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Here's How Your Social Security Benefits Compare at Ages 62, 67, and 70

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Over eighty years, Social Security has provided monthly benefits to those who have retired. Although these payments aren’t enriching anyone, they’ve become essential for many retirees.


 For the past 23 consecutive years, Gallup has carried out a survey to assess the degree of reliance retired workers have on their received incomes.
 Social Security
 These surveys indicate that between 80% to 90% of retirees depend on their regular monthly payment to help with their living costs.


 
 Start Your Mornings Smarter!
 
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 Breakfast news
 
 In your inbox each trading day.
 
 
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 An independent study conducted by the Center on Budget and Policy Priorities revealed that without Social Security, the poverty rate among adults aged 65 and older would be approximately four times greater — standing at 10.2% as of 2022 with Social Security compared to an estimated 38.7% if not for Social Security.


 Hence, maximizing benefits from Social Security will be crucial for the financial health of most upcoming retirees.

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</div>

 However, to get the most out of your Social Security benefits, you must first grasp how these payments are determined. Only after understanding this will you be able to
 understand the significance of your declared age
 , and how choosing to collect at an earlier age (62), a mid-point age (67), or a later age (70) could affect your monthly benefits.

<h2>
 The calculation of your monthly Social Security benefit involves these four elements.
</h2>

 Even though Social Security occasionally has unexpected elements for beneficiaries — were you aware that Social Security benefits may be subject to taxation at the federal level?
 in addition to nine states
 The four elements utilized by the Social Security Administration (SSA) to determine your monthly benefit amount are clear-cut:

<ol>
 <li>
 Work history
 </li>
 <li>
 Earnings history
 </li>
 <li>
 Full retirement age
 </li>
 <li>
 Claiming age
 </li>
</ol>

 Your job performance and financial record are closely linked. When determining your monthly payout, the Social Security Administration considers your top 35 years of earnings adjusted for inflation. Earning a higher average wage or salary over your career—note that investment income does not factor in here—increases your chances of getting a larger monthly benefit once you retire.


 However, irrespective of your annual income, you will face penalties if your work record falls short of 35 years. The SSA will add zeros for each year below 35 that you haven’t worked when calculating your benefits. To ensure your Social Security payments help cover living expenses after retiring, aim to log at least three decades and five years of employment.


 The third factor, known as your full retirement age, is
 based on the year of your birth
 It signifies the age at which you qualify to receive your full retired-worker benefit, and this aspect is the sole element beyond our control.


 Lastly, but without being of lesser importance,
 Your stated age can greatly influence the fluctuation of both your monthly and lifetime payout amounts.
 Although you may start receiving retirement benefits as young as 62 years old, there’s a financial motivation to be more patient. Specifically, each additional year an individual delays claiming their benefits from age 62 through age 70 can increase their payment amount by approximately 8%. The chart illustrates how these increments vary based on when your full retirement age falls.

<table>
 <tr>
 <td class="xl65">
 
 Birth Year
 
 </td>
 <td class="xl65">
 
 Age 62
 
 </td>
 <td class="xl65">
 
 Age 63
 
 </td>
 <td class="xl65">
 
 Age 64
 
 </td>
 <td class="xl65">
 
 Age 65
 
 </td>
 <td class="xl65">
 
 Age 66
 
 </td>
 <td class="xl65">
 
 Age 67
 
 </td>
 <td class="xl65">
 
 Age 68
 
 </td>
 <td class="xl65">
 
 Age 69
 
 </td>
 <td class="xl65">
 
 Age 70
 
 </td>
 </tr>
 <tr>
 <td>
 1943-1954
 </td>
 <td class="xl64">
 75%
 </td>
 <td class="xl64">
 80%
 </td>
 <td class="xl63">
 86.7%
 </td>
 <td class="xl63">
 93.3%
 </td>
 <td class="xl64">
 100%
 </td>
 <td class="xl64">
 108%
 </td>
 <td class="xl64">
 116%
 </td>
 <td class="xl64">
 124%
 </td>
 <td class="xl64">
 132%
 </td>
 </tr>
 <tr>
 <td>
 1955
 </td>
 <td class="xl63">
 74.2%
 </td>
 <td class="xl63">
 79.2%
 </td>
 <td class="xl63">
 85.6%
 </td>
 <td class="xl63">
 92.2%
 </td>
 <td class="xl63">
 98.9%
 </td>
 <td class="xl63">
 106.7%
 </td>
 <td class="xl63">
 114.7%
 </td>
 <td class="xl63">
 122.7%
 </td>
 <td class="xl63">
 130.7%
 </td>
 </tr>
 <tr>
 <td>
 1956
 </td>
 <td class="xl63">
 73.3%
 </td>
 <td class="xl63">
 78.3%
 </td>
 <td class="xl63">
 84.4%
 </td>
 <td class="xl63">
 91.1%
 </td>
 <td class="xl63">
 97.8%
 </td>
 <td class="xl63">
 105.3%
 </td>
 <td class="xl63">
 113.3%
 </td>
 <td class="xl63">
 121.3%
 </td>
 <td class="xl63">
 129.3%
 </td>
 </tr>
 <tr>
 <td>
 1957
 </td>
 <td class="xl63">
 72.5%
 </td>
 <td class="xl63">
 77.5%
 </td>
 <td class="xl63">
 83.3%
 </td>
 <td class="xl64">
 90%
 </td>
 <td class="xl63">
 96.7%
 </td>
 <td class="xl64">
 104%
 </td>
 <td class="xl64">
 112%
 </td>
 <td class="xl64">
 120%
 </td>
 <td class="xl64">
 128%
 </td>
 </tr>
 <tr>
 <td>
 1958
 </td>
 <td class="xl63">
 71.7%
 </td>
 <td class="xl63">
 76.7%
 </td>
 <td class="xl63">
 82.2%
 </td>
 <td class="xl63">
 88.9%
 </td>
 <td class="xl63">
 95.6%
 </td>
 <td class="xl63">
 102.7%
 </td>
 <td class="xl63">
 110.7%
 </td>
 <td class="xl63">
 118.7%
 </td>
 <td class="xl63">
 126.7%
 </td>
 </tr>
 <tr>
 <td>
 1959
 </td>
 <td class="xl63">
 70.8%
 </td>
 <td class="xl63">
 75.8%
 </td>
 <td class="xl63">
 81.1%
 </td>
 <td class="xl63">
 87.8%
 </td>
 <td class="xl63">
 94.4%
 </td>
 <td class="xl63">
 101.3%
 </td>
 <td class="xl63">
 109.3%
 </td>
 <td class="xl63">
 117.3%
 </td>
 <td class="xl63">
 125.3%
 </td>
 </tr>
 <tr>
 <td>
 1960 or later
 </td>
 <td class="xl64">
 70%
 </td>
 <td class="xl64">
 75%
 </td>
 <td class="xl64">
 80%
 </td>
 <td class="xl63">
 86.7%
 </td>
 <td class="xl63">
 93.3%
 </td>
 <td class="xl64">
 100%
 </td>
 <td class="xl64">
 108%
 </td>
 <td class="xl64">
 116%
 </td>
 <td class="xl64">
 124%
 </td>
 </tr>
</table>

 Data source: Social Security Administration.

