Friday, January 17, 2025
Here’s a detailed explanation and example of how Social Security survivor benefits are calculated and what factors determine the benefit amount: 1. Key Factors in Survivor Benefit Calculations The deceased’s earnings history: Social Security survivor benefits are based on the earnings record of the deceased. The survivor’s age: The age […]
In the United States, over 2 million grandchildren are being raised by grandparents, and some of these children may qualify for Social Security survivor benefits under specific circumstances when the grandparent(s) pass away. Here’s an overview of the eligibility and key considerations: 1. Can grandchildren receive survivor benefits? Yes, grandchildren […]
The IRS has announced several key updates for 2025 affecting various retirement accounts, health savings plans, Social Security, and tax provisions. Here’s a summary of the changes: Retirement Account Contribution Limits: 401(k), 403(b), and Governmental 457 Plans: The contribution limit increases to $23,500, up from $23,000 in 2024. Catch-Up Contributions […]
Retiring at Full Retirement Age (FRA) rather than waiting until 70 can be influenced by several factors beyond financial planning. Here are some key considerations: Health and Well-being Health Status: As people age, health concerns can become more prominent. Retiring at FRA allows individuals to focus on their health and […]
Retiring at 62 can be an attractive option for many, but it’s crucial to be aware of several key points that could significantly impact financial stability and overall well-being. Here are some crucial considerations: 1. Reduced Social Security Benefits Early Retirement Reduction: Retiring at 62 means you will receive reduced […]
The Elder Index, developed by the Gerontology Institute at the University of Massachusetts Boston, provides a detailed measure of the income older adults need to meet basic living expenses, including housing, health care, food, transportation, and other essentials. This index varies based on household size, location, housing status, and health […]
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 […]