Posts Tagged ‘social security’
The Future of Social Security: Time to Really Plan – Remember, Social Security was never intended to fully fund your retirement
For Gen X and Millennials, Social Security is both a foundation and a question mark. While it has long been a reliable component of retirement income, changing demographics and fiscal pressures are casting a shadow over its long-term stability. As of May 2025, projections show that without legislative reform, the Social Security Trust Fund could…
Read MorePros/Cons of Waiting Until 70 for Social Security: An informed choice can maximize your security and retirement dreams
As you approach retirement, the decision of when to claim Social Security benefits becomes increasingly crucial. While many retirees choose to start collecting benefits as soon as they are eligible, there is a growing trend toward waiting until age 70. This strategy promises a higher monthly check, but it’s essential to weigh both the advantages…
Read MorePreparing for Reduced Social Security Benefits: The decisions you make today will shape your financial security tomorrow
The 2024 report from the Social Security and Medicare Board of Trustees has brought to the forefront a reality that many Americans have feared for years: the Social Security trust fund for retirement benefits is expected to deplete its reserves by 2033. This revelation has sent shockwaves through the financial planning community and among individuals…
Read MoreSocial Security’s 2025 Cost-of-Living Adjustment : While nice, it’s critical to recognize the financial issues the program faces
Social Security plays a vital role in the financial lives of millions of Americans, especially as they transition into retirement. Created in 1935, the program was initially designed to provide economic security for the elderly, disabled, and survivors of deceased workers. Today, it continues to be a cornerstone of retirement planning for many, offering a…
Read MoreWill the Retirement Savings for Americans Act Affect Your Social Security Benefits?
Every year, an increasing number of seniors retire. Many low-income workers find that they have little income to rely on once they retire, and many have no savings at all. They will be almost dependent on Social Security—which is not enough. A bill now in Congress called the Retirement Savings for Americans Act (RSAA)—when it…
Read MoreHow to Apply for Social Security Disability Benefits
One in 4 Americans will become disabled by age 67, according to the Social Security Administration. “That means you could lose your greatest asset – your ability to earn an income,” said Steve Azoury, a financial advisor and owner of Azoury Financial in Troy, Michigan, in an email. Social Security disability insurance is designed to replace…
Read MoreThe U.S. has updated its Social Security estimates. Here’s what you need to know.
A government report has issued fresh projections on how long the trust funds for Social Security and Medicare will last. By Scott Sowers and Julie Zauzmer Weil A government report Monday released fresh estimates of the budget outlook for Social Security, which provides critical benefits for retirees, workers’ survivors and some people with disabilities. The…
Read More5 Compelling Reasons to Rethink Social Security: Relying extensively on social security will not meet your retirement needs
When it comes to planning for retirement, Social Security benefits have traditionally been viewed as a safety net for many individuals. However, in recent years, there has been growing concern about the long-term viability and sustainability of the Social Security system. As a result, it is becoming increasingly important for individuals to reconsider relying solely…
Read MoreFear Over Social Security’s Future Leads Some to Claim Retirement Benefits Early
Some Americans are claiming Social Security years before full retirement age out of fear their benefits will be cut once the program runs short on cash. They say they want to get as much in benefits as they can before 2034. That is when the retirement program is projected to deplete its reserves, triggering a 23%…
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