<h2>
 What is the typical Social Security payment amount at age 62, age 67, and age 70?
</h2>

 Even though each year from the standard collection span of 62 to 70 offers distinct pros and cons,
 Three claimed age groups are expected to become particularly favored moving forward.
 62, 67, and 70.


 Let’s quickly explore the advantages and disadvantages of filing for benefits at these three different ages, and then examine what the typical recipient receives monthly when they claim at 62, 67, and 70 years old.

<ul>
 <li>
 
 
 What's the advantage of collecting benefits at age 62?
 
 The attraction of receiving benefits at age 62 lies in not needing to hold off before accessing your entitlements. Additionally, there’s the potential for
 extensive reductions in Social Security benefits by 2033
 Receiving your payment immediately could be seen as a strategy to avoid potential decreases.
 
 
 Conversely, your payment will have a permanent reduction of 25% to 30% once you start receiving benefits at age 62 (the exact percentage depends on your birth year). Furthermore, you might face additional penalties for filing early.
 like the retirement earnings test
 This enables the SSA to deduct part or all of your benefits based on your earnings.
 
 </li>
 <li>
 
 What is the reason for collecting at age 67?
 
 This might swiftly turn into the favored claiming age due to the fact that 67 is considered the full retirement age for those born in 1960 or later, which includes a majority of today’s working population. Starting benefits at this age ensures there will be no decrease in your monthly benefit amount. However, the drawback of opting for this age is that should you live well past your eighties, retrospectively speaking, you may end up foregoing substantial Social Security payments.
 </li>
 <li>
 
 What is the purpose of collecting at age 70?
 
 Claiming benefits at age 70 ensures that you receive the highest possible monthly payment, increasing it by 24% to 32% compared to what you'd get at your full retirement age, depending on when you were born. However, this strategy doesn’t ensure that you’ll live sufficiently long to fully capitalize on these higher lifetime payouts from Social Security.
 </li>
</ul>

 Having gained insight into the advantages and disadvantages of these three filing ages, we can now look at the typical Social Security benefits received at age 62, 67, and 70.


 Each year, the SSA's Office of the Actuary publishes a detailed analysis outlining the
 mean monthly assistance for retired workers aged from 62 up to those over 99
 . Bear in mind this information is derived from
 age
 Of retirees who stopped working as of December 2023, this doesn’t necessarily reflect the age at which they started receiving benefits, unless they were 62 years old.


 Given these points, approximately 590,000 residents live in the area.
 The typical retired worker aged 62 received an average monthly benefit of $1,298.26.
 In December 2023, approximately 2.92 million retired individuals received payments.
 mean payment of $1,883.50 upon reaching 67 years old
 Finally, approximately 3.01 million recipients who have retired are benefiting from this program.
 saved an average advantage of $2,037.54 upon reaching 70 years old.
 .


 Across the entire range of the conventional claiming spectrum, those who waited until they were 70 years old received, on average, 57% more compared to individuals who started collecting benefits at the earliest opportunity.

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</div>
<h2>
 Statistically speaking, there
 is
 an older supervisor citing typical retirement ages
</h2>

 Given the significant differences in monthly benefits, you may be questioning whether choosing certain ages within the typical claiming window offers future retirees an advantage for optimizing their Social Security income. A thorough statistical study reveals that there indeed is such an optimal age.


 In 2019, researchers from United Income published a study,
 The Overlooked Retirement Plan Right Before Our Eyes
 , analyzed the claim decisions of 20,000 retirees utilizing data from the University of Michigan’s Health and Retirement Study. The objective was to determine whether any particular age could maximize Social Security benefits. Here, an “optimal” distribution refers to one that would yield the highest benefit amount.
 lifetime
 (key word!) income collection.


 As one would anticipate, this comprehensive study revealed that merely 4% of the 20,000 retirees analyzed had filed for benefits at the ideal time. Given that our life expectancy is unknown beforehand, there's
 There will always be some level of uncertainty involved.
 When reaching our claim determination.


 Moreover, each of us follows our distinct journey towards retirement. Our individual mix of financial requirements, available retirement savings options, marital situation, tax consequences, personal well-being, among others factors, can vary greatly from person to person. Given this diversity, there isn’t a single plan that suits everyone, which naturally leads to differences in when and how people decide to claim their benefits.


 However, the more important find is the nearly perfect inversion between actual and optimal claims. Although 79% of the 20,000 retired workers began receiving their benefit from ages 62 through 64,
 Only 8% of the claims in this range were eventually found to be optimal.
 .


 On the flip side, even though just a tiny fraction of retirees delayed claiming their Social Security benefits until they reached age 70, this still occurred.
 ideal for 57%, which amounts to 20,000 retirees examined
 .


 To be fair, this does not imply that every future retiree needs to wait until they turn 70 before starting to collect benefits. Individuals who suffer from one or more long-term illnesses that could reduce their life expectancy might have valid reasons for opting to receive payments at an earlier age.


 However, according to this comprehensive statistical assessment, being patient is likely to yield substantial rewards for most future retirees. This is an important consideration should you anticipate relying on Social Security, in whatever role, to cover your expenses during retirement.

<h2>
 The $
 
 22,924
 
 The Social Security benefit many seniors entirely miss out on.
</h2>

 If you’re similar to many Americans, you might be lagging several years—or even more—behind on saving for retirement. However, some lesser-known “ Social Security tips” may assist in increasing your post-retirement earnings. For instance: one simple strategy has the potential to net you an extra $
 
 22,924
 
 More every year! After mastering strategies to optimize your Social Security benefits, we believe you can retire with confidence and achieve the peace of mind everyone seeks.
 Just click here to find out how you can learn more about these tactics.


 
 Check out the "Social Security secrets" »
 


 The Motley Fool has a
 disclosure policy
 .

Here's How Your Social Security Benefits Compare at Ages 62, 67, and 70

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Over eighty years, Social Security has provided monthly benefits to those who have retired. Although these payments aren’t enriching anyone, they’ve become essential for many retirees. For the past…

Social Security's Digital Divide: Rural Communities Struggle Without Internet or Transportation

Unknown government, news, senior citizens, social security, social welfare

<img data-document-id="cms/api/amp/image/AA1BrUA0" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BrUA0.jpg"/>

 WELCH, W.Va. (AP) — Veronica Taylor doesn't know how to turn on a computer, let alone use the internet.


