Social Security Benefits

Individual retirement arrangements, more commonly known as IRAs, are powerful tax-advantaged retirement savings tools that most of us should be making the most of. Together with Social Security income, they can be vital supports in our later decades.

Social Security benefits were never intended to be a primary source of income. They were only designed to replace around 40% of your pre-retirement income, and the rest would need to come from your savings, a pension, or some other income source.

Working during your senior years could actually come back to bite you if you aren't prepared. Here are three pitfalls to bear in mind.

If you're at all worried about making ends meet once your paycheck goes away, you should know how to estimate the value of postponing your retirement.

Roughly 70 million Americans will be able to take advantage of Social Security benefits' 2021 cost-of-living increases.

Whether you're receiving benefits or are working toward your eventual retirement, it's possible that these changes will affect what you'll take home in 2021 or beyond.

There's a good chance that Social Security will end up being an important source of income for you in retirement, so you'll want to get your filing decisions just right. And that means steering clear of the following mistakes you could end up making when you're part of a married couple.

More than 60 million Americans count on Social Security benefits right now to help cover their living expenses, and nearly all of us expect to get some money from the program.

Social Security may provide a substantial chunk of income for you as a senior, but it shouldn't be your only source.

What you receive each month from Social Security can significantly impact your financial well-being.

The $2.3 trillion omnibus spending bill and COVID-19 relief package passed by Congress Monday night includes an extended timetable for how soon U.S. troops and federal employees have to pay back deferred Social Security taxes, thereby reducing the hit to their paychecks next year.

Retirees who file taxes as single with incomes up to $75,000 will get the full payment and those who file married joint returns with an income up to $150,000 will get the full amount.

When the coronavirus pandemic hit earlier this year, many analysts worried that decreasing gas prices meant that seniors would get no Social Security raise going into 2021.

This growing reliance on Social Security demonstrates how important it is for future generations of retired workers to maximize what they'll receive from the program. While some benefit-boosting catalysts, such as the annual cost-of-living adjustment (COLA) or congressional action, are beyond our control, there are five smart and effective ways workers can increase their Social Security benefits.

Given this persistent reliance by seniors on their guaranteed monthly benefit, it's important to net the biggest payout possible. Interestingly, though, this benefit can differ greatly depending on where a retired worker lives.

A new report put out by the Social Security Administration shows that people are being patient and waiting longer before taking their Social Security benefit. 

No matter whether Joe Biden or Donald Trump wins the presidential election, wealthy Americans can expect to see a Social Security tax hike in 2021.

For tens of millions of Americans, there isn't a program that bears more importance to their financial well-being than Social Security.

There are a few simple steps you can take to increase your retirement wealth and put yourself in a better position to withstand financial surprises as a senior. Here are a few super easy ones to start with.

There's a chance you could be taxed not once but twice on your retirement benefits.