Benefits Archives - Page 24 of 27 - DR News

Social Security Retirement Income: Statistics and Maximum Benefits in 2024

San Francisco, CA – Social Security benefits are not intended to be the sole source of income for retirees. Typically, these benefits are designed to replace about 40% of an average worker’s salary. Many financial planners assert that retirees will need approximately 80% of their pre-retirement income to maintain the same standard of living after leaving the workforce. As a result, the majority of Americans rely on other sources such as savings in 401(k) or …

Disabled Adult Children (DAC): Navigating Social Security Benefits for Parents of Disabled Adults

Columbia, MD – The Social Security Administration provides benefits to minor children of retirees, but did you know that these benefits can also extend to disabled adult children (DACs)? Since its inception in the 1930s, the Social Security program has allowed minor children to receive benefits based on a retiree’s record. These benefits usually stop when the child turns 18, but if the child is disabled, they can continue to receive benefits indefinitely. To qualify …

Understanding SSDI Benefits: How to Calculate Your Monthly Payment

Miami, Florida – Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) play a crucial role in providing financial support to individuals unable to work due to physical or mental disabilities. When applying for SSDI benefits, the payment is calculated based on the individual’s average earnings before becoming disabled. This means that individuals who contributed more taxes on their wages will receive higher payments, regardless of household income or the severity of their disability. …

Social Security Strategies: Start Early for Maximum Benefits in Retirement

Denver, CO – As retirement approaches, understanding the intricacies of the Social Security program is crucial for making informed decisions. With a bit of planning and strategic thinking, individuals can maximize their benefits and integrate them into their overall retirement financial plan. Seeking advice from a qualified individual is essential, as each person’s situation is unique. Relying on friends or neighbors, or making decisions based on emotions can lead to costly mistakes. It’s important to …

Civil Service Retirement System and Social Security spousal benefits

Washington, D.C. – A retired federal employee under the Civil Service Retirement System (CSRS) expressed concern about how his wife’s eligibility for full Social Security benefits will impact his CSRS annuity. The retired employee also inquired about the potential effect of his CSRS retirement on his wife’s Social Security benefit. According to expert Reg Jones, the retiree’s wife’s Social Security benefit will not affect his CSRS annuity, and vice versa. However, the retiree can expect …

Social Security Benefits Tax: How 12 States Will Affect Your Retirement Paycheck

Los Angeles, California – Many retirees rely on Social Security benefits as a crucial source of income in their retirement years. However, it’s important to be aware of the potential taxes that may be owed on these benefits at both the federal and state levels. The amount of taxes owed can vary depending on the retiree’s total household income and state of residence. Minimizing taxes on Social Security benefits can significantly impact a retiree’s overall …

Social Security Taxes and Retirement: Personal Experience and Advice for Maximizing Benefits

Phoenix, Arizona – Many American taxpayers reach the full retirement age of 67 and choose to start drawing Social Security benefits while continuing to work. This decision often results in paying taxes on a portion of the benefits received, but for some, it is a calculated move to maintain financial stability while enjoying the benefits of retirement. For one individual who retired from a full-time job in 2021, the decision to draw Social Security benefits …

Retiring At 62 Is The Most Common Age, But Is It A Wise Decision?

There is a reason why 62 has historically been the most common age to enroll in Social Security: It is the youngest age at which one can begin receiving benefits.

Home Health Worker Agencies Plead with Gov. Kathy Hochul to Reverse State Budget Provision Allocating Benefits to Union

ALBANY, N.Y. – Home health worker organizations are lobbying for a reversal of a provision included in last year’s state budget that they say left many providers without a crucial revenue stream while increasing funds going to a politically connected union. The provision reduced a state-funded supplement for the wages of home health workers and was quietly included in the budget deal after negotiations held behind closed doors. At the same time, funding for a …

Social Security: Avoid These Retirement Mistakes to Maximize Benefits

Pittsburgh, PA – Many older Americans rely on Social Security as their main source of income in retirement. However, there are certain moves that retirees should avoid when it comes to claiming their benefits. One common mistake is claiming Social Security benefits early. While individuals are able to start receiving benefits as early as age 62, doing so will result in a permanent reduction in the monthly benefit. This reduction can have a significant impact …