Ricardo Alonso-Zaldivar Associated Press Published 11:40 AM EDT Oct 11, 2018 Washington – Tens of millions of Social Security recipients and other retirees will get a 2.8 percent boost in benefits next year as inflation edges higher. It’s the biggest increase most retired baby boomers have gotten. Following a stretch of low inflation, the cost-of-living adjustment, or COLA, for 2019 is the highest in seven years. It amounts to $39 a month for the average retired worker, according to estimates released Thursday by the Social Security Administration. The COLA affects household budgets for about one in five Americans, including Social Security beneficiaries, disabled veterans and federal retirees. That’s about 70 million people, enough to send ripples through the economy. Unlike most private pensions, Social Security has featured inflation protection since 1975. Beneficiaries also gain from compounding since COLAs become part of their underlying benefit, the base … [Read more...] about Social Security checks will grow in 2019 as inflation rises
When social security checks are paid
Democracy Dies in Darkness Sections Home Try 1 month for $1 Username Sign In Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Subscribe Account Profile Newsletters & Alerts Gift Subscriptions Contact Us Help Desk Accessibility for screenreader Get There Perspective Perspective Interpretation of the news based on evidence, including data, as well as anticipating how events might unfold based on past events by Michelle Singletary by Michelle Singletary Email the author April 30 Email the author The Social Security Administration increased benefits by 0.3 percent in 2017. (Bradley C. Bower/AP) A key part of your retirement planning should be an understanding of your Social Security benefits. This monthly check is a safety net, and the timing of when you start taking benefits can be a game changer. “If you have average earnings, your Social Security … [Read more...] about What you don’t know about Social Security could cost you a lot of money
Published April 16, 2018 Markets Motley Fool Facebook Twitter Comments Print The importance of Social Security for retired Americans simply can't be overstated. Each month, 62.1 million payouts are made to eligible beneficiaries, nearly 69% of whom are retired workers. Of these retirees, more than 3 out of 5 lean on Social Security to account for at least half of their income. Without this guaranteed payout, the elderly poverty rate would be much higher than it is now. With that being said, few things are more important than understanding what you'll be paid from Social Security, as well as what factors could affect your eventual payout. Here are seven factors that may, to a varying degree, affect your Social Security check. Continue Reading Below 1. Your earnings history To begin with, your annual earnings matter. The more you earn each year, up to the payroll tax earnings cap ($128,400 in 2018), the better chance you have of receiving a bigger … [Read more...] about 7 Factors That’ll Affect Your Social Security Check
Published April 15, 2018 Markets Motley Fool Facebook Twitter Comments Print Social Security is a significant source of income for most retirees and that means that the amount of Social Security income you collect will be a big consideration in deciding when you retire. You can begin collecting Social Security as young as age 62. However, you'll only get 100% of your Social Security benefit if you wait until your full retirement age to start receiving benefits. Read on to find out how much you can expect to receive in Social Security income at age 62. How Social Security works Continue Reading Below Social Security is a retirement safety net that's been around since the Great Depression. Its goal is to provide a minimum level of financial security in retirement and so it's designed to replace about 40% of an average worker's pre-retirement wages. Unlike traditional employer-sponsored retirement plans such as 401(k)s, Social Security taxes on your current … [Read more...] about If I Retire at 62 This Year, How Much Will I Collect in Social Security?
Are you convinced the Social Security system is on life support, not long for this world? You are not alone. Eighty percent of millennial workers say they are worried Social Security won’t be there for them, according to a 2017 study by the Transamerica Center for Retirement Studies, which counts millennials as those born from 1979 to 2000. You can relax: There is “zero doubt that Social Security will be there for millennials,” said Dean Baker, a senior economist at the Center for Economic and Policy Research. Even if nothing is done to shore up the system, Baker said people retiring in 30 to 40 years can count on about 10 percent more money, in inflation-adjusted dollars, from Social Security than what today’s beneficiaries get. That’s even though the system is projected to be able to pay only 75 percent of benefits starting in 2035 when the Social Security Trust Fund will deplete its reserves, according to estimates by the Social Security Administration. … [Read more...] about Millennials can count on Social Security after all