 The 73-year-old can't drive and is mostly housebound in her mountainous and remote West Virginia community, where a simple trip to the grocery store can take an hour by car.


 New requirements
 that Social Security recipients access key benefits online or in person at a field office, rather than on the phone, would be nearly impossible to meet without help.

<img data-document-id="cms/api/amp/image/AA1Bs4dm" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1Bs4dm.jpg"/>

 “If that’s the only way I had to do it, how would I do it?” Taylor said, talking about the changes while eating a plate of green beans, mac and cheese and fried fish with a group of retirees at the McDowell County Senior Center. “I would never get nothing done.”

<img data-document-id="cms/api/amp/image/AA1BrUA5" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BrUA5.jpg"/>

 The requirements, set to go into effect March 31, are intended to streamline processes and combat
 widespread fraud
 within the system, according to President
 Donald Trump
 and officials in his administration.


 They say that's why it's vital for people to verify their identity online or in person when signing up for benefits, or making a change like where the money is deposited.

<img data-document-id="cms/api/amp/image/AA1BrUA8" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BrUA8.jpg"/>

 But
 advocates
 say the changes will disproportionately impact the most vulnerable Americans. It will be harder to visit field offices in rural areas with high poverty rates. Often these are the same areas that lack widespread internet service.

<img data-document-id="cms/api/amp/video/AA1BrUAa" data-reference="video"/>

 Many Social Security field offices are also being shut down, part of the federal government's cost-cutting efforts. That could mean seniors have to travel even farther to visit, including in parts of rural West Virginia.


 Donald Reed, who runs a local nonprofit that operates two senior centers, said he has serious concerns about the policy change, and how it’ll affect the people his group serves.


 “I’m not anti-Trump — let me say that,” he said. “I think the general public greatly supports looking for waste in government. I do not think the general public understands the consequences of the current actions of the government.”

<h2>
 Poor, rural areas could be hardest hit
</h2>

 One in three people live in poverty in McDowell County, once
 one of the nation’s largest coal producers
 . Around 30% of the population receives Social Security benefits and 20% lack broadband access. People already face huge challenges in accessing basic needs like food and clothing.


 Non-profit groups like The Commission on Aging receive money from the federal government to provide rides to the grocery store, medical appointments and free lunch at the county senior center, and could in theory add a stop to the local Social Security office said Reed, who is the group’s director.


 But the transportation grant money is already not enough to meet the need. Last year, Reed ran out of money during the last three months of the fiscal year and had to dip into the Commission’s savings. This year, he said he won’t be able to do so.


 Then, last Friday, he found out the Commission had lost an almost $1 million grant he expected, again because of the federal government’s cost cutting.


 He had planned to use the money to rebuild one of the two county senior centers, an aging 1980s-era doublewide trailer with limited seating.


 “Once the money’s gone, you know, the money’s gone,” he said.

<h2>
 A flurry of new rules, hard for seniors to follow
</h2>

 Seniors at the center gather each weekday for lunch. Usually, they might play bingo or cards. On this day, because of the presence of a reporter from The Associated Press, the conversation turned to politics.


 Many are Trump supporters. Every county in West Virginia supported Trump in three presidential elections.


 Yet all agreed that the recent flurry of executive orders had been difficult to follow, especially since
 the county’s last local newspaper shuttered,
 and they weren’t sure what effect they’d have on their lives.


 “I don’t understand a lot of the stuff that’s going on right now, and I just can’t pinpoint things together, you know,” said Brenda Hughes, 72, who said she usually goes to the Social Security office in person anyway because she said she’s found it difficult to get a hold of the call center. “But maybe it’s meant to be like that.”


 Mary Weaver, 72, said she doesn’t approve of Trump giving Elon Musk so much leeway to cut and change services, and she doesn’t see those measures helping McDowell County.


 “He gone run for president, and he’s going to get the presidency, but he’s going to let someone else tell him how to run the country?” she asked, criticizing Trump’s relationship with Musk.


 Other residents aren't concerned. Barbara Lester, 64, said she wishes she could sit down with Trump and Musk and tell them they’re doing a fantastic job.


 “And with all the money they’re saving from the fraud, they could afford to give their senior citizens an increase,” said Lester, who is retired from construction work.


 However, for Taylor, who relies mostly on rides from the deteriorating commission for her excursions, the modifications to Social Security might add yet another challenge.


 There are already many places she wants to go and can’t get to. None of her grandkids live nearby, her daughter lives in Roanoke, Virginia, and her 39-year-old son, who used to live in the Welch area near her, died. The walk from her house to the Social Security office is six miles.


 “If I ask people more than two times to take me somewhere, it’s like begging. And I don’t beg nobody to do nothing for me,” she said. “I’m independent like that. I don’t beg nobody for nothing."

Social Security's Digital Divide: Rural Communities Struggle Without Internet or Transportation

Unknown government, news, senior citizens, social security, social welfare

WELCH, W.Va. (AP) — Veronica Taylor doesn't know how to turn on a computer, let alone use the internet. The 73-year-old can't drive and is mostly housebound in her mountainous and remote West Virgi…

SASSA Staff Shortages Spark Major Concerns Within Department

Unknown government, social issues, social security, social services, workforce

<img data-document-id="cms/api/amp/image/AA1BdmUB" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BdmUB.jpg"/>

 Staffing shortages at SASSA continue to be an issue, even though a
 budget increase of
 
 R8.2 billion
 
 over the medium term.


 Numerous people were astonished to witness
 South African Social Insurance Agency
 grants increase by between
 
 5.7
 
 and
 
 5.9%
 
 For April 2025 following the delayed Budget Address. Actually, the
 Department for Social Services (DSS)
 will spend
 
 R422 billion
 
 all together this year, with
 
 80%
 
 How much of this spending will go towards social grants?
 .


 Nevertheless, an increasing number of people believe that the government is wasting resources because of ongoing staffing issues at SASSA and inadequate management. The department recognizes that reforms to social grants and enhanced effectiveness are crucial to guaranteeing this service.
 viability of the SASSA social grant system
 beyond 2025.

<h2 class="wp-block-heading" id="h-sassa-staff-shortages">
 SASSA STAFF SHORTAGES
</h2>

 Anybody who has been impacted by the mishandled
 Postbank card migration
 fiasco will agree. As the extended deadline approaches tomorrow,
 
 Thursday 20 March 2025
 
 Only 33% of Gold-to-Black card transitions have taken place. This situation has led to immense suffering.
 elderly and disabled grant
 Recipients who find themselves with no place to go. Nevertheless, government statistics from the DSD clearly illustrate the reasons behind this situation.


