The Motley Fool

MAY 15, 2024

Few people wait to claim Social Security until age 70. The difference in monthly benefits between someone claiming as soon as possible at age 62 and someone who waits until 70 is massive. Here's what the average retiree receives in Social Security benefits at age 70. Your full retirement age.

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The Motley Fool

MAY 10, 2024

Social Security spousal benefits are designed to provide much-needed retirement income to married couples where one spouse was the primary earner. million people received spousal retirement benefits, with an average monthly payment of $911.68. Do you qualify for Social Security spousal benefits?

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The Motley Fool

MAY 12, 2024

Social Security is the cornerstone of many Americans' retirement plans. While all the statistics point to delaying benefits as long as possible in order to maximize your lifetime income from Social Security , very few seniors actually do so. But that's easier said than done. Here's what you can do.

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The Motley Fool

MAY 16, 2024

The need for Social Security reform has been well documented. The latest Trustees Report indicates the Social Security retirement trust fund will run out of cash by 2033 if Congress doesn't do anything. But the Social Security rules change just a little bit almost every year. 2024 is no different.

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The Motley Fool

MAY 15, 2024

Few factors affect your Social Security checks more than your age at sign up. However, you'd have to fund your retirement on your own until then, and some people don't live long enough to make this worthwhile. Given these individual considerations, it's fair to say there's no best claiming age for everyone.

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The Motley Fool

MAY 16, 2024

Millions of retired seniors collect a monthly benefit from Social Security that's instrumental in helping them cover their bills. And one day, whether it's sooner or later, you might end up in a similar position of needing Social Security to pay your essential expenses. Image source: Getty Images.

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The Motley Fool

MAY 6, 2024

A lot has changed since the government put the first monthly Social Security check in the mail in 1940. They fund their own retirement savings through personal accounts like the 401(k) and IRA. And more and more people have come to rely on Social Security to make ends meet in retirement as well. Here's how.

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The Motley Fool

MAY 4, 2024

In March, the average retired worker brought home $1,913.31 from Social Security. While this might not sound like much, the guaranteed payments provided by America's top retirement program have ensured the financial well-being of our nation's retirees for more than 80 years. Full retirement age.

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The Motley Fool

MAY 17, 2024

As retirement nears, you're likely to find yourself faced with some very tough decisions. Another big choice you'll need to make is when to sign up for Social Security. You're allowed to file for Social Security at any point starting at age 62. Where should you live during your senior years?

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The Motley Fool

MAY 2, 2024

If you're planning to retire at some point this year, you may be gearing up to sign up for Social Security. Even if you're not retiring in 2024, you may be looking to claim Social Security for a variety of reasons, whether it's to use the money to renovate your house, cover the cost of a move, or travel.

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The Motley Fool

APRIL 20, 2024

As you work throughout your career, a good portion of the taxes you pay go toward Social Security. For decades, Social Security has been one of America's most important social programs, especially when it comes to retirement. The exact amount will depend on the age at which spouse B claims benefits.

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The Motley Fool

APRIL 28, 2024

Retirement planning involves a long list of important decisions. From where to retire to your retirement savings withdrawal strategy to your desired retirement plans, there's no shortage of decisions. However, one of the more important decisions anyone will make about retirement is when to claim Social Security.

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The Motley Fool

MAY 10, 2024

Millions of retired seniors today collect a monthly benefit from Social Security. That's why it's so important to do what you can to get the most out of Social Security. When patience pays off In March of 2024, the average monthly Social Security benefit among retired workers was $1,913.31.

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The Motley Fool

MAY 15, 2024

Millions of seniors today collect a monthly benefit from Social Security. Each year, the Social Security Trustees produce a lengthy report outlining the state of the program's finances. And this year's Trustees Report confirms that Social Security is indeed facing its fair share of financial woes.

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The Motley Fool

MAY 17, 2024

Social Security benefits help millions of seniors to afford necessities, especially as far too many people don't have enough retirement savings. There's a potential risk of a benefit cut that would reduce Social Security checks by as much as 21%. Should you prepare for Social Security benefit cuts?

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The Motley Fool

APRIL 28, 2024

If you want to get the biggest Social Security check possible, you'll likely have to wait until you turn 70 years old. The program rewards participants who wait to start collecting their benefits by offering them up to 8% for each year they delay past their full retirement age. Image source: Getty Images.

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The Motley Fool

APRIL 24, 2024

Social Security is a complex program that must serve the needs of 70 million Americans with a diverse range of circumstances. While many households rely on Social Security to make ends meet in old age and retirement, they may be missing out if they don't know some of its lesser-known rules.

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The Motley Fool

APRIL 20, 2024

MassMutual recently published results from its 2024 Social Security survey, which quizzed 1,500 adults near retirement (ages 55 to 65) with 13 true-or-false questions. Married couples who misunderstand spousal benefits could make costly mistakes when planning for retirement. Age Average Spousal Benefit 62 $644.21

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The Motley Fool

APRIL 27, 2024

Whether you realize it or not, Social Security income is a necessity for most retired workers. In 22 years of annual surveys from national pollster Gallup, between 80% and 90% of retired respondents note they lean on their monthly check from Social Security as a "major" or "minor" source of income.

