We conducted focus groups (n=68) to explore how older Americans feel about their past Social Security claiming decisions. Like most older Americans, our focus group participants claimed Social Security early: a
Regardless of how much of yourretirement incomeSocial Security accounts for, claiming benefits doesn't mean you have to stop working. If you're at or past yourfull retirement age(FRA) -- which is when you're eligible to receive yourprimary insurance amount(PIA) -- you can ...
The benefits provided by Social Security are typically viewed as guaranteed income for retirees. But the government has made changes in the past to avoid a shortfall in funds — that’s why a portion of your benefits can now be taxed. And more changes may be on the horizon....
Filing for Social Security is one of the biggest decisions of your life, as it can directly affect the monthly and lifetime retirement income you receive. You work hard to pay into the Social Security benefits system and earn your benefits, and you owe it to yourself to understand...
If you’ve decided to delay claiming your Social Security benefits, your next step is tomaximize your benefitsand get the most out of them. The most direct way to do this is to simply work longer. If you’re able to continue working beyond your FRA, even on a part-time basis at a ...
However, Social Security is also basicallyincapable of going bankrupt. Two of the program's three sources of revenue -- the 12.4% payroll tax on earned income and the taxation of benefits -- are recurring. As long as the American public keeps working, money will continue to flow into Social...
Social Security Claiming Strategy A Well-Informed Plan Lays a Foundation for Life-Long Financial Security Anyone looking to turn away from their career income and towards a new life faces daunting questions that boil down to these: “What will I live off of for the rest of my life and can...
and wives? benefits separately. Journal of Human Resources, pages 1212-5371R2.Henriques, Alice M., "How Does Social Security Claiming Respond to Incentives? Con- sidering Husbands' and Wives' Benefits Separately," Working Paper 2012-19, Board of Governors of the Federal Reserve System 2012....
Social Security benefits in 2022: How much more money you can expect Also keep in mind that you would not get the benefit from both your own record and the spousal benefit — you'd get the higher of the two. Using the above scenario: If your monthly benefit at age 62 would be less ...
Two popular Social Security claiming strategies were severely limited this week when President Obama signed the Bipartisan Budget Act of 2015 into law. Among its many provisions, the new law phases out what's known as "restricted application" and limits "file and suspend,"two strategiesworkers, ...