A home run is a highlight of any baseball game. The fans cheer with excitement to see a player rocket the ball into the stands. So, what are you doing to prepare for your retirement home run? Your goal should be to get past 1st, 2nd & 3rd base and make it home with a hefty plate of savings.
Most people don’t like to think about death. We plan for life, for that day when we retire, for the places we’ll go and the things that we’ll do then. Unfortunately, death is a part of life we must prepare for. The death of a worker is devastating for the entire family, not only emotionally, but also financially. Continue reading →
Social Security wants to help you prepare for a secure, comfortable retirement. “Security” is our middle name and we want everyone to enjoy the fruits of a lifetime of labor.
We mentioned before that being prepared when you retire can open new avenues of possibilities. Our website has tools and information to help you secure today and tomorrow. When it comes to retirement, we’ve got you covered with five important tools: Continue reading →
Education is the way to forge a better future. The things we learn today can mold the way we’ll live tomorrow. This is something Social Security takes seriously. We know the work you do today will shape the benefits you’ll receive later on.
During May 1-5, we celebrate National Teacher Appreciation Week, a time to celebrate the role of educators in our lives. Most of us remember those dedicated individuals who helped us learn our ABCs and solve math problems while they shaped our intellect through lessons and encouragement. 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 →
At first, seeing taxes taken out of your paycheck can be a little disappointing. However, you can take pride in knowing you’re making an important impact each week when you contribute to Social Security. Understanding how important your contribution is takes some of the sting away because your taxes are helping millions of Americans — and protecting you and your family for life — as well as wounded warriors, the chronically ill, and disabled.Continue reading →
For most people, Social Security is a mystery. We see that 6.2 percent deduction on our pay stubs and wonder: What does it mean for my financial future? The answers: A lot. And not enough.
After tax season, take a few minutes to go online and read your Social Security statement. Even if your retirement is 30 or 40 years away, you need to know where you stand now. The Government Accountability Office tells us that nearly a third of households with members ages 55 and up have no retirement savings plan or pension in place—zip. That means Social Security is the only post-retirement pay they’ll get – and the estimated average monthly benefit for retirees (as of 2017) is just $1,360. (See what I mean by “not enough”?) Continue reading →