The Motley Fool

MARCH 21, 2024

Millions of older Americans today get a monthly benefit from Social Security. But it's important to know what to expect from Social Security ahead of retirement. In a best-case scenario, you can expect Social Security to replace about 40% of your pre-retirement wages.

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The Motley Fool

FEBRUARY 10, 2024

Many people dream of being able to pull off an early retirement. But if you're going to leave the labor force early, it's important to know how Social Security might play into your retirement. You can't claim benefits until age 62 For some people, early retirement means stopping work at age 63.

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The Motley Fool

MARCH 11, 2024

One of the best social programs the U.S. offers is Social Security. For millions of Americans, Social Security benefits make up a lot of their income in retirement and act as a financial safety net. Social Security retirement benefits are well-earned, too. Image source: Getty Images.

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The Motley Fool

MARCH 23, 2024

Being married in retirement can lead to slightly higher expenses, but for many, it also means you'll have help reaching your retirement goals. You'll also be able to count on two Social Security checks as long as at least one person worked enough to qualify. How much does the average couple get from Social Security?

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The Motley Fool

DECEMBER 19, 2023

A move this big poses a lot of questions, like how does retiring abroad affect Social Security checks? citizens who retire abroad usually don't have a problem getting Social Security checks , whether they're claiming on their own record or someone else's. The answer depends a lot on where you're going.

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The Motley Fool

APRIL 6, 2024

There are many factors that will affect your Social Security benefits, including your age, earnings history, and the length of your career. To maximize your monthly checks, though, it's important to know the ins and outs of spousal Social Security. Image source: Getty Images.

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The Motley Fool

JANUARY 30, 2024

Many people work really hard to amass savings for retirement. Still, the whole purpose of saving in an IRA or 401(k) is to be able to cover your living expenses in retirement without worry -- and perhaps, ideally, have money left over to pay for leisure, travel, and other fun things. After all, you want that money to last.

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The Motley Fool

NOVEMBER 28, 2023

Moving abroad is a temptation for myriad Americans as they move toward and into retirement, and for many it's become a reality. And since Social Security monthly benefits are such a significant source of income, a natural first question to ask about such a move is whether retiring abroad will impact those payments.

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The Motley Fool

FEBRUARY 23, 2024

Social Security benefits for spouses are a common source of confusion. A recent survey found that nearly 30% of Americans nearing retirement are unaware that spouses can claim Social Security based on the work record of a partner. The partner must be receiving retirement benefits.

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The Motley Fool

MARCH 1, 2024

It's easy to see the benefits of retiring early -- more time for family and hobbies and less stress from a job, to name a few. You'll have to save more to cover more years of expenses, and you might have less help from Social Security than you think. But if not, you may want to rethink your retirement timeline.

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The Motley Fool

FEBRUARY 22, 2024

Most married couples have the benefit of not one, but two Social Security checks in retirement. The worker's retirement benefit forms the foundation A spousal Social Security benefit is based on the worker's primary insurance amount (PIA). Image source: Getty Images.

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The Motley Fool

FEBRUARY 20, 2024

When Social Security was created, the program set a "full retirement age." Originally, the full retirement age was 65 for everyone. But that changed with amendments to Social Security in 1983. Now, for those born in 1960 or later, a maximum of three years of delayed retirement credits can be earned.

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The Motley Fool

FEBRUARY 2, 2024

Social Security is a super-important program for seniors but also complex, and learning the rules can be a time-consuming process. However, those rules are important because they could really help in your retirement planning. With that in mind, here are a few things you need to know about Social Security spousal benefits.

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The Motley Fool

FEBRUARY 7, 2024

Social Security isn't designed to be the primary source of income for retirees. In fact, the program is designed so Social Security benefits replace about 40% of the average worker's salary. However, is it possible to retire on Social Security alone? Image source: Getty Images. If we add the 3.2%

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The Motley Fool

JANUARY 26, 2024

For many married retirees, Social Security is essential to their retirement budgets. Nearly 9 out of 10 retirees said Social Security is at least a minor source of household income, in an annual Gallup poll. One important aspect of Social Security available to married couples are spousal benefits.

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The Motley Fool

JANUARY 14, 2024

Social Security has been one of the most important social programs in the U.S. For retirement specifically, it provides vital income to millions of Americans across the country. After years of paying Social Security taxes, beneficiaries reap the rewards with a financial safety net of sorts. for decades.

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The Motley Fool

AUGUST 16, 2023

Perhaps that's why a growing number of Americans are choosing to retire outside the U.S. If you're considering an overseas move in retirement, you may wonder: Can I still get Social Security if I retire in another country? Let's break down how retiring abroad affects your Social Security payments.

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The Motley Fool

FEBRUARY 18, 2024

The maximum monthly Social Security benefit in 2023 would provide you with $4,873 per month in retirement benefits. If you're hoping to be one of those retirees with the max Social Security benefit, here's what you would need to do to make that happen. Image source: Getty Images.

