It’s certainly become a hot political topic in recent years, and some people question the long-term stability of the program, but many Americans still depend upon Social Security as a significant source – and sometimes the only source – of income during their retirement years. Despite all the recent discussions, the Social Security program is still a cornerstone of the retirement system in the United States. It’s therefore important for Social Security recipients to maximize the amount that they receive with each of their monthly Social Security checks. Fortunately, there are some factors that are within your control. Here is...

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You’re probably well aware of the need to save money for retirement so that you don’t have to rely on Social Security benefits to see you through. Still, those benefits will be an important part of your finances after you retire. Claiming your benefits at the right time will help bolster your financial security. So when is the right time? The Social Security Administration has set retirement age at anywhere between 65 and 67 depending on when you were born. But you can claim benefits as early as age 62 or as late as age 70. The most advantageous time...

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