Social Security

Understanding the optimal age to start collecting Social Security benefits is crucial for maximizing your retirement income. While you can begin receiving benefits as early as age 62, if you’re aiming to get 100% of your benefits, you’ll need to wait until you reach full retirement age (FRA). For those born 1960 or later, FRA Continue reading

As of 2024, the average Social Security benefit for a 69-year-old retired worker is around $1,945 per month, or about $23,342 annually. This amount is slightly higher than the average Social Security payment of $1,905.31 that the typical retired worker receives. Why is the 69-Year-Old’s Social Security Benefit Higher? Several factors contribute to why 69-year-old Continue reading

The Social Security special minimum benefit is a program designed to assist low-wage earners by providing a baseline monthly payment in retirement. Enacted in 1972, this benefit ensures individuals with long work histories but low earnings still receive financial support. Minimum Monthly Payments for 2023 and 2024 Your payment amount depends on your years of Continue reading

Social Security beneficiaries will see a 2.5% increase in their monthly checks starting in 2025. This cost-of-living adjustment (COLA) translates to an average of $50 more per month for retirees. The Social Security Administration (SSA) determines COLA by analyzing changes in prices and economic conditions, aiming to help recipients keep pace with inflation. A Small Continue reading

The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) are key provisions affecting how certain retirees receive Social Security benefits. These rules, implemented decades ago, aim to align benefit payments with actual contributions to the Social Security system. However, they have sparked ongoing debate for their perceived unfairness to some pensioners, particularly in the Continue reading

If you’ve reached full retirement age and are considering claiming Social Security, you may have the option to receive a lump sum payment for up to six months of retroactive benefits. While this can provide a financial boost, it’s important to understand the trade-offs, as opting for this lump sum will result in a permanently Continue reading

When it comes to Social Security, many have heard claims of a mysterious $16,728 yearly “bonus.” The truth? This figure isn’t a special payout or bonus retirees can simply claim. Instead, it highlights the strategies you can use to maximize your benefits over a lifetime. The Social Security Administration (SSA) determines your benefit amount using Continue reading

Each year, the Social Security Administration (SSA) adjusts benefits through the Cost of Living Adjustment (COLA), ensuring beneficiaries receive a modest increase to counter inflation. For 2025, this adjustment has brought significant changes to the maximum benefits for various Social Security categories. However, while the $4,873 cap from previous years no longer applies, new limits Continue reading

Social Security beneficiaries have reason to celebrate as a 2.5% cost-of-living adjustment (COLA) will take effect starting in January 2025. This increase, aimed at helping retirees keep up with rising living costs, translates to approximately $50 more per month for the average retired worker. For those at the top of the earnings scale, the maximum Continue reading

Every month, as workers in the United States receive their paychecks, they notice a variety of deductions that reduce their take-home pay. One of the most important yet often misunderstood deductions is the FICA tax. While it might seem complex at first, the FICA tax plays a vital role in ensuring the long-term economic security Continue reading