Benefits Archives - Page 23 of 27 - DR News

Maximizing Social Security Benefits: Setting Up Alternative Income Streams for Retirement

Long Beach, CA – Social Security is a crucial safety net for retirees, providing a steady income stream that is guaranteed for life. However, for most Americans, relying solely on Social Security is not enough to ensure a comfortable retirement. According to the Social Security Administration, the program is designed to replace about 40% of pre-retirement income, leaving a significant gap that needs to be filled in order to maintain a standard of living. Eric …

Social Security Benefits at Age 65: Here’s How They’re Calculated and the Average Benefit Amount Revealed

New York, NY – Reaching age 65 is a significant milestone in the United States, not only because it is the age of eligibility for Medicare but also because it marks an opportune time for many to consider retirement. Although beginning to collect Social Security benefits at age 65 will not provide the full amount, the penalty is less significant compared to claiming benefits at 62. The process of calculating Social Security benefits at age …

Seniors: 3 Signs That It’s Time to Start Claiming Social Security Benefits

Phoenix, AZ – Many seniors are often advised to delay claiming Social Security to boost their monthly benefits. By waiting to file until after the full retirement age, individuals can secure a higher monthly benefit that is guaranteed for life, offsetting potential financial strains during retirement. However, there are certain signs that indicate it may be time to file for Social Security sooner rather than later, especially for those facing health declines, mounting expenses, or …

Spousal Social Security Benefits: How Divorcees Can Boost Their Income

Elderly individuals in Boca Raton, Florida, often face financial challenges after going through a divorce, especially if they have limited income. Many may qualify for Social Security benefits, but their checks may not be substantial if they have a limited work history or low earnings. However, there is a potential for ex-spouses to become the key to larger Social Security checks for some divorced individuals. When calculating Social Security benefits, the government assesses an individual’s …

Retirement Planning: Understanding Your Full Retirement Age and Social Security Benefits

Boston, MA – Social Security has long been a crucial program for millions of retirees, providing a financial safety net for those in their golden years. While many are thankful for its support, some find the system complex and difficult to navigate. Understanding key details, such as the full retirement age, is essential for maximizing the benefits of this important program. The full retirement age (FRA) is a critical factor in determining when individuals are …

Americans Facing Increased Federal Taxes on Social Security Benefits, Democrat Introduces Bill for Relief

St. Paul, MN – More American retirees could find themselves facing federal taxes on their Social Security benefits this year, resulting in a significant reduction in their monthly checks. The Senior Citizens League has reported an increase in the number of retirees affected by these taxes, potentially impacting their financial well-being. In response to this issue, U.S. Representative Angie Craig, a Democrat representing the second district of Minnesota, has introduced a bill aimed at eliminating …

Social Security Benefits: Puzzle Pieces to Maximize Your Monthly Payouts

Washington, D.C., June 1, 2023 – Retirees have long depended on Social Security benefits to supplement their income, with between 80% and 90% of them relying on these benefits in varying degrees. This makes it crucial for future generations of retirees to understand how certain factors can impact their monthly payments, particularly the claiming age, which is the most significant determinant. According to the Social Security Administration (SSA), there are four main components used to …

Surviving Spouse Social Security Benefits: Understanding Your Options After Losing a Spouse

Tampa, Florida – A 69-year-old retired woman recently reached out with a question about Social Security benefits after the passing of her husband. The reader, who was twice widowed, wanted to know which husband’s benefits she was eligible to receive. This situation raised a common concern for many surviving spouses who may be unsure about their entitlement to Social Security benefits. The reader’s specific case brought up an interesting point about eligibility for survivor’s benefits …

Social Security Alert: Nikki Don’t Lose That Number for Unclaimed Benefits

Los Angeles, California – Social Security is essential for many people in the United States, providing financial support during retirement and in the event of disability. However, the process of applying for and receiving Social Security benefits can be complex and overwhelming for some individuals. In recent years, there has been an increase in the number of individuals who are being denied Social Security benefits upon their initial application. This has led to a growing …

“Pension Puzzles” – Navigating the Windfall Elimination Provision and Early Social Security Benefits

AUSTIN, Texas – Many individuals face uncertainty about their Social Security benefits, especially when it comes to factors such as pensions and continuing to work. One such individual, a 63-year-old state employee from Illinois, seeks clarity on whether their Windfall Elimination Provision (WEP) reduction will be eliminated if they continue working in a job that contributes to Social Security. The Windfall Elimination Provision (WEP) is a rule that applies to individuals who have earned a …