 The DSD still grapples with significant staffing deficiencies within SASSA. Regarding social workers, they presently have only a limited number employed.
 
 15 433
 
 versus its target of
 
 55 000
 
 , reports
 
 The Citizen
 
 The concerning disparity was brought to light in the department's 2023/24 Annual Report presented to the National Council of Provinces (NCOP) not long ago.

<h2 class="wp-block-heading" id="h-a-blot-on-south-africa-s-democracy">
 A STAIN ON SOUTH AFRICA'S DEMOCRACY
</h2>

 The Deputy Minister of Social Development, Ganief Hendricks, referred to social workers as the 'Cinderellas of South Africa'. "These shortages within SASSA personnel stain our democracy, government, and ministry," stated Hendricks. Regardless of these workforce difficulties, the DSD claims they have made progress.
 
 77%
 
 Of its objectives for the 2023/24 fiscal period, according to Chief Director Jacques van Zuydam, the department met 50 out of 65 goals during this time frame. This encompasses expenditures.
 
 99.4%
 
 of its
 
 R260 billion
 
 budget. Nonetheless, there was an underutilization of
 
 R1.5 billion
 
 It has been extended into the present financial year. It appears that this lack of spending is primarily due to the
 SASSA child support grant along with the expanded Social Relief of Distress (SRD)
 grant.


 Similarly, the department has ongoing concerns regarding fraudulent activities. The Deputy Minister feels that more stringent consequences are necessary. "The DSD and SASSA frequently encounter various instances of fraud. Therefore, we must reassess our disciplinary processes. It seems current punishments aren’t harsh enough. We absolutely can't permit our staff members to embezzle funds from either the government or the general populace," Hendricks stated conclusively.


 The post
 Staff shortages at SASSA cause significant worries within the organization.
 appeared first on
 SA People
 .

SASSA Staff Shortages Spark Major Concerns Within Department

Unknown government, social issues, social security, social services, workforce

Staffing shortages at SASSA continue to be an issue, even though a budget increase of R8.2 billion over the medium term. Numerous people were astonished to witness South African Social Ins…

Study shows how long Social Security, $1.5M nest egg would last in 50 states

Unknown money, personal finance retirement, retirement, retirement planning, social security

<img data-document-id="cms/api/amp/video/AA1zTQNl" data-reference="video"/>
 
 Retirement nest eggs and Social Security benefits are key sources of funds for many Americans as they live out their golden years in the state of their choosing.
 
 
 A recently-released study
 from GOBankingRates
 looked at the financial runway that retirees would have in each state with Social Security benefits and $1.5 million socked away for retirement, finding West Virginia offered the most years before living costs would deplete their retirement savings.
 
 
 The Mountain State ranked No. 1 with $1.5 million in retirement savings expected to sustain retirees there for a whopping 54 years while facing about $27,800 in living costs each year after
 Social Security benefits
 , according to the study.
 
 
 The Social Security Administration (SSA) allows Americans to access their Social Security retirement benefits early starting at age 62, though payments "will be reduced a small percentage for each month before your full retirement age" if they do that, according to the SSA. One’s "full retirement age" depends on when a person was born.
 
 
 
 SOCIAL SECURITY PAYMENTS TO INCREASE FOR PUBLIC PENSION RECIPIENTS
 
 
 
 GOBankingRates said it used data from a slew of sources, including the Bureau of Labor Statistics, the SSA and Missouri Economic Research and Information Center, to determine its rankings of how states stack up in terms of the amount of time that Social Security and $1.5 million in retirement would last
 retirees
 residing in them.
 
 
 
 READ ON THE FOX BUSINESS APP
 
 
 
 Overall, the study indicated that those two sources of funds would provide different amounts of years of "financial security"
 for retirees
 in states across the country. States’ cost of living after Social Security ranged from $27,803 to $87,770 per year, it found.
 
 
 
 401(K) BALANCES HIT SECOND HIGHEST ON RECORD: FIDELITY
 
 
 
 GoBankingRates found the number of years that $1.5 million and Social Security
 would sustain
 retirees in each state was:
 
 <img data-document-id="cms/api/amp/image/BB1nwSZl" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1nwSZl.jpg"/>
 <img data-document-id="cms/api/amp/image/BB1nJxXh" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1nJxXh.jpg"/>
 <img data-document-id="cms/api/amp/image/AA1B6J6S" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1B6J6S.jpg"/>
 <img data-document-id="cms/api/amp/image/AA1ujvfk" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1ujvfk.jpg"/>
 
 
 THIS MIDWESTERN STATE IS CONSIDERED ONE OF THE BEST PLACES TO RETIRE, NEW STUDY SAYS: SEE THE LIST
 
 


 
 
 Original article source:
 
 Study shows how long Social Security, $1.5M nest egg would last in 50 states

Study shows how long Social Security, $1.5M nest egg would last in 50 states

Unknown money, personal finance retirement, retirement, retirement planning, social security

Retirement nest eggs and Social Security benefits are key sources of funds for many Americans as they live out their golden years in the state of their choosing. A recently-released study…

4 Key Social Security Rule Updates Coming in April 2025

Unknown economics, retirement, retirement planning, social security, social welfare

If you receive Social Security benefits, you have probably adjusted to your updated payments over the past few months due to the 2.5% cost-of-living adjustment (COLA) implemented in January. Typically, your benefit amount wouldn’t change for the remainder of the year. However, 2025 is turning out to be far from typical when it comes to Social Security.


 Four key changes are about to go into effect. Some could improve your life while others could lead to new headaches or may not affect you at all. But they're still worth keeping in the back of your mind in case you encounter them in the future.


 
 Where should you put your $1,000 investment at this moment?
 
 Our analysis group has just disclosed their insights into what they consider to be the
 
 10 best stocks
 
 to buy right now.
 
 
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 <img data-document-id="cms/api/amp/image/AA1BXfNE" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1BXfNE.jpg"/>
</div>
<h2>
 1. Increased benefits for countless seniors impacted by the Social Security Fairness Act
</h2>

 President Biden signed the
 Social Security Fairness Act
 During his last days in office, he eliminated two clauses that decreased benefits for retirees receiving pensions from non-Social Security-covered employers, impacting numerous firefighters, police officers, and teachers.


 Around 3.2 million recipients are impacted by this alteration in the rules, encompassing certain widows and widowers.
 spousal beneficiaries
 The legislation affects all benefits paid out after December 2023. Numerous qualifying elderly individuals were issued a single retroactive payment in March, which covered the outstanding benefits owed to them.


