You made the choice and now you are happily retired. You filed online for your Social Security benefits. They arrive each month in the correct amount exactly as expected. But, did you ever wonder if your Social Security check could increase?
Once you begin receiving benefits, there are three common ways benefit checks can increase: a cost of living adjustment (COLA); additional work; or an adjustment at full retirement age if you received reduced benefits and exceeded the earnings limit. Continue reading →
Social Security is with you throughout life’s journey. During May, we celebrate Older Americans Month, and we want to highlight how we are here for you. We’re there when you get your first job, when you get married, and through years of work when you are paying Social Security taxes. Our programs serve as vital financial protection for millions of Americans, and part of our journey together includes making sure you know what that protection means to you in your later years. Continue reading →
Whether you just started seriously planning or are ready to retire, Social Security is the place to start. We’re with you throughout life’s journey, and that includes retirement planning!
The first thing you should remember is that Social Security replaces only a portion of your pre-retirement earnings. Most financial advisers say you will need about 70 percent of pre-retirement income to live comfortably in retirement, including your Social Security benefits, investments, and other savings. A solid retirement plan includes planning for more than Social Security. You can use Your Retirement Checklist to help you prepare.
When the time comes to take that giant step into retirement, Social Security’s online services can help guide you in this new journey. Use these services to help prepare yourself for a financially secure retirement: Continue reading →
“Rosie the Riveter” is an American icon representing women working in factories during World War II. These women learned new jobs and filled in for the men who were away at war. They produced much of the armaments and ammunition to supply the war effort.
They also paid FICA on their wages, contributing to the Social Security program. These “Rosies” embodied the “can-do” spirit immortalized in a poster by J. Howard Miller. Both the image and the spirit live on today. Continue reading →
After you retire from your job or self-employment, you may get payments for work you did before you started receiving Social Security benefits. We call those “special payments.” Usually, special payments will not affect your Social Security benefit, if they are for work done before you retired. These payments will be counted in the last month you worked, unless the services can be shown to have been rendered in a prior period. Continue reading →
A secure retirement is created from a lifetime of planning and saving. Each year, American Savings Education Council and America Saves coordinate America Saves Week. The week is an opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.
For years, Social Security has collaborated with America Saves Week to promote our shared mission of helping millions of people prepare for their future. This year, the week is celebrated from February 26 through March 3. Continue reading →
Just like during tax season, it’s good to have all the information you need early so you can prepare and get any money you are due.
If you are age 62, unmarried, and divorced from someone entitled to Social Security retirement or disability benefits, you may be eligible to receive benefits based on his or her record. To be eligible, you must have been married to your ex-spouse for 10 years or more. If you have since remarried, you can’t collect benefits on your former spouse’s record unless your later marriage ended by annulment, divorce, or death. Also, if you’re entitled to benefits on your own record, your benefit amount must be less than you would receive based on your ex-spouse’s work. In other words, we’ll pay the higher of the two benefits for which you’re eligible, but not both. Continue reading →
Deciding when to start receiving your retirement benefits from Social Security is a decision that only you can make, and you should make that decision with as much information as possible. There are a lot of important questions to answer.
Should you claim benefits earlier and get a smaller monthly payment for more years? Or should you wait and get a bigger monthly amount over a shorter period?
There are no right or wrong answers, but we encourage you to consider these four important questions as you plan for your financially secure retirement: Continue reading →
Next payday, when you see a portion of your wages go toward FICA taxes, rest easier knowing that your investment in Social Security brings a lifetime of protections for you and your family.
From your first job and throughout your career, we track your earnings and give you credits for the contributions you’ve made through payroll taxes. Those credits can translate into important future benefits. As you prepare for a financially secure future, you should know about these five benefits that you, your spouse, and your children may become eligible for through Social Security: Continue reading →
For more and more Americans, reaching retirement age no longer means the end of an active working life. Many people are choosing to work past the age of 65, according to the Department of Labor’s Bureau of Labor Statistics.
If you’re willing and able, maintaining gainful employment later in life could go a long way toward ensuring a secure future for you and your family. Besides providing you with additional income to pay your bills, extending your employment or working for yourself could boost your lifetime Social Security benefits.