What Will Your 2024 Social Security Benefits Look Like?

In 2023, recipients of Social Security benefits saw the most significant increase in decades in their monthly checks. Although their payouts will rise again in 2024, the cost-of-living adjustment (COLA) will be more modest – just 3.2 percent versus the nearly 9 percent boost in 2023. Does COLA Only Affect Retired Workers? Each fall, the Social […]

5 Reasons for Seniors to Celebrate in 2023

         It has been a tumultuous few years. Amid a continuing pandemic, tense midterm elections, and a war in Ukraine, we have grappled with more than our fair share of grim news. However, with the new year upon us, there are some silver linings — in particular for seniors. Here are five reasons for seniors […]

When Are Children Eligible for Social Security Benefits?

          A child may be eligible for Social Security benefits when at least one parent qualifies for Social Security retirement, disability, or death benefits. Children receive these benefits based on their parent’s work records. In 2021, the Social Security Administration (SSA) provided an average of $2.8 billion in benefits to 4 million children each month. Children who […]

Social Security and Medicare Financial Outlooks Improve Slightly Due to Rebounding Economy

          An economy that is recovering from the pandemic faster than expected means that the Social Security and Medicare trustees are predicting that both programs’ trust funds will remain solvent longer than they forecast last year. While this is a short-term improvement, major difficulties loom unless Congress acts.   Social Security retirement benefits and Medicare […]

Claiming Social Security Benefits at Age 70

If you are about to turn 70, congratulations on reaching a big milestone.  And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group — only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three scores and ten, the age […]

In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years

The year was 1983: The U.S. invaded Grenada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent, the sharpest upsurge […]

Social Security- Is There a Right and a Wrong Time to Collect?

Knowing when to claim social security can be a confusing scenario. Many would-be retirees don’t realize the repercussions of collecting too early. “The consequences of claiming Social Security too early can be big. The report found that collecting benefits at the wrong time causes retirees to collectively lose $3.4 trillion in potential income (an average […]

What exactly is SSDI?

It is easy to confuse Supplemental Security Income aka SSI with Social Security Disability Insurance, aka SSDI. SSI is for people with disabilities that have minimal means; SSDI is an insurance program that is available to qualified workers with disabilities regardless of their resources. SSDI pays cash benefits to those who are unable to work […]

Maximizing Your Social Security Survivor's Benefits

When it comes to survivor benefits, timing is everything. While you can claim survivor’s benefits as early as age 60, if you claim benefits before your full retirement age, your benefits will be permanently reduced. If you claim benefits at your full retirement age, you will receive 100 percent of your spouse’s benefit or, if […]