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The Motley Fool

APRIL 20, 2024

Social Security is a program that most retirees couldn't live without. million adults aged 65 and over. Annual surveys from national pollster Gallup add relevance of just how critical Social Security income is to the financial foundations of retired workers. without the program to just 10.2%

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The Motley Fool

APRIL 22, 2024

If you can maximize your Social Security benefits, you're well on your way to a dream retirement. Nearly 6 in 10 retirees say Social Security is a major source of income in retirement, according to an annual Gallup poll. Those born in 1960 or later all have the same full retirement age: 67.

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The Motley Fool

MAY 1, 2024

If you're married, it's not a given that both you and your spouse will be eligible for Social Security. But if both you and your spouse are each eligible for a monthly Social Security benefit based on your individual work histories, you have a prime opportunity to maximize your retirement income.

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The Motley Fool

MAY 6, 2024

You'll often hear that if you want to collect Social Security benefits in retirement, you'll need to work and pay into the program for many years. And while that is true, there's a way to qualify for Social Security without ever working a day in your life -- collecting spousal benefits. Image source: Getty Images.

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The Motley Fool

APRIL 27, 2024

The decision to retire is a pretty big one, and you'll no doubt put a lot of thought into things before ending your career for good. And in the course of contemplating your retirement, you may flip-flop between different ages until you find the right one. You may have a lot more than that going into retirement.

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The Motley Fool

MARCH 28, 2024

The Nationwide Retirement Institute reports that only 8% of surveyed adults can identify all the factors that determine the maximum Social Security benefit. That happens at age 62, when workers become eligible for retirement benefits, but the PIA is recalculated each year thereafter to account for continued work.

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The Motley Fool

MAY 4, 2024

workforce will undergo a pretty notable shift as baby boomers retire in droves. million Americans will reach the age of 65, an age often associated with retirement. If you're nearing age 65 and are worried about the state of your nest egg, there's one important move you can make that might salvage your retirement.

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The Motley Fool

APRIL 1, 2024

Many people decide to wait until they reach their full retirement age (FRA) before applying for Social Security. In 2024, retirees will reach that milestone sometime between age 66 and 67. So, the Social Security Administration will see a lot of 66-year-olds applying for retirement benefits this year.

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The Motley Fool

MARCH 30, 2024

You can start collecting Social Security benefits as early as 62. But you won't be eligible for your full benefit until you reach full retirement age, which is 67 for anyone born in 1960 or later. But taking Social Security early will permanently reduce the size of your monthly checks.

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The Motley Fool

MAY 5, 2024

Social Security is an integral source of income for millions of retirees. More than 40% of baby boomers expect their benefits to be their primary income source in retirement, according to a 2023 report from the Transamerica Center for Retirement Studies, so it's wise to make the most of them. Image source: Getty Images.

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The Motley Fool

MARCH 17, 2024

Social Security is a huge part of the financial lives of millions of Americans. Since it began decades ago, Social Security has provided a financial safety net that ensures Americans have some income coming in during their golden years. It focuses on your full retirement age.

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The Motley Fool

APRIL 16, 2024

Social Security can go a long way in retirement, and if you're married, you may be entitled to extra money each month in the form of spousal benefits. Here's exactly how to estimate your own benefit, as well as how that stacks up to what the average spouse collects in spousal Social Security.

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The Motley Fool

APRIL 28, 2024

If you're hoping to be someone who retires early by choice, as opposed to being forced out of a job, you're no doubt in good company. And there can be big benefits to retiring early, like avoiding the health impacts of a stressful job and getting to enjoy an open schedule at a time when you might have more energy.

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The Motley Fool

APRIL 24, 2024

If you've ever been married, there's a chance you could qualify for Social Security spousal benefits. When you get spousal benefits, Social Security bases your check on the work history of a current or former spouse, rather than your own. of your spouse's or ex-spouse's full retirement amount.

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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

APRIL 6, 2024

For most retirees, Social Security is a program they'd struggle to live without. Even though the average retired-worker benefit in February was just $1,910.79, Social Security is responsible for lowering the poverty rate of persons aged 65 and over from an estimated 38.7% without the program to 10.2%

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The Motley Fool

MARCH 29, 2024

For a majority of retirees, Social Security provides an indispensable source of income. A recent update from the Center on Budget and Policy Priorities found that the guaranteed monthly payouts provided by America's top retirement program pull 22.7 million of which are aged 65 and over. Image source: Getty Images.

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The Motley Fool

MARCH 18, 2024

The Social Security Administration periodically publishes anonymized benefit data to promote understanding and foster transparency. million retired workers claimed Social Security in 2022. Roughly one-quarter of them started collecting benefits at age 62, making it the most popular claiming age by a wide margin.

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