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☆ Why your financial advisor may not give you the best Social Security claiming advice
  + stars: | 2024-05-01 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
Ascentxmedia | E+ | Getty ImagesMany people claim Social Security retirement benefits at the earliest possible claiming age of 62. Yet recent research finds working with a financial professional does not necessarily encourage individuals to claim Social Security at later ages. Why it pays to wait to claim Social SecurityWhen Social Security retirement beneficiaries claim at age 62, their benefits are permanently reduced. As the Social Security full retirement age moves to age 67, benefits available at age 62 are even further reduced. Delaying Social Security benefits is so valuable not only because of the increase to benefits, but also the annual cost-of-living adjustments tied to inflation.
Persons: David Blanchett, Jason Fichtner, Center —, " Blanchett, Fichtner, Joe Elsasser, Elsasser, they've, Blanchett Organizations: Getty, Social, Social Security, DC Solutions, Center
☆ Social Security may affect workers differently in 2024. Here are 3 key things to keep in mind
  + stars: | 2023-10-21 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
But there are several thresholds workers should keep in mind, based on new numbers for 2024 that were recently announced by the Social Security Administration. If you're a worker who hopes to eventually be eligible for retirement benefits, or you're working and also receiving retirement benefits, here's what you need to know. Up to $168,600 in earnings will be taxed for Social Security in 2024The maximum taxable earnings for Social Security will rise to $168,600 in 2024, up from $160,200 in 2023. The remaining 6.2% is for Social Security and only applies to the taxable maximum, or $168,600 for next year. watch nowApproximately 6% of workers who pay Social Security taxes have earnings above the taxable maximum every year, according to the Social Security Administration.
Persons: Joe Elsasser, Elsasser Organizations: Social, Social Security Administration, Social Security, Workers, Federal Insurance, Medicare, Finance
☆ 'You only get Social Security while you're alive,' expert says. What happens to benefits after you die
  + stars: | 2023-10-02 | by ( Lorie Konish | ) www.cnbc.com   time to read: +7 min
"You only get Social Security while you're alive," said Bruce Tannahill, a director of estate and business planning with MassMutual. "People need to take into account how important Social Security is in their estate planning," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. There are some key takeaways to know about what happens to Social Security benefits in the event you or a loved one passes away. If someone receives their monthly Social Security payment and then dies, the Social Security Administration may not take the money back, according to Blair. If a deceased beneficiary was due a Social Security check or a Medicare premium refund when they died, a claim may be submitted to the Social Security Administration.
Persons: Bruce Tannahill, Jim Blair, Blair, Tannahill, Joe Elsasser, Elsasser Organizations: Getty, Social, Premier Social Security Consulting, Social Security, Finance, Social Security Administration, Security
☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
  + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com   time to read: +6 min
Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.
Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security
☆ Social Security cost-of-living adjustments have fallen short of inflation by $1,054 since the start of pandemic
  + stars: | 2023-01-12 | by ( Lorie Konish | ) www.cnbc.com   time to read: +3 min
That's as this year's 8.7% COLA kicks in for more than 65 million Social Security beneficiaries this month. That new data indicates Social Security beneficiaries will recover $38.70 after months of grappling with record high inflation, according to a new report from The Senior Citizens League. Average Social Security benefits fell short of inflation by about $1,054 from the start of the pandemic through 2022, according to a new analysis from the non-partisan senior group. That excludes Medicare Part B premiums, which are typically deducted directly from Social Security benefit checks. The predicament has made it more important for retirees to carefully plan for all income streams, not just Social Security.
☆ When Social Security beneficiaries can expect first checks of 2023 to include 8.7% cost-of-living adjustment
  + stars: | 2023-01-11 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Other beneficiaries are scheduled to receive their Social Security benefits on the third of every month if they also receive Supplemental Security Income (SSI) benefits or if they received Social Security before 1997. Yet there's one thing the record high Social Security COLA still can't beat: persistently high consumer prices prompted by inflation. Because of that, your purchases will probably consume any increase you see in Social Security benefits, noted Joe Elsasser, founder and president of Covisum, a Social Security claiming software company. Medicare premium costs are downThe good news for Social Security beneficiaries is that Medicare Part B premiums are down this year. watch nowAs those monthly premium payments are typically deducted directly from Social Security checks, beneficiaries stand to see more of the COLA.
☆ Approaching age 62? What you need to know about Social Security's 8.7% cost-of-living adjustment and claiming benefits
  + stars: | 2023-01-10 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
Current Social Security beneficiaries are poised to receive an 8.7% boost to their benefits for 2023 starting this month, thanks to the highest cost-of-living adjustment in 40 years. If you're at or near Social Security's retirement benefit eligibility age of 62, you may wonder if you should claim benefits to get in on the COLA increase. "Don't feel like you're going to miss it if you don't claim now," said Joe Elsasser, founder and president of Covisum, a Social Security claiming software company. Put off claiming even longer — up to age 70 — and you will get up to an 8% boost for every year you delay passed full retirement age. If they continue to wait, they also stand to receive higher benefits as the discounts for early claiming get reduced, he said.
☆ Worried about Social Security benefit cuts? How calculators may help gauge how changes may affect you
  + stars: | 2022-12-05 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Hobo_018 | E+ | Getty ImagesHow to measure the effects of a benefit cutCovisum, a provider of Social Security claiming software, recently updated its calculator to reflect the Social Security trustees' latest projections. Offerings include a free version for consumers and a more complex paid version for financial advisors. Another product, Maximize My Social Security, lets consumers evaluate for a $40 annual fee which claiming strategy might best suit them. Because there are thousands of Social Security claiming rules, a more in-depth analysis can help identify the best way to get the most from the program for your unique situation. Why it's important to stress test your planIt's also important to remember the current depletion date projections are subject to change, as the Social Security trustees amend their projections each year.
☆ What a record 8.7% Social Security cost-of-living adjustment could mean for taxes on benefits
  + stars: | 2022-10-20 | by ( Lorie Konish | ) www.cnbc.com   time to read: +5 min
Halfpoint | Istock | Getty ImagesRetirees who rely on Social Security benefits for income will get some relief from record high inflation when an 8.7% cost-of-living adjustment kicks in next year. How Social Security benefits are taxedSocial Security benefits are taxed based on a formula known as "combined" or "provisional" income. That is calculated by taking your adjusted gross income and adding non-taxable interest and half of your Social Security benefits. Taxes on Social Security benefits apply to single taxpayers starting with $25,000 in combined income, and married taxpayers starting with $32,000 in combined income. watch nowFor individuals with more than $34,000 in combined income and couples with over $44,000, up to 85% of their Social Security benefits may be taxed.
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