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The Social Security Administration issues about 5.5 million new cards each year. Social Security numbers go out of use when their owners pass away and are never reused. Also, the first three digits of the Social Security number reflect the application location for your first card.1 Here’s another interesting tidbit:…
As you begin the retirement planning process, it’s important to have a strategic income plan with regard to Social Security benefits. It is particularly important for married couples to consider not only when the primary breadwinner should begin drawing benefits but also how that start date could affect a spouse…
Maybe you heard it on the evening news, or you read a scary headline on Facebook. Perhaps you’ve been subjected to water cooler gossip at work, or your cousin brought up the subject at a recent family gathering. Whatever the source of the information, you might have heard that Social…
You might imagine that the retirement planning process is about the same for everyone. But in reality, that’s not quite true. We all have unique circumstances (or hopes, or wishes), and our plans must accommodate those aspects of our visions for the future. Another major consideration is your gender. Retirement…
Like most people, you probably anticipate that Social Security will make up an important part of your retirement income. But how large can your monthly benefit payment actually be? That will be determined by a number of factors unique to your situation, but let’s take a look at the maximum…
You answer your phone, and the person on the other end of the line claims to be a representative from Social Security. They inform you of a dire situation pertaining to your benefits, such as an overpayment or a problem with your account, and instruct you to call another number…
After decades of paying Social Security taxes, we all expect our Social Security benefits to be waiting for us when we need them. They will be, but the choices you make now and in upcoming years can affect the final monthly amount of your checks. Since Social Security is likely…
Last month, Social Security announced a much-anticipated cost of living adjustment (COLA) for beneficiaries. After analyzing numbers from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), the Administration approved a 2.8 percent bump in monthly beneficiary checks. For the average retiree receiving Social Security benefits of…
It seems that every few years, a new scam targets retirees or those close to retirement. This population is understandably nervous about recent or looming changes in their lives, and worried about finances. On top of that, many people don’t know a lot about how certain government programs work. Specifically,…
For most of us, Social Security will provide a significant portion of our retirement income. It’s no wonder we tend to focus on “how much” we will receive, as a part of the retirement planning process. You already know that the final benefit amount depends largely upon your work history…