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The Motley Fool

JANUARY 18, 2024

One of the biggest misconceptions about Social Security is that those benefits are designed to replace workers' pre-retirement earnings in full. In reality, if you earn a typical wage, Social Security will replace about 40% of it, assuming benefits aren't cut in the future due to the program's projected revenue shortfall.

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The Motley Fool

JANUARY 8, 2024

Social Security is a cornerstone for many Americans' retirement plans. Spousal Social Security benefits take an already complicated decision and add a whole new level of calculus on top of it. Here are three important details all retired couples should know. Image source: Getty Images. 63 35% 64 37.5%

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The Motley Fool

JANUARY 23, 2024

Once you reach the age of 60, you're very close to being able to sign up for Social Security. So at that point, Social Security is something you're likely to start reading up on. Retirement may be the last thing on your mind -- and Social Security may be something you just don't want to bother with.

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The Motley Fool

NOVEMBER 23, 2023

Retirement requires loads of preparation. For millions of older adults, Social Security is critical. Around 41% of baby boomers say that benefits will be their primary source of income in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies. Image source: Getty Images.

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The Motley Fool

AUGUST 31, 2023

Social Security is a key source of financial well-being for millions of Americans. In fact, 88% of retired workers depend on Social Security benefits to some degree, and 82% of current workers believe benefits will be a meaningful source of income when they retire, according to Gallup. Here are the details.

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The Motley Fool

SEPTEMBER 7, 2023

Social Security provides retirement income for millions of Americans, but there's a lot more to the program than many people think. From the calculation of benefits to the application process, here are seven of the most important things you should know and understand about Social Security before you retire.

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The Motley Fool

NOVEMBER 26, 2023

You might not think anyone would care about comparing their Social Security benefits to what other people receive. Are you beating the average Social Security retired worker benefit for your age group? One of those ways is how much on average retired workers receive in benefits at various ages. 79 $2,032.67

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The Motley Fool

NOVEMBER 5, 2023

If you're expecting to rely on Social Security in retirement, you're not alone. Around 41% of baby boomers say that Social Security will be their primary source of income in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies. How safe is Social Security?

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The Motley Fool

DECEMBER 9, 2023

In an ideal world, you'll retire with access to income outside of Social Security, like savings and investments. But those benefits might still end up playing an important role in your retirement finances nonetheless. Part-time earnings count as wages for Social Security purposes, too.

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The Motley Fool

SEPTEMBER 5, 2023

Social Security is a lifeline for millions of retirees. The average retired worker collects roughly $1,800 per month in benefits, as of July 2023. If your savings are falling short, that money can go a long way in retirement. However, Social Security can also be confusing. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 13, 2023

The Social Security benefit you receive each month might play a crucial role in your retirement finances. You're entitled to your full monthly benefit based on your individual wage history once you reach full retirement age , or FRA, which is 67 for anyone born in 1960 or later. In that case, all isn't lost.

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The Motley Fool

DECEMBER 30, 2023

More than 50 million retired workers receive Social Security benefits. who don't receive Social Security. Here are three Social Security changes in 2024 that will affect millions of Americans who aren't retired yet. Employees must pay a Social Security payroll tax of 6.2%

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The Motley Fool

MARCH 7, 2024

Social Security is not in the best financial shape. Social Security can tap its trust funds to keep up with scheduled benefits for a period of time. But some lawmakers suggest increasing FRA to 68 to 69, so that Social Security has more time before it needs to pay out those benefits in full.

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The Motley Fool

SEPTEMBER 15, 2023

Hopefully, you'll enter retirement with a decent chunk of money in savings. But even then, you might end up pretty heavily reliant on Social Security once you see how expensive life can be when you're not working. That's why it's so important to know the ins and outs of Social Security.

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The Motley Fool

MARCH 17, 2024

Ensuring that you are financially secure throughout your retirement is critical. The decisions you make about Social Security can play a major role in your financial security since the timing of your claim plays a big part in determining how much money you receive from the program. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 25, 2023

Is retirement on your near-term radar? If Social Security is going to make up meaningful portion of your retirement income, however, there are several things to know and/or do before you call it quits and claim your monthly benefits. Data source: Social Security Administration. If so, congratulations!

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The Motley Fool

JULY 9, 2023

For most Americans, Social Security provides, or will eventually provide, more than just a check or direct deposit each month. The Social Security Administration (SSA) accounts for your 35 highest-earning, inflation-adjusted years when calculating your monthly benefit. Image source: Getty Images.

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The Motley Fool

SEPTEMBER 16, 2023

There's a reason so many older Americans get really excited when their full retirement age (FRA) for Social Security arrives. To be clear, seniors can sign up for Social Security once they turn 62. Many people can't retire until they're able to claim Social Security. The reason?

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The Motley Fool

SEPTEMBER 21, 2023

Retirement is an exciting new chapter in life but requires loads of planning and preparation. Around 90% of adults age 65 and older receive Social Security, according to the most recent data from the Social Security Administration, and determining how your benefits will fit into your retirement plan is crucial.

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