Posts Tagged ‘social security’
Social Security – Spousal Benefits
By Elaine Floyd, CFP ® If you did not work long enough to qualify for a Social Security benefit based on your own earnings—or if your benefit is significantly less than your spouse’s benefit—you may qualify for a spousal benefit based on your spouse’s earnings. But you’ll need to know the rules! To qualify for…
Read MoreSocial Security – Survivor Planning
By Elaine Floyd, CFP ® Survivor benefits are one of the most valuable—and under-appreciated—forms of Social Security. Maximizing this form of life insurance requires planning while both spouses are alive and also following the death of one spouse. A maximum earner we’ll call David, who is age 62 now and who claims his benefit at…
Read MoreThe Cost-of-Living Adjustment and What It Means For You
By Elaine Floyd, CFP ® Each year, the Social Security Administration (SSA) announces the cost-of-living adjustment for the next year. Whether you are retired or not, you should be aware of what the changes mean. In October, the Social Security Administration announced that the cost-of-living adjustment (COLA) for 2026 is 2.8%. The increase shows up…
Read MoreSocial Security: The Important Questions
By Elaine Floyd, CFP ® Those “How much do you know about Social Security?” quizzes you see online are fun and interesting, but the bigger questions you should be asking are those that can help you get the most out of the program. Do you know much Social Security you stand to receive over your…
Read MoreSocial Security Snafus—and How to Fix Them
By Elaine Floyd, CFP ® First let it be said that for the number of people served (73 million) and the amount of money paid out annually ($1.5 trillion), the Social Security Administration does an admirable job of keeping everything straight. More than 99% of beneficiaries receive their benefits on time and in the correct amount…
Read MoreScam Alert: Fake Social Security Admin Emails: Your financial well-being depends on fraud prevention and smart planning
As your financial advisor, safeguarding your personal and financial information is paramount. The Social Security Administration’s Office of the Inspector General (SSA OIG) has issued a warning about a new email scam designed to deceive individuals into compromising their sensitive data. Scam Overview: Fake SSA Emails Prompting Statement Downloads Scammers are distributing emails that mimic…
Read MoreDelayed Retirement Credits
By Elaine Floyd, CFP ® | Horsesmouth It is common knowledge by now that if a person applies for their Social Security benefit after full retirement age (FRA), the benefit will include delayed retirement credits (DRCs) of 8% per year up to age 70. But there are some nuances surrounding DRCs—how they are figured, when they are…
Read More6 Savvy Questions About Social Security
By Elaine Floyd, CFP ® | Horsesmouth Social Security is more complicated than most people think. Here are six of the most common questions that come up on Social Security. People are confused about Social Security—both about how the system works, and how these inner workings affect their retirement decisions. These six questions address some…
Read MoreThe Future of Social Security: Time to Really Plan – Remember, Social Security was never intended to fully fund your retirement
For Gen X and Millennials, Social Security is both a foundation and a question mark. While it has long been a reliable component of retirement income, changing demographics and fiscal pressures are casting a shadow over its long-term stability. As of May 2025, projections show that without legislative reform, the Social Security Trust Fund could…
Read MorePros/Cons of Waiting Until 70 for Social Security: An informed choice can maximize your security and retirement dreams
As you approach retirement, the decision of when to claim Social Security benefits becomes increasingly crucial. While many retirees choose to start collecting benefits as soon as they are eligible, there is a growing trend toward waiting until age 70. This strategy promises a higher monthly check, but it’s essential to weigh both the advantages…
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