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.
Category: Social Security
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.
Is All Hell About To Break Lose If Government Raises The Full Retirement Age?
More than one million French citizens protested a rise in the normal retirement age, which would increase the age from 62 to 64. A similar conflict may be quietly simmering in Washington, D.C., in the United States.
Your Social Security Payment Is At Risk
Social Security is being used as a bargaining chip in discussions about raising the debt ceiling. Analysts, however, warn that a collapse in those discussions and a U.S. default pose the greatest threat to the program and its 66 million participants.
Take These Important Steps If You Lose Your Job Before Retirement.
Although being laid off later in life might be financially devastating, you can take steps to mitigate the blow.
Ten Things Every American Should Know About Social Security
In the United States, Social Security refers to the OASDI program known as the Old Age, Survivors, and Disability Insurance and is operated by the Social Security Administration (SSA), a federal agency in the United States. Besides providing retirement benefits, it also provides survivor benefits and income for disabled workers.
What Will The 2024 COLA Look Like?
In September 2022, more than 48 million retirees receiving Social Security benefits took home around $1,674 monthly. According to a survey by the national polling firm Gallup, this is an essential source of income for over 90 percent of seniors receiving Social Security.
Could You Survive On $16,000 Per A Year? You May Need To If You Rely On Social Security
Despite frequent reminders, many ignore the need to save separately for retirement. An estimated 33% of Americans have no retirement savings, but more alarming is that 30% of those aged 55 and…
Is Social Security At A Tipping Point?
We’ve spent the last decades inching toward a world with too few workers and too many retirees depending on their labor, like a train crash in slow motion. Have we finally reached the tipping point?