Don’t Expect Too Much Out Of The ¬†2024 COLA

If the current trend in inflation rates continues, the Social Security cost-of-living adjustment for 2024 might be far below 3%. Depending on what transpires in the third quarter, there is a good probability that no COLA will be awarded to recipients in 2024.

Taking Social Security Early And Working: What You Need To Know

Answering some questions will help you understand your financial situation as you retire. Many people’s retirement finances are heavily reliant on Social Security. Whether Social Security will provide all, most, or only a portion of your retirement income, it’s critical to understand what you’re getting so that you can be as prepared as possible.

Want More Money In Retirement? Consider these Income Streams

In retirement, you will need to discover a means to support yourself. Social Security is one of your options, and you should be eligible for retirement payments if you have worked and accumulated work credits for at least ten years. If you have contributed to an employer retirement account employment, you will ideally have access to savings as a source of income.

How To Get Money From The Government In Retirement 

As you approach retirement age, it’s natural to start thinking about how you’ll be able to maintain your lifestyle without a regular income from work. Fortunately, there are several ways to get free money or assistance from the government in retirement. Taking advantage of the programs available to you can help ensure that you have the financial resources you need to enjoy a comfortable and secure retirement.

Working Longer Is Not The Solution To The Retirement Problem In The U.S.

The majority of people in their 50s and 60s who are concerned about saving enough money for retirement hear two words from most financial advisers and retirement coaches: work longer. They believe doing so will increase their savings, allow them to get larger Social Security payments (by postponing them till they reach their full retirement age or age 70), and give them something to do in their “unretirement.”

The Ugly Truth About Working Longer And Social Security Benefits?

If you’re like most seniors, your retirement income will be dominated by Social Security payouts. Approximately fifty percent of older Americans rely on Social Security for at least fifty percent of their income, and twenty-five percent rely on it for ninety percent.