Social Security

What Happens if Social Security Overpays You?

Social Security overpayments have become an increasingly prevalent and concerning issue, casting a shadow of financial uncertainty over beneficiaries who may unexpectedly find themselves owing substantial sums despite no fault of their own. During the 2021 fiscal year, the Social Security Administration’s inspector general reported an estimated $6 billion in overpayments made by the agency. These overpayments highlight the critical need for individuals to proactively manage their Social Security benefits and avoid costly surprises down …

Biden’s Pick for Social Security Chief Promises End to Long Waits – What This Means for You!

As we look toward the horizon of retirement, the reliability and efficiency of Social Security services remain a cornerstone of financial stability for many. The Social Security Administration (SSA) has recently been under scrutiny for its service delivery times. It has become a growing concern for retirees who rely on these benefits for their livelihood. A Commitment to Enhanced Customer Service The nominee for the new commissioner of the SSA, former Maryland Governor Martin O’Malley, …

Are Your Funds Safe? Social Security’s Top Expert Weighs In!

The Social Security Administration (SSA) is actively working to dispel concerns regarding the diminishing reserves in the trust fund. In a recent episode of the SSA Talks podcast, SSA’s chief actuary, Steve Goss, provided reassurance. He emphasized that although there is a risk of benefits decreasing as reserves diminish, it is unlikely that the Social Security trust funds will be completely exhausted. Addressing Common Fears Many retirees and soon-to-be retirees express apprehension about the financial …

Here Are Four Critical Retirement Planning Steps

Retirement, often viewed as the payoff for years of hard work and prudent saving, is envisioned as a period of joy, companionship, and leisure. The recent pandemic has highlighted the importance of financial security for a comfortable retirement. As a result, Americans are prioritizing strengthening their economic positions. Furthermore, a survey conducted in 2021 by Ameriprise Financial revealed that the global health crisis had propelled individuals to enhance their financial perspectives, with many implementing retirement …

The Toll of Physically Demanding Jobs on Social Security Benefits

Lawmakers have proposed raising the Social Security retirement age, which could pose a challenge for older workers in physically demanding jobs, according to a recent task force report from the National Academy of Social Insurance. The report warns that it would be irresponsible to raise the retirement age without addressing the current damage to this group of workers caused by the existing increase in retirement age. During a presentation on the report’s findings, Rebecca Vallas, …

Retirement Reality Check: Why Working Longer May Not Work

When it comes to retirement, many Americans find themselves retiring earlier than planned, often due to unforeseen circumstances. Retirement plans can be disrupted by factors such as poor health or job loss. In 2024, a Gallup survey found that Americans expected to retire at the age of 66, but the actual retirement age turned out to be 62 on average. This consistent gap of about five years between expected and actual retirement ages has been …

How Social Security Changes in 2024 Affect YOUR Pocket

. In 2024, there will be three significant changes to the Social Security system that will have an impact on beneficiaries, contributors, and those planning for retirement. Individuals must be aware of these changes and how they may affect their financial well-being. The first change is an increase in Social Security benefits. Each year, the Social Security Administration adjusts the benefits based on the cost of living. In 2024, there will be a 3.2 percent …

Get the Most Out of Social Security with This Age Strategy

When it comes to retirement income, the decision on when to start receiving Social Security benefits is crucial. Although you can claim benefits as early as the age of 62, your monthly benefits will be higher the longer you wait (up to the age of 70). Therefore, it is important to take into account your circumstances before making a decision. There is ongoing debate about the optimal time to start taking Social Security, and there …

Are You Living in the Wrong City for Retirement? Cities That Can’t Do Without Social Security!

Inflation is a significant concern for retirees because it erodes the purchasing power of their hard-earned savings. While inflation often leads to salary increases for those in the workforce, retirees miss out on this benefit. However, there is a silver lining for retirees: Social Security benefits are adjusted to keep up with the rising cost of living. In recent years, these cost of living adjustments (COLAs) have provided relief, pushing Social Security benefits higher. This …

Is the U.S. Failing Its Retirees? Shocking New Report Reveals the Truth

A new survey reveals that Social Security and 401(k) plans aren’t as beneficial as retirement systems in many other countries. The Mercer CFA Institute Global Pension Index recently ranked the Netherlands, with its dual public and private pension structure, at the top. In a fresh assessment of global retirement structures, the U.S. received a C+ grade, trailing behind countries like the Netherlands, Australia, and Sweden. The U.S. was ranked 22nd among 47 countries in the …

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