Many folks dream of early retirement, whether that means leaving the workforce in their late 40s, mid-50s, or early 60s. But taking that leap is far easier said than done.Read more
For better or worse, Social Security plays a vital role in keeping millions of people (mostly the elderly) out of poverty in this country. A recent update from the Center on Budget and Policy Priorities finds that 22.1 million people — that’s out of more than 62 million current beneficiaries — are single-handedly pushed out of poverty thanks to their monthly benefit check. This includes just over 15.3 million retired workers.
Social Security is an incredibly important program to U.S. senior citizens. The benefits paid by Social Security represent about one-third of all income among seniors, and a majority of Social Security beneficiaries receive 50% or more of their income from their retirement benefits.
Social Security is extremely important to the financial security of millions of Americans in retirement. However, far too many people don’t understand Social Security, especially those who haven’t yet reached retirement age.
Social Security’s importance to our nation’s retired workers simply can’t be overstated. According to data from the Social Security Administration (SSA) as of April 2018, some 62% of retirees lean on the program for at least half of their monthly income, with slightly more than a third wholly reliant on Social Security for 90% or more of their income. Without this guaranteed monthly payout, the elderly poverty rate likely would be much higher than it is now.
Retirement-income strategies are big business. Financial advisers and online advice services will help you transform your savings into a steady retirement paycheck—for a fee. Some mutual funds also promise to deliver a stream of retirement income—for a fee. And all manner of annuities will guarantee you lifetime income—for fees, fees and more fees. But what if the best retirement-income strategy didn’t require you to pay anyone for advice or fancy financial products, and you could actually implement it yourself while channel-surfing and ordering pizza?
If you’re a parent with kids in their 20s or 30s — or any kids at all — you’re probably no stranger to worrying about their future, including their financial future.
There tends to be an awful lot of advice flying around regarding when you should claim Social Security. The most common answer that I hear from other advisers is that you should wait until age 70. That’s not always the case. So here are the five factors that help determine when YOU should claim Social Security.
While we all must pay our fair share of taxes, being tax efficient simply means not making simple mistakes that can cause you to pay an unnecessary amount.
Most people realize the importance of saving for retirement, but knowing exactly how much they need to save is another issue altogether.