Whether you know it or not, you’ve at least heard the word “annuity” thrown around. Unconvinced? You’ve probably encountered annuities in the following instances: Defined benefit pensions. Defined benefit pensions guarantee specific benefits upon retirement. Employers can administer pensions in the form of a lump sum or lifetime annuity. Due to the fact that these are deposits to banks, the…
5 Tips to Make Your Money Last for the Rest of Your Life
No one likes to think about the end, but when it comes to money, it’s important to plan for retirement with a long-term mindset. Making your money last is something that all retirees and those planning for retirement have to think about. After all, no one wants to run out of money before they die….
Delayed Retirement Credits Explained
People who delay starting their Social Security beyond their full retirement age get a bonus equal to two-thirds of 1% added to their Social Security checks for each month they wait to begin benefits. If your full retirement age is 66, that comes out to a 32% bonus if you wait until age 70 to…
How Much Should You Get in Required Minimum Distribution Withdrawals?
September 21, 2022
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When you decide you are ready to retire, you may want to start withdrawing funds from your retirement account(s). You will need to be a minimum age of 59½ before you are allowed to do so without penalty. If you have reached the age where you need to take out required minimum distributions (RMDs) (70½…
Inflation, Stock Market Meltdown Force More Retirees to ‘Unretire’
The Great Resignation or the Great Unretirement? A growing number of older Americans are “unretiring” as a cost-of-living crisis, a bear market on Wall Street, and rising interest rates send more people back to the labor market under the stress of diminished living standards. During the COVID-19 public health crisis, the U.S. economy witnessed a…
Average Social Security Payments Could Hit $1,800 Owing to Inflation
September 15, 2022
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Inflation could drive up Social Security payments by a record-high level next year due to inflation, with average payments reaching $1,800, according to an analysis by the Senior Citizens League, a nonpartisan group that focuses on issues related to older U.S. citizens. Based on the inflation data through August, the Senior Citizens League estimates the…
Direct Monthly Check Worth up to $3,345 Will Be Sent Out This Week
Eligible recipients of certain Social Security programs are set to receive their checks and payments this week, according to a schedule of payments. Individuals whose birthdays fall on the first through the 10th of the month will get their Social Security Disability Insurance (SSDI) payments on Wednesday, Sept. 14, according to a schedule from the Social Security…
Inflation May Push Social Security COLA up Around 10% in 2023
September 8, 2022
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By Georgina Tzanetos From Bankrate.com With inflation near a 40-year high, Social Security could get a historic boost next year to help seniors keep up. The most recent estimate for a 2023 cost of living adjustment (COLA) is 9.6 percent, says Mary Johnson, Social Security and Medicare policy analyst for senior advocacy group the Senior Citizens League…
The Savings Game: Spousal and Survivor Benefits, and Other Reader Questions
By Elliot Raphaelson Q: In a recent column, you indicated that if you remarried after age 60, and had been receiving a spousal benefit on the basis of your ex’s Social Security earnings, that benefit ends immediately, and you had to wait a year before you could receive a benefit from your new spouse. I believe…
Does Spouse’s Income Affect Social Security Benefits?
For some people, it makes sense to start drawing Social Security benefits before reaching full retirement age (FRA). But there are restrictions that attend this decision to draw benefits early. The Social Security Administration considers the act of drawing benefits as retirement. This means that recipients are restricted as to how much additional income they…
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