Friday, January 17, 2025
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 […]
A significant portion of Americans aged 50 and older are increasingly worried about their retirement benefits keeping pace with inflation. According to a recent AARP survey, about 90% of people in this age group who currently receive or expect to receive Social Security retirement benefits express concerns about these benefits […]
As of 2024, ten states still tax Social Security benefits for retirees. These states have specific criteria and exemptions that determine whether benefits are taxed, usually based on income levels. Here are the states and their general taxation rules: Colorado: Social Security income is taxable, but retirees aged 55 to […]
When it comes to Social Security claiming options for couples, there are several strategies to consider that can help maximize your benefits. The best strategy depends on your individual circumstances, including your ages, health, life expectancy, income needs, and other retirement resources. Here are some key options and strategies: Key […]
Age, Income, and Social Security Tax: Age: Age does not affect whether you pay Social Security tax. All earned income from employment or self-employment is subject to Social Security tax up to a certain threshold, regardless of the taxpayer’s age. Income Thresholds: For 2024, the Social Security tax applies to […]