It may seem logical that if you never worked — and therefore never paid into Social Security — that you would not be eligible to receive Social Security benefits. Well, that’s not the case. In fact, there are several different scenarios in which a person can receive Social Security benefits without ever having paid into the system, […]
Where you choose to live, particularly in retirement, can have a big impact on your bottom line. Some states have higher property taxes than others. Some states tax things like food. Some states have no income tax at all, while others tax income including Social Security benefits. Many Americans mistakenly believe that Social Security is not taxable, so […]
The $2 trillion stimulus package signed into law on March 27 is meant to put cash directly into the pockets of the millions of Americans and businesses who have been impacted by the coronavirus. A record 3.3 million citizens recently filed unemployment claims, shattering the previous all-time high of 695,000 claims in 1982. The stimulus checks being sent […]
Navigating Social Security can be confusing. If you’re wondering how to apply for Social Security benefits, our Application Checklist breaks down what you need to know, step by step. Application Checklist to Apply for Social Security Benefits #1 Calculate the best age to claim Social Security retirement benefits #2 Pick the right date to […]
The fallout from the coronavirus pandemic has caused many to be laid off or furloughed from jobs, and retirement savings to be decimated. Over the last two weeks, unemployment claims have skyrocketed past previous levels. In fact, a recent SimplyWise survey found that 40% of Americans’ income has been impacted by the virus. Now, forced into […]
The average Social Security benefit across the country can vary pretty widely, and that variance has as much to do with the types of benefits being received as it does how much or for how long a worker may have worked. Some of the factors that impact a person’s benefits include: Whether they are receiving […]
While the Social Security Administration has had to cease some services due to the COVID-19 outbreak, benefit recipients will continue to receive their checks, whether through direct deposit or in the mail. That’s good news for the people who receive these benefits, especially now that other forms of income may be limited or not at all available. […]
In all, it is estimated that 64 million Americans received Social Security benefits in 2019. Not only does the program have a wide reach, it is also extremely meaningful to beneficiaries; over half of elderly recipients rely on Social Security for more than 50% of their total income. It comes as no surprise, then, that […]
Will Social Security recipients get a stimulus check? The novel coronavirus has thrown citizens and markets into a panic. People are losing their jobs. Retirement savings are being ravaged. The government is responding with a $2 trillion stimulus deal that would give cash directly to Americans and some of the businesses hardest hit by the Corona Crash. […]
The CARES Act (Coronavirus Aid, Relief, and Economic Security) Act passed March 27 is more widely known right now as the “stimulus check bill”. The legislation is meant to provide relief to Americans whose employment and savings has been impacted by the COVID-19 pandemic. Indeed, those individual stimulus checks are badly needed. A recent SimplyWise survey found […]