Social Security's combination of annual cost-of-living adjustments, guaranteed benefits for life, and spousal coverage makes it one of the most valuable sources of retirement income. According to Georgia State University professor of financial planning Conrad Ciccotello, for people with longer life ...
You must be 59 1/2 in order to take withdrawals from an IRA or 401(k) without a penalty. You must be 65 to apply for Medicare. And the earliest age to claim Social Security retirement benefits is age 62. But you can also choose to wait. To paraphrase an old saying, when it ...
The Social Security Administration announced in October that millions of Americans will get a 3.2% boost in 2024. The Social Security program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. Taxes fund Social...
Key Takeaways How long you expect to live can be an important factor in deciding when to claim Social Security to maximize the amount of benefits you receive. Delaying Social Security will increase your benefit amount, but in the interim you may need to rely more on other income sources, su...
Be sure to look beyond just the monthly benefit The prospect of receiving Social Security benefits as early as possible or maxing out your monthly benefit may be enticing, but those factors alone shouldn't be what drives your decision on when to claim. Instead, it's helpful to t...
Social SecurityThis brief is one component of a toolkit of materials designed to educate workers approaching retirement about their options for taking Social Security benefitsReno, Virginia PTucker, JasmineWalker, ElisaSocial Science Electronic Publishing...
You might also opt to have federal taxes withheld from your benefit. Key Takeaways: If you have income from multiple sources in retirement, such as pensions, withdrawals from retirement accounts or side jobs, you may have to pay taxes on part of your Social Security benefits. ...
Here’s the not-so-secret formula behindhow Social Security benefits are calculated. Also, see Bankrate’s breakdown of theaverage Social Security check. Taking Social Security: How to benefit by waiting For those who are able to do so, it may make sense to wait even longer, because you’...
Understanding Social Security sturti/ Getty images Workers deciding to retire or just entering their 60s may wonder whether they should start claiming Social Security benefits and at what age. Here are a few key factors to consider in making that decision. ...
Child Benefits:A child or adult child with a disability may be eligible for Social Security benefits if the parent receives retirement or disability benefits. The child must be under 18, a high school student up to 19, or an unmarried adult who became disabled before age 22.10Family income li...