The COVID-19 pandemic has deeply impacted the global economy, and it’s being felt on a very personal level by millions who’ve lost their jobs, their businesses and their savings. But people at or near retirement age may be hit especially hard. If you are in this group — and especially if you’ve been recently laid […]
Back in 2002, the Social Security Administration noted that, unless there was significant reform, the Social Security system would become insolvent by around 2041. In order to make up the shortfall, the government would either need to cut Social Security benefits by more than 25% or increase Social Security payroll taxes to more than 18%. […]
Most of us don’t really know what our Social Security number means. Why is one person’s number so very different from someone who was born in the same hospital a few years later? Do they recycle Social Security numbers? What do those three sequences represent? And what is a Social Security number? According to the […]
Choosing where to live in retirement can be tough. How’s the health care system? Is it close enough to friends and family for regular visits? Is the weather nice? Are there lots of social activities for older residents? These questions barely scratch the surface of the things to consider — it can be a lengthy […]
If you’re looking at living as frugally as possible in your retirement, you may be considering moving to a state where the cost of living is more affordable. In the United States, the average retiree needs about $904,000 to cover their living expenses in retirement. Some states, like Hawaii, can cost twice that amount, but […]
Introduction Americans have always struggled to save. Many live paycheck to paycheck, on the very edge of financial security. Historically, that savings shortfall has been all the more dramatic when it comes to saving for retirement. But with the coronavirus pandemic and the havoc it has wrought on the economy, that retirement savings gap may worsen. […]
Coronavirus has affected almost every part of our everyday lives – but one, in particular, is critically important for millions of Americans: Social Security. The crisis and uncertainty has already impacted the 61 million Americans collecting Social Security benefits today. For example, Social Security offices are closed and scam callers with supposed ‘news about your benefits’ are […]
Where you live in retirement can have a big impact on your annual expenses. While the average annual cost of living in the U.S. is $51,624, that figure can fluctuate significantly — from nearly double that amount in the most expensive state to just under 90 percent in the least expensive. Consider the average retirement […]
Cyber threat, from Social Security scams to data breaches, has become an everyday concern for all Americans. And in the fallout from COVID-19, digital attacks are at an all-time high. The Federal Trade Commission (FTC) reports a four-time increase in identity fraud throughout this past April, as compared to January through March of this year. The […]
Former wives (and all spouses, for that matter) of a worker who dies can receive Social Security divorced spouse benefits, as either spousal or survivor benefits. Moreover, they can receive benefits at the same percentages as widows and widowers), as long as the marriage lasted at least 10 years. That changes if the surviving spouse remarries before age […]