Category: Social Security

Why Waiting Until Your Social Security Full Retirement Age Makes Financial Sense

Social Security benefits can increase up to 32% if you wait until age 70 to start collecting them. This may translate to an additional $300,000 in benefits over the course of a couple’s lifetime or $100,000 during an individual’s lifetime, says Kevin McGarry, director of the Nationwide Financial Retirement Institute (NFRI).But the reality is that…

Alarming Analysis: Social Security Will Not Be Adequate to Fund Your Out-of-Pocket Healthcare Spending

Social Security has served as a financial safety net for many older adults, but recent research indicates that era is drawing to a close as retirement health care costs skyrocket. Many older Americans rely heavily on Social Security benefits as their main source of income in retirement. Nearly half (47%) of unmarried people depend on…

Have Dependent Children? Social Security Dependent Benefits May Make Taking Social Security Early a Good Choice for Your Retirement

You have probably read and reread that you should delay the start of your Social Security benefits until at least your full retirement date (typically around age 66 if you are retiring soon). This advice is probably good for most people because delaying the start of benefits increases your monthly Social Security checks for your…