Several key updates to the Social Security system will go into effect beginning in January 2026. These changes will affect benefit amounts, retirement age rules, taxes, and the minimum income required to qualify for future benefits. Cost-of-Living Adjustment (COLA): 2.8% Increase The Social Security Administration (SSA) announced a 2.8% COLA for 2026 on October 24. […]
Changes Coming to Social Security in 2026 Read More »
This year will see a record number of Baby Boomers reaching the traditional retirement age. By 2030, they will all be at least 65. However, this creates a fiscal problem, as fewer taxable workers means less money for Social Security. If Congress does not act, we will likely* face a serious crisis. Here’s how a
2024’s Record Number of Retirees May Spark a Recession Read More »
Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in
We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits? Most people would be better off
You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67. You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30%
Full Retirement Age Read More »
We’ve heard many times that it’s a good idea for retirees to put off receiving Social Security payments, as waiting can allow you to get more out of them than if you were to start as soon as age permits. One way to make this more feasible is to include annuities in retirement strategies to
