In 2020, recipients of Social Security retirement benefits and Supplemental Security Income benefits received a modest cost-of-living (COLA) increase of 1.6%. That increases the average worker’s 2020 monthly benefit by $24 per month and makes the maximum benefit amount $3,011 per month. Additionally, the Social Security tax rate for employees…

Although technology has improved our lives in many ways, it has also made us more vulnerable to identity theft. By the end of fiscal year 2019, the Social Security Administration (SSA) had received over 450,000 complaints regarding scammers who pretended to be SSA to obtain personal information and steal benefits….

The day on which you will receive your Social Security benefits depends on your date of birth. Both Social Security Retirement and Disability payments are given as a lump-sum every month. Payments are always paid one month behind; therefore, if, for example, you are entitled to benefits starting May 2020,…

Cost of Living Adjustments (COLAs) weren’t really a part of the social consciousness until inflation raged in the 1970s. Everyone has a basic understanding of what inflation is and how it can make the simplest things in life cost more money. But the reality is that if the cost of…

There’s a lot to consider when you’re nearing retirement, and Social Security retirement benefits will probably be front of mind. Here, we discuss some of the most commonly-asked questions about the federal retirement program. When Can I Retire? Depending on the year you were born, you will be eligible for…

Beginning in 1983, monthly Social Security payments have been taxed above specific income thresholds. The Old-Age, Survivors, and Disability Insurance (OASDI) program is what limits the amount of earnings that are subject to taxation in any given year. The amount of income that is subject to taxation changes yearly. In…

Previously, we discussed the different reasons why your spouses and children may be entitled to collect on the Social Security disability or retirement benefit payments you receive every month. Here, we explain in more detail how ex-spouse’s may be entitled to some of those benefits as well. Your ex-spouse can…

You’ve worked hard your whole life, but now you’re getting older and wondering when it will be time to retire. Although you might be ready, Social Security might not be, so explore your retirement options thoroughly before you call it quits for good. You have four options: 1) continue working…

Over 50% of Americans list Social Security as the largest source of their retirement income. And when 90% of Americans age 65 and older receive Social Security benefits, that’s a staggering number of people who depend on monthly Social Security checks for survival. In 2020, the maximum Social Security benefit…

As previously discussed, certain members of your family may be entitled to receive benefits from Social Security even if they are not disabled and you die. Here, we discuss spousal benefits specifically. In this instance, benefits are only available if you received Social Security Disability Insurance (SSDI) benefits, not Supplemental…