Thursday, November 21, 2024
As grandparents take on the noble task of adopting and raising their grandchildren, understanding available government benefits and resources is essential. Given the challenges and unique dynamics involved, various federal and state programs can assist grandparents, offering financial support, healthcare options, and social security benefits. This guide provides an overview […]
The Social Security Administration (SSA) has announced a 2.5% Cost of Living Adjustment (COLA) for 2025. This increase will take effect with the January 2025 payments for Social Security beneficiaries and on December 31, 2024, for those receiving Supplemental Security Income (SSI) benefits. On average, retirees will receive around $50 […]
To avoid outliving your retirement savings, you need to take a strategic approach that involves careful planning and disciplined spending. Below are specific tips with dollar amounts based on a person with an average lifetime salary of $75,000 a year. 1. Understand Your Living Expenses Rent/Mortgage: If you’re paying $1,500/month […]
Withdrawing from a 401(k) while delaying Social Security benefits can be a strategic approach depending on individual financial needs, tax implications, and long-term retirement planning. Let’s break down the rules, pros and cons, and provide an example for someone withdrawing $2,000 per month from their 401(k) at age 65 compared […]
The Social Security Cost of Living Adjustment (COLA) is an annual increase in Social Security benefits to help recipients maintain purchasing power in response to inflation. It ensures that Social Security and Supplemental Security Income (SSI) benefits keep pace with rising prices. The Social Security Administration (SSA) calculates COLA based […]
When a person is eligible for both Social Security retirement benefits and survivor benefits, they have a few options to consider. It’s important to understand how each benefit works and how they interact with each other: Claiming One Benefit First, Then Switching: A person can choose to claim one type […]
Claiming Social Security benefits is a significant financial decision for couples, as it can impact their retirement income for the rest of their lives. Here are some strategies and examples to help couples decide when and how to claim their Social Security benefits: 1. Consider Full Retirement Age (FRA) Strategy: […]
A person can collect Social Security benefits while working, but there are some rules and considerations to be aware of: Earnings Test: If you are younger than your full retirement age and earn more than certain annual limits, your Social Security benefits will be reduced. For 2024, the limit is […]
Over the past five years, Social Security scams have increasingly targeted seniors. Identifying Social Security Scams: Unsolicited Calls or Emails: Scammers often contact individuals via phone calls, emails, or text messages, claiming to be from the Social Security Administration (SSA). The SSA typically contacts individuals by mail for official communications, […]
When a survivor of a deceased Social Security beneficiary remarries, the impact on their survivor benefits depends on the type of benefits they receive and their age at the time of remarriage: Survivor Benefits for Widows and Widowers: Generally, if you remarry before you reach the age of 60 (or […]