Planning your retirement income is like putting together a puzzle with many different pieces. One of the first steps in the process is to identify all potential income sources and estimate how much you can expect each one to provide. Social Security The vast majority of people age 65 and older receive Social Security benefits.…
Is 62 your lucky number? If you’re eligible, that’s the earliest age you can start receiving Social Security retirement benefits. Although collecting early retirement benefits makes sense for some people, there’s a major drawback to consider: If you start collecting benefits early, your monthly retirement benefit will be permanently reduced. So before you put down…
Social Security is a pay-as-you-go system, which means today’s workers are paying taxes for the benefits received by today’s retirees. However, demographic trends such as lower birth rates, higher retirement rates, and longer life spans are causing long-run fiscal challenges. There are simply not enough U.S. workers to support the growing number of beneficiaries. Social…