On August 31, 2021, the Social Security Board of Trustees released its annual report, which included the latest projection for the Old-Age and Survivors Insurance (OASI) Trust Fund. According to the report, if Congress does not act, the fund is projected to become depleted by 2033, a year sooner than the estimate provided in 2020.…
Details
The Social Security Administration has announced the following changes for the coming year. For those who are collecting benefits, benefit amounts will increase by 1.6% as a cost of living adjustment. The adjustment will be reflected in a recipient’s December benefit which is paid in January 2020. In 2020, the Full Retirement Age (age when…
Details
In the video When Should You Begin Collecting Social Security Benefits, we’ve discussed considerations to take account when determining when to begin collecting social security benefits. Specifically, we discussed the fact that delaying collection allows your benefit amount to grow by 8% per year plus inflation from Full Retirement Age to Age 70 while collecting…
Details
The purpose of social security is to replace a portion of the income you earned over your life once you are retired. How exactly your social security benefit amount is calculated is dependent upon several factors.
DetailsPlease keep in mind that changes to the Social Security benefits do not necessarily mean that delaying social security benefit until age 70 is no longer a good strategy. It just means that in some cases, delaying will not be as good a deal as it was before.
Details