Tag Archives: Social Security Benefits

According to the Social Security Administration, Social Security retirement benefits replace, on average, 40 percent of an individual’s pre-retirement income. As a general rule, the longer you wait to begin claiming these benefits, the larger the monthly benefit you will ultimately receive. While this principle seems simple enough, the types of benefits and claiming strategies […]

Social Security recipients are receiving a 5.9 percent increase in benefits for 2022, marking the largest cost of living adjustment (COLA) in 39 years for the nation’s retirees and special needs children and adults. With this adjustment, more than 64 million retirees will begin receiving $1,657 in Social Security benefits per month beginning in January […]

If you turned 62 this year, congratulations! You may be eligible to begin collecting Social Security benefits. However, the longer you wait to start claiming benefits, the higher the monthly payout you will receive. For example, by waiting until you reach your full retirement age (FRA), as defined by the Social Security Administration (SSA) depending […]

Too often, individuals planning for their golden years forget to consider the federal taxes they will need to pay on their Social Security benefits. Unfortunately, these oversights can take a considerable bite out of one’s expected income in retirement. Generally, if the income you rely on in retirement comes from sources other than Social Security, […]