Social Security

Retirement
Retirement Accounts
Social Security

4 things couples need to know about Social Security survivors benefits

When it comes to preparing for the inevitable, it’s quite possible that couples might not contemplate the Social Security benefit a surviving spouse might receive. But they should. And they should do so far in advance of claiming benefits based on their own record. What married couples should know about survivor benefits – while both […]

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Pension
Pension Plans
Retirement
Retirement Accounts
Social Security

Retirement Plans: Pensions vs. Social Security

Pension vs. Social Security: An Overview There are many different types of income that retired folks draw on, depending on what their life was like during their working days. Two of the most widely-known income streams today include pensions and Social Security, two programs funded and structured in totally different ways. Pensions are typically workplace retirement plans, in […]

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Retirement
Social Security
Social Security Tax

Introduction to Social Security

Social Security is a federal benefits program in the United States that was founded in 1935. While the program also includes disability income, it is most commonly associated with monthly retirement benefits paid out until death. The Social Security system is funded through payroll taxes. The Federal Insurance Contributions Act (FICA) mandates a 12.4% levy […]

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Retirement
Retirement Living
Social Security

8 Types of Americans Who Aren’t Eligible to Get Social Security

Does everyone get Social Security? No. Still, American workers who will not qualify for Social Security retirement benefits are relatively rare. If you are one of them, it’s important to know, so you can secure other sources of income or determine whether it’s possible for you to become eligible. What follows are the eight most […]

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Retirement
Retirement Living
Social Security

When to Take Social Security: The Complete Guide

If you’re about to retire, you may be wondering whether you should start claiming your hard-earned Social Security benefits now. Here are a few key factors to consider in making that decision. Key Takeaways You can collect Social Security as early as age 62, but your benefits will be permanently reduced. The longer you can […]

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Medicare
Retirement
Social Security

Medicare open enrollment begins today: Here’s what to know

Medicare’s open enrollment period is Oct. 15 to Dec. 7 — and it’s an important deadline for beneficiaries to remember.  Open enrollment is the time in which current Medicare beneficiaries can make any changes to their coverage, such as adding or dropping a plan. It’s a time when people can also switch to Medicare Advantage, […]

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Social Security
Social Security Tax
Taxes

How Is Social Security Tax Calculated?

The Old-Age, Survivors and Disability Insurance program (OASDI) tax—more commonly called the Social Security tax—is calculated by taking a set percentage of your income from each paycheck. Social Security tax rates are determined by law each year and apply to both employees and employers. For both 2021 and 2022, the Social Security tax rate for […]

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COLA
Cost Of Living Adjustment
Retirement
Social Security

Social Security's 2022 5.9% COLA Raise Can't Beat Inflation

The U.S. Social Security Administration said Wednesday that it will boost the cost-of-living adjustment for benefits in 2022 by 5.9% — the most in nearly four decades, as rising inflation puts a big dent in the purchasing power of those on fixed incomes. Some 64 million Social Security beneficiaries and 8 million Supplemental Security Income […]

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401k
Social Security

Can Your 401(k) Impact Your Social Security Benefits?

The income you receive from your 401(k) or other qualified retirement plan does not affect the amount of Social Security retirement benefits you receive each month. However, you may be required to pay taxes on some or all of your benefits if your annual income exceeds a certain threshold—and your 401(k) distributions can cause it […]

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