Social Security is a crucial part of retirement planning for many Americans, but there are several common mistakes recipients can make that might impact their benefits. Here are ten common mistakes: Claiming Benefits Too Early: Claiming Social Security benefits before your full retirement age (FRA) results in a reduced monthly benefit. For many people, waiting … Read more
Predicting the exact Social Security Cost-of-Living Adjustment (COLA) for 2025 can be challenging as it depends on various economic factors, primarily changes in inflation. The COLA is adjusted annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures inflation. Historically, the Social Security Administration (SSA) announces the COLA … Read more
The Social Security payment you’re referring to is likely the maximum monthly benefit amount for someone who has reached full retirement age in 2024. To be eligible for the maximum benefit, you generally need to meet the following criteria: Work History: You must have worked for at least 35 years and earned the maximum taxable … Read more
Deciding whether to take Social Security benefits at age 62 or 67 depends on several personal factors, including your financial situation, health, life expectancy, and retirement plans. Here’s a comparison to help you weigh the options: Benefits of Claiming at Age 62 Early Access: You start receiving benefits sooner, which can be helpful if you … Read more
Social Security benefits can vary significantly based on a variety of factors, including your earnings history, the age at which you begin to claim benefits, and the year in which you start receiving them. However, I can provide some general information about average benefits for people starting at different ages. As of 2024, the average … Read more