 Retirees who are impacted will experience a permanent boost in their monthly benefits as well. This change will mostly take effect with the April 2025 payment. Based on estimates from the Congressional Budget Office, the typical retired worker can expect an additional $360 each month. Meanwhile, spousal recipients will likely see an extra $700 per month, and those eligible widows or widowers should anticipate an average increase of approximately $1,190 every month.


 Nevertheless, certain intricate cases have remained beyond the capabilities of automation within the Social Security Administration. Should your situation fall into one of these categories, it might take up to a year to obtain the funds due to you under the Social Security Fairness Act. If you think this legislation impacts you and your payments in April 2025 mirror those from March, contact the Social Security Administration for further details.

<h2>
 2. Stricter identity confirmation regulations
</h2>

 Starting from April 14, 2025, the Social Security Administration will implement stricter identity verification processes aimed at enhancing protection of Social Security records and benefits from fraudulent activities. Individuals utilizing their
 my Social Security account
 To make alterations such as updating your address or changing your direct deposit information will go unnoticed.


 However, individuals who opt to submit their applications for benefits or modify them through alternative means will be required to go to a Social Security office personally. The only exceptions are people who are applying for Medicare, disability benefits, or Supplemental Security Income (SSI).


 With the updated regulations, you can start your Social Security application via telephone should you choose to do so. However, finishing the process requires visiting a local Social Security office in person to show your ID for verification purposes.


 The Social Security Administration offers an online resource that can assist you.
 find your closest field office
 This could perhaps benefit from a second look, despite your prior visits to a nearby Social Security office. Many governmental offices have shut down this year, which means the location you used to go to might now be inaccessible.


 If visiting in person isn’t preferable for you, think about setting up a My Social Security account if you haven’t done so yet. Initially, when establishing your profile, you will need to respond to several identity verification queries to confirm your authenticity. However, after completing these steps, you can access your information using just a username and password whenever updates are needed.

<h2>
 3. Accelerated implementation of direct deposit updates
</h2>

 Previously, altering the bank account where the Social Security Administration deposited your benefits took around 30 days. From now on, this process will be completed within just one business day.


 You have the option to update your direct deposit details through your My Social Security account. Alternatively, if you prefer not to make changes online, you can call them to request the modification up until April 14, 2025.

<h2>
 4. Go back to achieving a full 100% recovery rate for overpayments.
</h2>

 Occasionally, the Social Security Administration may make an error leading to excess payments to recipients. In such cases, they have the right to reclaim these funds through subsequent disbursements. However, under the Biden Administration’s guidelines implemented for 2024, the repayment rate has been limited to whichever is higher: either $10 or 10 percent of each payment received.


 If your typical monthly Social Security benefits amount to $2,000 but one month you receive $3,000, the Social Security Administration might deduct $100 from subsequent payments—so you would only get $1,900 per month—until they have recovered the excess $1,000.


 The administration under President Trump has restored the full overpayment recovery rate of 100%, which was applicable before 2024. This change impacts all fresh overpayments made starting from March 27, 2025. For those who incurred overpayments earlier than this date, the previous limit of a 10% recovery rate remains unchanged. Additionally, Supplemental Security Income (SSI) continues to enforce an overpayment recovery rate capped at 10%.


 This alteration implies that you might not receive any funds from Social Security for a period if you received excess payments previously. For retired individuals, this could pose challenges; some may have already used up the additional amount assuming there was no mistake.


 If losing your Social Security benefits due to overpayment recovery is not an option for you, reach out to your nearest Social Security office to ask for a reduced repayment rate. Additionally,
 appeal the overpayment decision
 The Social Security Administration might choose to exempt you from repaying an overpayment, letting you retain the additional funds, provided you demonstrate that the error leading to the overpayment wasn’t due to your actions and that you lack the financial means to repay it.


 Should you have any queries regarding these Social Security updates, it's advisable to reach out to the Social Security Administration directly.

<h2>
 The $
 
 22,924
 
 The Social Security benefit many seniors fail to notice.
</h2>

 If you’re similar to many Americans, you might be lagging several years—or even more—behind on saving for retirement. However, some lesser-known “Social Security strategies” may assist in increasing your retirement earnings. For instance: one simple tactic could provide an additional $
 
 22,924
 
 More every year! After mastering strategies to optimize your Social Security benefits, we believe you can retired assuredly, achieving the sense of security everyone seeks.
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 disclosure policy
 .

4 Key Social Security Rule Updates Coming in April 2025

Unknown economics, retirement, retirement planning, social security, social welfare

If you receive Social Security benefits, you have probably adjusted to your updated payments over the past few months due to the 2.5% cost-of-living adjustment (COLA) implemented in January. Typical…

JP Morgan Predicts Bold Changes for Social Security and Retirement

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Retirement stands as one of the major financial objectives that many Americans aim to achieve, with savings typically starting quite early in their working lives.


 Nevertheless, the increasing cost of living has been intensified by inflation, which makes it challenging for employees to save regularly and for senior citizens to manage on their unchanging income. Even though pensioners receive a consistent income via Social Security, numerous individuals discover that these funds struggle to match up with escalating expenses of daily living.


 
 Don't overlook this—subscribe to their ad-free daily newsletter!
 


 Even though the future stability and financial health of Social Security are uncertain, the age at which people start receiving benefits can greatly affect their monthly payments as well as their overall lifestyle during retirement.


 JPMorgan outlines the significant part that Social Security benefits have in ensuring financial security during retirement and discusses strategies for saving money to cover increasing healthcare expenses faced by older individuals.

<img data-document-id="cms/api/amp/image/AA1wxPPr" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1wxPPr.jpg"/>
<h2>
 The age at which Americans say Social Security is essential for a successful retirement.
</h2>

 Social Security acts as a crucial support system for numerous retired Americans, providing an unvarying stream of income irrespective of their profession or when they were born. Nonetheless, choosing to start receiving these benefits at ages 62, 67, or 70 could lead to substantial differences in retirement finances.


 JPMorgan analysts found
 Those who postpone claiming Social Security benefits until later in life may end up receiving almost twice as much compared to individuals who start collecting them at age 62. This distinction might be crucial for allowing seniors to manage their finances without financial strain.
 yearly pay for employees earning the lowest allowed wages
 or the 2024
 average U.S. household earnings of around $62,000
 .


 
 More on retirement strategies:
 

<ul>
 <li>
 Tony Robbins cautions Americans about a Social Security error to steer clear of.
 </li>
 <li>
 Dave Ramsey delivers strong comments regarding Medicare for those who have retired.
 </li>
 <li>
 Suze Orman provides straightforward guidance on Social Security for those who have retired.
 </li>
</ul>

 Nevertheless, the optimal moment to retire and start claiming Social Security varies for each person based on their financial situation and individual health condition.


