Social Security Archives

Will Inflation Erode Your Social Security Benefit’s Buying Power?

In 2019, Social Security benefits received a 2.8% increase[1] – the largest since 2012. But in 2020, benefits will only see a 1.6% increase[2]. Even though inflation is low right now, the cumulative effect of inflation has eroded the buying power of Social Security by a third since 2000[3] according to the Senior Citizens League. It remains to be seen whether this trend will continue, despite increased Social Security taxes. In the meantime, prepare for the [...]

Rebecca Mack2019-11-11T19:36:53+00:00November 11, 2019|Social Security|

A Social Security Claiming Strategy to be Eliminated

Updated Thursday, September 12th, 2019Did you know that there are many ways you can claim Social Security benefits? On one hand, this means that people may choose a strategy based on their unique lifestyle, income needs, and family situation. On the other hand, it means that there can be potential room for error: A recent United Income study found that only 4% of retirees claim Social Security at the optimal time.[1] There are so many options and [...]

Rebecca Mack2019-09-13T00:53:06+00:00September 9, 2019|Social Security|

Common Social Security Scams

Turning 65 means a lot of great things – you’re eligible for Medicare, you’re at or near your full Social Security age, and of course you can get into some museums, buy Amtrak tickets, and eat at certain restaurants for a discounted price. Unfortunately, you may also be targeted by criminals trying to steal your Social Security number. It’s important to recognize what these common Social Security scams look and sound like so you can avoid [...]

Rebecca Mack2019-08-26T20:23:06+00:00August 26, 2019|Fraud Protection, Social Security|

Social Security’s Decreased Buying Power

Some are worried about the state of Social Security since the latest report found that starting next year, the program’s annual cost will exceed its income. Some speculate that since the program’s trust fund is expected to be depleted by 2034, cuts are inevitable. But, there should be a more immediate worry facing beneficiaries than a theoretical future policy change: Social Security’s decreased buying power. There are several reasons why you can’t rely solely on Social [...]

Rebecca Mack2019-06-14T13:13:10+00:00June 14, 2019|Financial Planning, Social Security|

The State of Social Security

The annual report on Social Security’s financial condition was recently released, and many are worried about the program’s solvency. The annual cost of the program is expected to exceed its income for the next 75 years starting in 2020. And, the trust fund that covers retirement benefits is expected to be depleted by 2034. This seems grim, but it’s unlikely that the program will disappear. Here are 3 important things about Social Security to keep in [...]

Rebecca Mack2019-06-03T22:12:37+00:00June 3, 2019|Social Security|

A Change to Social Security

Social Security may be in jeopardy: The latest projection from the trustees of Social Security and Medicare shows that the program won’t be able to pay out full benefits by 2035 if Congress makes no changes. The program is already running low on funds, and there have been budget cuts over the past few years. This is just one reason why you can’t rely solely on Social Security in retirement. Most recently, the Social Security Administration [...]

Rebecca Mack2019-08-07T20:36:43+00:00May 3, 2019|Social Security|

Protect Yourself from Social Security Fraud

Recently, the Social Security Administration announced that they are taking action in an attempt to crack down on Social Security fraud. With the biggest Social Security day of the year, October 11, fast approaching, where Social Security beneficiaries find out how much, if any, of a “raise” they are going to get for the year. Anyone can fall victim to Social Security fraud, including retirees who rely on their benefits to pay the bills, and who are [...]

Rebecca Mack2018-10-09T01:19:10+00:00October 9, 2018|Fraud Protection, Social Security|