Social Security

Everyone’s financial situation is different. Loan status, job situation, and the age of your kids all significantly impact your financial situation as you approach retirement. When it comes to Social Security there are a lot of different factors to consider, and the right path forward may not be apparent to you. Just because someone else made a similar financial move that worked doesn’t mean it will work for you. That’s why counseling with a financial professional can help you find clarity in your financial situation. Here are just a few things that you may want [...]

Now that the temperature is getting colder and we’re heading into October, there is something very important on the horizon for retirees: the announcement of the 2023 COLA for Social Security. COLA stands for “cost of living adjustment,” and it is essentially a yearly increase to Social Security payouts.[1] Every year, Social Security is increased by a percentage that is meant to counter inflation.[1] Over time, goods will become more expensive, so the COLA is meant to make sure that the money you get for Social Security increases at a comparative rate.[1] Inflation and COLAs [...]

Deciding when you claim Social Security is a key part of the puzzle for your retirement plan. You can withdraw as soon as you turn 62, but you can also delay your claim until you are 70 years old. There are pros and cons to each, so how do you know which age is right for you? Withdrawing at 62 People who withdraw before their “full retirement age” receive permanently reduced payments from their Social Security.[1] However, keep in mind that you’ll be receiving benefits for a longer period of time. Full Retirement Age varies [...]

For most, Social Security provides a solid foundation for retirement income. In fact, as of September 2022, over 70 million Americans were collecting benefits.[1] However, not everyone knows exactly how or when to start tapping into this resource. As you grow older and retirement looms on the horizon, the decisions you make start to have a more crucial impact on the amount of money you receive, so it's important that you know what to expect. Let's discuss how you can maximize your benefits and give yourself the best possible chance to live out the retirement [...]

According to a recent study, only 4% of retirees claim Social Security benefits at the optimal time, losing out on an average of $111,000 per household.[1] There are many things to consider when choosing how to claim your benefit, and there’s no one-size-fits-all formula for maximizing it. Consider your unique situation and read these tips on how to be part of the 4% when it comes to Social Security. Waiting to Claim Means a Larger Benefit You can claim Social Security benefits anywhere from age 62 to 70, but the size of your benefit will [...]

Regardless of who wins the election, Social Security will surely remain a hot button issue. The program currently pays out more than it takes in, and this trend is likely to continue. The Social Security trust fund was projected to run out in 2035, at which point about 79% of benefits would be payable.[1] However, that projection was made before the pandemic and increased unemployment hit. President Trump and Presidential Candidate Joe Biden have different ideas for how to change the program, and the outcome of the election could affect Social Security. The Financial State [...]