 By the age of 62, the probability of men living until they're 70 stands at around 85%, whereas for women, this figure rises to about 91%. Nevertheless, when these individuals reach 81 years old, only 53% of men and approximately 66% of women will still be alive. This data underscores that longevity significantly influences decisions regarding retirement savings strategies as well as planning for Social Security benefits among older adults.

<h2>
 HSAs could potentially be crucial for managing healthcare costs during retirement.
</h2>

 Although expenditure on leisure activities declines during retirement, expenses related to housing and health care increase as older adults get older.


 As per the analysis conducted by JP Morgan, individuals between the ages of 60 and 64 typically expend around $74,600 each year. In contrast, those aged from 75 to 79 have an annual expenditure of approximately $58,660, with most of this amount allocated towards living accommodations and medical expenses.


 
 Related: Your Social Security benefits could be altered due to a new regulation.
 


 Putting money into a Health Savings Account (HSA) can assist in covering those increasing expenses.
 HSAs are triple tax-advantaged
 This implies that tax benefits are provided for contributions, accrued interest, and withdrawals.


 
 HSA Contributions:
 
 Contributions are funded using money before tax, reducing your taxable income for the present year. Should these contributions be processed automatically via your employer’s payroll system, they would also not incur Medicare or Social Security taxes.


 
 HSA withdrawals:
 
 Money withdrawn from an HSA account isn’t taxed provided it’s utilized for approved medical costs.


 
 HSA accrued interest:
 
 HSA money carries over annually, which means that the growth within the account can remain untaxed for many years.


 Given that medical expenses tend to be substantial for senior citizens in America, it’s wise to prepare in advance to avoid being blindsided by health issues. A sufficiently funded Health Savings Account (HSA) can alleviate financial strain caused by healthcare costs throughout your golden years.


 
 Associated: Seasoned fund manager shares bold prediction for S&P 500

JP Morgan Predicts Bold Changes for Social Security and Retirement

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Retirement stands as one of the major financial objectives that many Americans aim to achieve, with savings typically starting quite early in their working lives. Nevertheless, the increasing cost …

Retirees Seek Better Lifestyles: Relocating Abroad Offers Lower Costs and Improved Living

Unknown living abroad, retirement, retirement planning, senior citizens, social security

<ul>
 <li>
 Financial advisors suggest that as older adults look to cut down on living costs and enhance their standard of living, moving overseas might be an attractive option.
 </li>
 <li>
 As of December 2023, over 450,000 retired individuals were collecting Social Security benefits abroad, which is an increase from less than 250,000 beneficiaries back in December 2003.
 </li>
 <li>
 Retirees might cut costs on accommodation and medical expenses when relocating abroad but should take various aspects into account prior to making such a move.
 </li>
</ul>
<img data-document-id="cms/api/amp/image/AA1pYR4u" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1pYR4u.jpg"/>

 Seniors looking to
 reduce expenses
 while enhancing their overall well-being might consider the notion of
 settling abroad
 appealing, financial experts say.


 To that extent, about one-third of retirees have moved either within their own country or abroad following their retirement, as reported by studies.
 new survey
 , which surveyed over 6,600 adult participants in the U.S. during early August.


 Several leading causes for retirees relocating included
 lower cost of living
 The survey revealed preferences for a more comfortable way of living or improved weather conditions.


 Although numerous senior citizens from America prefer settling in more affordable domestic locations, some are deciding to enjoy their retirement overseas instead.


 More than
 450,000 retirees
 were receiving Social Security benefits abroad as of December 2023, based on recent data from the Social Security Administration. This represents an increase from fewer than
 250,000 retirees
 in December 2003.


 As each year passes, we see an increase in this trend," stated certified financial planner Leo Chubinishvili from Access Wealth in East Hanover, New Jersey. "I believe this growth will persist.


 Despite
 cooling inflation
 , increased expenses continue to be a driving factor
 significant changes
 Regarding retirement plans, a 2024 survey conducted by Prudential Financial revealed.


 In the meantime, approximately 45% of American households are forecasted to
 come up short financially during retirement
 By exiting the labor force at 65 years old, based on a Morningstar model that examined expenditures, investments, life expectancy, and various other elements.


 However, certain retirees can make their savings last longer by residing in places where the cost of living is lower.
 lower cost of housing
 , healthcare and additional costs, based on their requirements, according to Chubinishvili.

<img data-document-id="cms/api/amp/video/AA1pYzAL" data-reference="video"/>
<h4>
 A lot of people who relocate seek cultural exchange.
</h4>

 CFP Jane Mepham, who founded Austin, Texas-based firm, mentioned that some retirees are driven to relocate internationally for the opportunity of "cultural exchange."
 Elgon Financial Advisors
 , where her expertise lies in international planning.


 She mentioned, 'There’s an element of adventure.' People are really eager to explore different places.


 Nevertheless, retiring abroad does necessitate
 advance planning
 For instance, you must comprehend visa regulations, residency conditions, local statutes, international taxation, and various logistical aspects.


 Additionally, you should investigate whether you can join the healthcare system of your new country or if you will need to buy private insurance. Medicare does not provide coverage outside the U.S., as mentioned by Mepham.

<h4>
 Consider your 'life priorities'
</h4>

 "Many individuals might find living overseas to be a cost-effective choice, contingent upon their lifestyle preferences," according to CFP.
 
 Jude Boudreaux
 
 , partner and senior financial planner with The Planning Center in New Orleans, who works with several expat clients.


 However, elements like closeness to elderly parents or grandchildren might significantly influence this choice, noted Boudreaux, who additionally serves as a member of 'sPid
 Financial Advisor Council
 .


 According to the survey, 36% of retirees who relocated aimed to be nearer to their families, which is just marginally less than the 37% searching for a reduced cost of living.

<img data-document-id="cms/api/amp/video/BB1mvRnR" data-reference="video"/>

 However, your retirement plans, such as deciding to reside overseas, might alter subsequently based on your situation, he mentioned.


 Boudreaux stated that everyone bases their decisions on personal life priorities, and having clarity on this aspect assists individuals in making sound choices.


 
 
 REGISTER NOW!
 
 Participate in the complimentary, online 'Women and Wealth' event on September 25th to gain insights from financial professionals who can assist in securing your financial future — be it as you return to work, embark on a new career path, or simply aim to enhance your understanding of personal finances. Sign up now.
 
 
 here
 
 
 .

