Most of us are familiar with Social Security. It's a program we all pay into during our working years and collect from in retirement. Those benefits are often crucial in helping retirees stay afloat, especially those without a whole lot of savings. But Social Security is by no means designed to sustain seniors in the absence of outside income, and relying on those benefits too heavily could set you up for financial ruin during retirement.
Some Social Security recipients say they're still waiting for their stimulus checks, even though the Social Security Administration has said many of them should have begun receiving their payments a month ago in mid-April. Some also continue to struggle with getting information from the IRS "Get My Payment" site, leaving them unsure when the checks will arrive.
The Washington Post reported that senior economic officials at the White House are exploring a polarizing proposal by conservative scholars at the right-leaning American Enterprise Institute and Hoover Institution. The scholars, Andrew Biggs (a Forbes contributor) and Joshua Rauh, had published an opinion piece in The Hill outlining their plan, which would provide cash to households, but not in the form of a direct stimulus payment. Instead, the two argue that Congress should offer voluntary loan checks of up to $5,000 - the actual amount is up for debate - in exchange for a delay in receiving their Social Security benefits in retirement by up to three months.
Those waiting for payments will soon see them in their bank accounts and mailboxes.
Steer clear of these blunders as you navigate these extremely challenging times.
Did you know that you may be able to receive benefits on your spouse’s record if you have not worked or do not have enough Social Security credits to qualify for your own Social Security benefits?
If you're in your 60s and concerned about the economic turmoil coronavirus is causing, you may be considering claiming Social Security retirement benefits.
There are advantages and disadvantages to this Social Security strategy.
Supplemental Security Income recipients with eligible children need to act by May 5 to receive their economic impact payment this year.
The Internal Revenue Service (IRS) has confirmed that recipients of Supplemental Security Income (SSI) will automatically receive automatic Economic Impact Payments (that's the official name, although most taxpayers refer to them as stimulus checks).
AARP is urging the IRS to change guidelines so Supplemental Security Income (SSI) benefit recipients can receive stimulus payments under the CARES Act.
Yes, the coronavirus could eventually impact your Social Security benefit check.
From what beneficiaries will be paid to what workers could owe in payroll tax, big changes are on the way for America's top social program.
Minnesota is among a minority of states — just 13 — that impose a state-level tax on Social Security benefits. Why does Minnesota do that? The answer can be traced back to the overall design of our state's income tax system.
The importance of Social Security Opens a New Window. in relation to the financial well-being of our nation's retired Opens a New Window. workforce simply can't be overstated.
The average Social Security benefit for all workers in 2018 is just $1,404 monthly, or $16,848 yearly.
For married couples, claiming benefits "is a household decision, not an individual decision," says Paula McMillan, a certified financial planner in Greensboro,
Calls from scammers impersonating Social Security Administration officials ballooned in 2018, and panicked victims have already lost $10 million.
Department and agency heads can decide if certain employees need to work the day before Christmas.
Attorney General Jim Hood is warning Mississippians about an increase of fake calls targeting people’s Social Security Numbers.