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Social Security

Social Security and your ability to retire

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Do you want to feel confident about retiring?  Participate in a retirement plan.  A strong correlation exists between participation in a retirement plan and increased confidence in the ability to retire comfortably according to a report released in March from the Employee Benefit Research Institute (EBRI), a private, nonpartisan, nonprofit research institute that focuses on … Read more

Planning for Social Security if you are a woman

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I get this question a lot—should I wait to take my Social Security at age 70? Although, I get this one almost as often—should I start my Social Security benefits at age 62 so I don’t lose money if I die early/Social Security goes bust/I lose my job? The answer is, “It depends.” It depends on your finances, your savings, your planning. It depends on you.

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When claiming early might be the best strategy

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I recently wrote a white paper on survivor benefits. One of the points I made in the paper was that dependent children (up to age 19 if he or she is still attending high school) of a deceased parent can claim Social Security benefits.  And because I was writing about the benefits that a worker’s survivors are eligible for I didn’t cover the benefits of workers claiming benefits but still very much alive.  In fact, the one time it might truly be beneficial for someone to begin collecting benefits early is if they have dependent children.

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Understanding Social Security's Totalization Agreement

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Social Security tax is non-refundable, meaning that if someone from another country pays into the U.S. system but never qualifies for benefits, it isn’t possible to get a refund of the taxes paid.  As more and more large companies become multinational and their employees work overseas, a growing number of individuals have emerged who don’t work for a long enough period in a foreign country under that country’s Social Security program and therefore may “lose” their contributions. 

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When married men claim Social Security too early

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According to the Administration on Aging, 37 percent of women 65 and over in the United States were widows in 2012.[1]  Not only do women tend to live longer than men by an average of five years[2] but men tend to marry younger women.[3]  While those statistics are changing, the odds are that if you are a woman, you will experience extra-long life (as compared to men) and therefore face some unique challenges including aging single, lower annual retirement income, greater health care costs, and caregiving responsibilities according to a MetLife Study of Women, Retirement and the Extra-Long Life.[4]

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