Retirees Seek Better Lifestyles: Relocating Abroad Offers Lower Costs and Improved Living

Unknown living abroad, retirement, retirement planning, senior citizens, social security

Financial advisors suggest that as older adults look to cut down on living costs and enhance their standard of living, moving overseas might be an attractive option. As of December 2023, ov…

Working During Social Security Retirement: Key Things You Need to Know

Unknown personal finance retirement, retirement planning, social security, social welfare, work and pay

<img data-document-id="cms/api/amp/image/BB1qWNxw" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/BB1qWNxw.jpg"/>

 It's easy to associate
 collecting Social Security benefits
 When retiring, you have the option to continue working while collecting your benefits. This situation does present certain short-term challenges, yet these mainly hinge on the timing of when you first started receiving your benefits.


 If your birth date falls on or after January 2, 1960, your full retirement age is 67; however, you have the option to start receiving Social Security benefits earlier.
 as early as 62
 The "problem" when collecting benefits and still working prior to reaching full retirement age is that a part of your monthly Social Security Administration payout will be deducted. The important term here is "deducted"—it means the money isn’t permanently lost but rather set aside temporarily.


 Here, we’ll dissect what occurs when you earn income from employment and receive your retirement benefits concurrently, along with the modifications that will occur over time.


 To learn more, be sure not to miss the
 Social Security payment schedule
 and
 What actions should you take if your Social Security payment doesn’t arrive?
 .

<h2>
 What occurs if you receive benefits while also being employed?
</h2>

 If you're employed, receiving Social Security benefits, and under your full retirement age, your benefit amount will decrease. The SSA will deduct $1 for each $2 you earn over the yearly cap. In 2025, this limit is set at $23,400.


 The SSA's guide on
 How employment impacts your benefits
 provides a graph to help you understand the potential amount you could get, depending on your benefit sum and income.


 If you turn 65 in 2025, $1 will be deducted for every $3 over $62,160 that you earn. The Social Security Administration (SSA) will consider income only until the month prior to reaching your full retirement age; they won’t take into account your total yearly earnings. This is due to the fact that starting from the month when you attain your full retirement age, additional earnings will have no impact on reducing your benefits regardless of the amount you make.

<h2>
 Earning an income while collecting Social Security can boost your benefits at a later time.
</h2>

 If you earned wages and collected benefits prior to reaching your full retirement age, the Social Security Administration (SSA) will adjust your benefit amount starting from the month you turn that specific age. This adjustment provides compensation for the periods during which your benefits were reduced. Consequently, you have the opportunity to increase your benefit amount upon turning 67 by continuing to work before attaining full retirement age.


 There are alternative methods to increase your monthly benefit amount.


 Initially, when you file for Social Security retirement benefits, the SSA considers your highest-earning 35 years of work to calculate your monthly benefit amount.


 If you keep working and collecting benefits, and your income in 2025 surpasses that of any of the previous top-earning 35 years—one of those years would be substituted with your 2025 earnings, leading to an increased monthly benefit amount. Should your earnings fluctuate while you’re on benefits, it’s your duty to inform the Social Security Administration about any anticipated rise (or drop) in your yearly income.


 And finally, the beneficiaries can also consistently anticipate the benefits from it.
 Social Security cost-of-living adjustment (COLA) boost
 to increase their benefit amount, even if it is
 A small one, similar to what we see this year.
 .

<h2>
 What steps should I follow to apply for retirement benefits?
</h2>

 If you believe you're prepared to file for retirement benefits, you ought to begin by establishing a
 My Social Security account
 And locate the "apply for benefits" page. You can also refer to our guide on
 How to file for Social Security retirement benefits
 , too.


 To learn more about Social Security and retirement, be sure not to miss out on this additional information.
 aspects you ought to understand many years prior to your retirement
 .

Working During Social Security Retirement: Key Things You Need to Know

Unknown personal finance retirement, retirement planning, social security, social welfare, work and pay

It's easy to associate collecting Social Security benefits When retiring, you have the option to continue working while collecting your benefits. This situation does present certain short-term cha…

5 Key Benefits You Can Claim Online via the Social Security Website

Unknown employee benefits, retirement planning, social security, social services, social welfare

<img data-document-id="cms/api/amp/video/AA1xOcfs" data-reference="video"/>

 The Social Security Administration’s Public Affairs department remains dedicated to simplifying public access to its programs and benefits. Their website,
 SSA.gov
 provides a user-friendly method to submit an application for benefits via the internet.

<img data-document-id="cms/api/amp/image/AA1ym39A" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1ym39A.jpg">
 
 Interested in applying? Check out the current choices listed below:
 
 <h2 class="presto-h2 wp-block-heading">
 
 Retirement or spouse's benefits
 
 </h2>
 
 You must be at least 61 years and 9 months, and want your benefits to start in no more than 4 months. Apply at
 www.ssa.gov/retirement
 .
 
 <h2 class="presto-h2 wp-block-heading">
 
 Disability
 
 
 benefits
 
 </h2>
 
 You can utilize the online application at
 www.ssa.gov/disability
 to apply for disability benefits if you:
 
 <ul class="wp-block-list">
 <li>
 Are at least 18 years old.
 </li>
 <li>
 Cannot perform work duties due to a health issue anticipated to persist for at least one year or lead to death.
 </li>
 <li>
 Have not been denied disability benefits in the last 60 days. If your application was recently denied, you can appeal the decision online and request a review of the determination made. Please visit
 www.ssa.gov/apply/appeal-decision-we-made
 .
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Supplemental Security Income (SSI)
 
 </h2>
 
 SSI offers monthly financial support to individuals of all ages, including both adults and children, who suffer from a qualifying disability or blindness, provided they demonstrate limited income and minimal assets. Individuals aged 65 years and above, regardless of whether they have disabilities, can qualify for SSI benefits as long as their income and resources fall below specific thresholds. Certain disabled adults meeting particular criteria might apply online for these services. For additional information, please refer to the official website.
 www.ssa.gov/ssi
 If accessing the website isn’t possible, you can dial 1-800-772-1213 to set up an appointment. (For those who are deaf or have trouble hearing, please use the TTY/TDD line at 1-800-325-0778 instead.)
 
 
 
 
 Retirement earnings:
 
 Can you live comfortably after retirement with just Social Security benefits? We posed this question to seniors.
 
 
 <h2 class="presto-h2 wp-block-heading">
 
 Medicare
 
 </h2>
 
 Medicare is a government health insurance program designed for:
 
 <ul class="wp-block-list">
 <li>
 Individuals who are 65 years old or more.
 </li>
 <li>
 Newer employees who have been receiving disability payments for two years.
 </li>
 <li>
 Individuals suffering from end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS). It's important to note that they are exempt from the two-year waiting period.
 </li>
 <li>
 If you haven’t started receiving Social Security benefits yet, you ought to apply for Medicare three months prior to your 65th birthday.
 www.ssa.gov/medicare
 Consider reviewing your Medicare choices even if you're still employed and have coverage from an employer group health plan (or your spouse’s employer health plan via their ongoing employment).
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Additional assistance with Medicare prescription drug expenses
 
 </h2>
 
 The Extra Help program assists Medicare recipients with expenses related to prescription drugs, such as deductibles and copayments. Individuals enrolled in Medicare who require financial support for medication costs may apply for Extra Help.
 www.ssa.gov/medicare/part-d-extra-help
 .
 
