Questions about Social Security? You've come to the right blog. Jim and Chris from Jim Saulnier & Associates retirement planning firm help you navigate the waters of retirement and Social Security.
Full retirement age (FRA) is the age when you can claim your standard Social Security benefit, or yourprimary insurance amount (PIA), fromSocial Security. Your PIA is the standard amount you can expect to receive based on your inflation-adjusted average wages earned throughout your career. Ful...
Pension plans operate like retirement accounts, but you don’t contribute to them. Only the employer does so. These may reduce your need to save in other accounts and allow you to delay Social Security payments longer. Part-Time Work Some retirees continue working part-time or running a...
There are some (mostly young) skeptics, but Social Security should remain a major pillar of your future retirement income. For over 60% of current retirees aged 65+,Social Security makes up the majority of their income.Therefore, it may be worth spending some extra time figuring out how it...
Despite my frequent bouts of unemployment, I managed to achieve my goal. I can now enjoy the fruits of my labor, doing something my father never got the opportunity to do, which is to retire. Thanks to my and my wife’s Social Security benefits and our four small pensions, I know that...
Calculate Retirement Income: Determine your expected retirement income from various sources, including Social Security, pensions, personal savings and investments, part-time work, rental income, and any other sources. Add up these income streams to get an estimate of your annual retirement income. Cal...
Let’s take a closer look at these four sources of retirement income. Social Security.Social Security benefits are paid monthly, and it increases with inflation each year for the rest of your life (backed by the US government, so safer than an insurance company). In addition, you can delay...
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Retirement planning is an essential part of personal finance that requires careful thought and consideration. One of the most popular retirement savings vehicles in the U.S. is the 401(k) plan, which allows employees to make pre or post-tax contributions to a dedicated investment account. Many...
In 2024, the average monthly Social Security retirement benefit will be an estimated $1,907.1While that regular monthly income helps, it'susually not enoughto cover living expenses. That's one reason many people are working longer. Of course, some people simply enjoy working and want to contin...