Social Security spousal benefits can be confusing for many couples planning retirement. While most people understand that workers can receive benefits based on their own earnings record, fewer people know that spouses may also qualify for monthly payments based on their partner’s work history. This lack of understanding can lead to costly retirement planning mistakes. … Read more
Deciding when to claim Social Security is one of the biggest retirement choices many Americans make. For years, age 65 was seen as the traditional retirement age. But after changes passed by Congress in 1983, the full retirement age gradually increased. Today, full retirement age is 67 for people born in 1960 or later. That … Read more
Social Security recipients may receive a larger cost-of-living adjustment in 2027, but that does not mean seniors are getting ahead financially. The latest inflation readings suggest next year’s COLA could be higher than the increase beneficiaries received this year. However, the reason behind a bigger raise is not exactly good news. Higher inflation means everyday … Read more
For many Americans, receiving Social Security back pay can feel like long-awaited relief. The payment may arrive after months of waiting for disability approval, a delayed appeal, or a retirement benefit adjustment. For people living on a tight budget, that lump sum can help cover bills, rent, medical costs, or other urgent expenses. But if … Read more
Social Security is making an important payment card change that will affect around 3.6 million beneficiaries who receive their monthly benefits through the Direct Express program. The update comes as the Social Security Administration changes the financial provider behind the prepaid debit card service. The program is moving from Comerica Bank to Fifth Third Bank, … Read more
Social Security beneficiaries who still receive paper checks may soon need to change the way they get their monthly payments, as the federal government moves toward a full electronic payment system. The Social Security Administration says it intends to fully transition to electronic payments this year. The shift follows an executive order signed by President … Read more
Retirement may sound simple, but Social Security rules can make claiming benefits more complicated than many workers expect. One important rule can shrink a monthly benefit check if a person claims early and continues earning income from work. The rule is known as the retirement earnings test. It applies to people who claim Social Security … Read more
Working Social Security recipients could see a major financial boost under a new proposal aimed at changing how benefits are reduced for people who continue working after claiming early retirement. Sen. Rick Scott of Florida and Rep. Greg Murphy of North Carolina have introduced the Senior Citizens Freedom to Work Act. The legislation would eliminate … Read more
Many Americans claim Social Security as soon as they become eligible at age 62. For some retirees, taking benefits early makes sense because it provides income sooner, even though monthly payments are permanently reduced compared with waiting until full retirement age. However, there is one rule that often surprises new retirees: the Social Security earnings … Read more
Millions of Americans receive Social Security payments every month, but not everyone gets paid on the same day. The payment date usually depends on the recipient’s birth date, with most benefits sent on the second, third, or fourth Wednesday of the month. For June, recipients should check their birth date to know when their money … Read more