At Social Security, we know that preparedness is the key to a secured financial future. The steps you take today will shape your life when you’re no longer working. For women, it’s especially important to be ready when retirement comes knocking.
In 2014, the Census Bureau reported that women usually earn 79 cents for every dollar earned by men. In addition to this wide pay gap, women are also shown to have less saved for retirement than their male counterparts. Pair these statistics with women living longer and it drives home an urgency message. Your preparation for the future must begin today.
Social Security is here to help with benefits, information, and tools to help you secure today and tomorrow. Here’s how you get started: Continue reading →
NOTE: A version of this article was previously published on Suze Orman’s website on April 7, 2016. I am concerned that many of you are banking on a retirement strategy that may not work out. According to a national survey by the Employee Benefit Research Institute, more than four in 10 Americans say they plan to keep working past the age of 65.
For many of today’s workers, the motivation to delay retirement is financial. A concern they lack the savings to cover all their retirement costs, including health care expenses. Continue reading →
Building a financially secure retirement doesn’t happen by itself. You need to make a commitment to smart financial decisions long before retirement — starting in your 20s would have been ideal — and then keep carrying through on your retirement plan.
Here are some other big retirement-planning mistakes I want you to avoid: Continue reading →
Retirement planning is especially challenging for women. We tend to live longer, and it’s not uncommon to have “off-ramped” from work at some point(s) to raise kids or care for a loved one. And because this affects lifetime earnings, it may also affect your eventual Social Security benefit. Don’t get me started on the gender wage gap. Continue reading →
My husband wants to retire at 62 and start taking Social Security. Is that okay?
This typically comes up because husbands are often a few years older than their wives, and figure they want to “get their money’s worth” by taking Social Security as early as possible. I think that can be a bad move. Unless you have oodles of money to live on in retirement, you — as a couple — want to maximize your Social Security payout for the longest surviving spouse. It’s important to understand that when one spouse dies, the other spouse is entitled to just one Social Security payment. So you want the surviving spouse to have the biggest possible benefit. Here’s how: Whichever spouse is the higher earner (and thus eligible for a bigger Social Security benefit) should delay taking Social Security at least until their Full Retirement Age (FRA), which is between age 66 and 67, depending on the year you were born. Continue reading →
Social Security has been a cornerstone of financial security for over 80 years. As you might already know, a lifetime of measured discipline can ensure a comfortable retirement. Social Security can help you plan, save, and see plenty of green in your golden years. Continue reading →
Enjoying a comfortable retirement is everyone’s dream. For over 80 years, Social Security has been helping people realize those dreams, assisting people through life’s journey with a variety of benefits. It’s up to you as to when you can start retirement benefits. You could start them a little earlier or wait until your “full retirement age.” There are benefits to either decision, pun intended. Continue reading →
On this day in 1940, a 65-year-old legal secretary named Ida May Fuller became the first monthly Social Security beneficiary. A few months earlier, she had stopped by her local Social Security office in Vermont to learn how the program works. She knew she had paid into Social Security but wasn’t sure if she would get anything back out. A clerk at the office helped her apply for retirement benefits. Continue reading →
As we approach the new lunar year of the Rooster, we have a unique opportunity to alert our Asian American and Pacific Islander (AAPI) seniors about Social Security benefits and eligibility — like the rooster issues its daily morning call.
I believe that we as a society are judged by how we care for the least among us, especially our elderly. Continue reading →
Every worker’s dream is to enjoy a secure retirement. Social Security is here to secure today and tomorrow. Part of that commitment is ensuring you have the most up-to-date information when you make your retirement decisions.
As the bells ring in the New Year, they also bring changes for new Social Security retirement beneficiaries. Full retirement age is 66 and two months for people born 01/02/1955 through 01/01/1956. They are eligible to receive permanently reduced retirement benefits when they turn 62 in 2017. Continue reading →