Maximizing Archives - DR News - News, Retirement, Finance

Maximizing Your Spousal Benefits After a Divorce: Requirements and Timing

Chicago, Illinois – Many individuals in Chicago receive Social Security benefits based on their own work history. However, there is an option for those who may instead claim retirement checks based on their spouse’s work record. These benefits, known as spousal benefits, allow individuals to receive as much as half of the full benefit owed to their husband or wife. Spousal benefits may be particularly advantageous for individuals whose spouses have earned more than them. …

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 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 …

College Grad to College Grand: Maximizing Leftover 529 Funds for Future Generations

Los Angeles, CA – A couple with leftover 529 college savings for their children is seeking advice on what to do with the remaining $50,000. They’ve already put all four of their kids through college, and now they’re considering letting the funds grow for their future grandkids’ education. According to financial experts, leaving the 529 accounts to grow for now is a viable option, especially since the future grandchildren have yet to be born. Another …

Maximizing Social Security Benefits: A Guide to Your Ideal Retirement

Chicago, IL – Many people may not be aware of all the options available to maximize their Social Security benefits for retirement. Understanding the complexities of Social Security can be overwhelming, but with the right knowledge and guidance, individuals can make informed decisions to secure their ideal retirement. One way to maximize Social Security benefits is by delaying claiming them. By waiting until full retirement age or even later, individuals can increase their monthly benefits …

Maximizing Social Security Benefits: Working Divorcee’s Options for Collecting Full-Time While Claiming

Pittsburgh, PA – A newly 65-year-old divorcee from Pittsburgh wonders if she can collect Social Security and still work full-time. She is also curious about collecting her ex-husband’s benefits if they are more than hers. The woman visited her local SSA office, but they were unable to provide her with the answers she was seeking. The Social Security Administration has an “earnings test” that applies to anyone who collects benefits before reaching full retirement age. …

Spousal Benefits: Maximizing Social Security for Retired Couples in 2024

Chicago, IL – Many retired couples in the United States rely on their monthly Social Security benefits to help make ends meet. Data compiled by the Social Security Administration shows that around half of all households with someone age 65 or older receive at least 50% of their family income from Social Security. With Social Security benefits accounting for such a significant portion of household budgets, it’s important for recipients to understand how they can …

Retirement Planning: Maximizing Social Security Benefits vs. Saving and Investing for Financial Stability

Tampa, Florida – Many retirees may be able to live comfortably on their Social Security benefits alone, particularly if they are eligible for the maximum benefit of $4,873 per month in 2024. Despite common advice to not rely solely on Social Security, high earners in particular may find this benefit to be adequate if they are used to a certain lifestyle. However, the majority of Social Security recipients will not be eligible for the maximum …

Social Security Announces Final May Check Disbursement: Are You Maximizing Your Benefits?

COLUMBUS, Ohio – Social Security beneficiaries across the nation are eagerly anticipating the final round of May payments scheduled to be deposited into their bank accounts on Wednesday, May 29. As beneficiaries prepare to receive these crucial funds, it is essential to stay informed about payment schedules and cost-of-living adjustments (COLA) to maximize potential benefits. According to data from the Social Security Administration (SSA), the average monthly payment for a retired worker in April was …

Maximizing Your State Pension: Keys to Boosting Retirement Income

London, UK – The state pension serves as the foundation of retirement income for many individuals. With a full new state pension amounting to approximately £10,600 per year, it can significantly contribute to covering daily expenses during retirement. However, not everyone qualifies for the full amount, as entitlement is based on an individual’s national insurance record. In order to receive the full new state pension, one must have a national insurance record of at least …