 
 Kindly pass along this information to anyone who needs it.
 
 
 Kylle' D. McKinney serves as a Social Security Public Affairs Specialist in Alabama.
 
 
 The article initially appeared in the Montgomery Advertiser.
 The five advantages you can secure through the Social Security website are available for your use.
 
</img>

5 Key Benefits You Can Claim Online via the Social Security Website

Unknown employee benefits, retirement planning, social security, social services, social welfare

The Social Security Administration’s Public Affairs department remains dedicated to simplifying public access to its programs and benefits. Their website, SSA.gov provides a user-friendly method t…

Five benefits you can apply for on the Social Security website

Unknown employee benefits, retirement planning, social security, social services, social welfare

<img data-document-id="cms/api/amp/video/AA1xOcfs" data-reference="video"/>

 Social Security Public Affairs continues to make it easier for the public to access programs and benefits. The website,
 SSA.gov
 , offers a convenient way to apply online for benefits.

<img data-document-id="cms/api/amp/image/AA1ym39A" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1ym39A.jpg">
 
 Want to apply? See below for the latest options:
 
 <h2 class="presto-h2 wp-block-heading">
 
 Retirement or spouse's benefits
 
 </h2>
 
 You must be at least 61 years and 9 months, and want your benefits to start in no more than 4 months. Apply at
 www.ssa.gov/retirement
 .
 
 <h2 class="presto-h2 wp-block-heading">
 
 Disability
 
 
 benefits
 
 </h2>
 
 You can use the online application at
 www.ssa.gov/disability
 to apply for disability benefits if you:
 
 <ul class="wp-block-list">
 <li>
 Are age 18 or older.
 </li>
 <li>
 Are unable to work because of a medical condition that is expected to last at least 12 months or result in death.
 </li>
 <li>
 Have not been denied disability benefits in the last 60 days. If your application was recently denied, you can appeal the decision online and request a review of the determination made. Please visit
 www.ssa.gov/apply/appeal-decision-we-made
 .
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Supplemental Security Income (SSI)
 
 </h2>
 
 SSI provides monthly payments to adults and children with a disability or blindness who have limited income and few resources. People age 65 and older without disabilities who have limited income and resources may also be eligible for SSI.  Some adults with disabilities who meet certain requirements may complete the application process online. To learn more, visit
 www.ssa.gov/ssi
 . If you cannot visit the website, you can call 1-800-772-1213 to schedule an appointment. (If you are deaf or hard of hearing, you may contact the TTY/TDD number, 1-800-325-0778.)
 
 
 
 
 Retirement earnings:
 
 Is it possible to retire comfortably on Social Security alone? We asked seniors.
 
 
 <h2 class="presto-h2 wp-block-heading">
 
 Medicare
 
 </h2>
 
 Medicare is a federal health insurance program for:
 
 <ul class="wp-block-list">
 <li>
 People age 65 or older.
 </li>
 <li>
 Younger workers who have received disability benefits for 24 months.
 </li>
 <li>
 People with end-stage renal disease (ESRD) or Amyotrophic lateral sclerosis (ALS). Note: They do not have a two-year waiting period.
 </li>
 <li>
 If you are not already receiving Social Security benefits, you should apply for Medicare up to 3 months before turning age 65 at
 www.ssa.gov/medicare
 . You should consider your Medicare options even if you are still working and covered under an employer group health plan (or your spouse’s employer health plan through their active employment).
 </li>
 </ul>
 <h2 class="presto-h2 wp-block-heading">
 
 Extra help with Medicare prescription drug costs
 
 </h2>
 
 The Extra Help program helps Medicare beneficiaries with prescription drug costs, like deductibles and copays. People on Medicare who need assistance with the cost of their medications can apply for Extra Help at
 www.ssa.gov/medicare/part-d-extra-help
 .
 
 
 Please share this information with those who need it.
 
 
 
 Kylle’ D. McKinney is an Alabama Social Security Public Affairs Specialist
 
 
 
 
 This article originally appeared on Montgomery Advertiser:
 Five benefits you can apply for on the Social Security website
 
 
</img>

Five benefits you can apply for on the Social Security website

Unknown employee benefits, retirement planning, social security, social services, social welfare

Social Security Public Affairs continues to make it easier for the public to access programs and benefits. The website, SSA.gov , offers a convenient way to apply online for benefits. Want to …

41 U.S. States Where Social Security Is Tax-Free in 2025

Unknown retirement, social security, social welfare, tax policy and law, taxes

<img data-document-id="cms/api/amp/image/AA1jARGU" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1jARGU.jpg"/>

 Social Security holds significant importance for numerous Americans.
 retirement
 In reality, 40% of Americans aged 65 and above depend on Social Security for more than half of their income.
 according to the AARP
 Moreover, the location where you reside can significantly impact the amount of your Social Security check that you actually get to retain.


 
 Be Aware:
 8 Frequent Errors Retirees Commit When Handling Their Social Security Payments
 


 
 Check Out:
 4 Minimal-Risk Strategies To Grow Your Retirement Fund in 2025
 


 Up to 85% of your Social Security benefits may be liable for federal tax based on your income level, and additionally, some states might impose their own income taxes on these benefits. The good news is that not all states do this.
 tax Social Security
 will shrink, with just nine expected to follow suit in 2025.


 "The roster of states that don’t impose taxes on Social Security is significantly more extensive than those that do," stated Brian Kuhn CFP, CLU, SVP and financial advisor.
 Wealth Enhancement Group
 And every state establishes its own regulations, which can vary over time, as has been seen lately in Missouri and Nebraska.


 In 2024, Missouri and Nebraska opted to eliminate taxes on Social Security benefits. Kansas followed suit halfway through the year after signing relevant legislation, making similar changes.
 The state will no longer tax Social Security moving forward.
 .


 Making passive income does not have to be complicated.
 You can begin this week.

<h2>
 Just 9 States Will Impose Taxes on Social Security in 2025
</h2>

 In 2025, only nine states will impose taxes on Social Security benefits. These states are:

<ul>
 <li>
 Colorado
 </li>
 <li>
 Connecticut
 </li>
 <li>
 Minnesota
 </li>
 <li>
 Montana
 </li>
 <li>
 New Mexico
 </li>
 <li>
 Rhode Island
 </li>
 <li>
 Utah
 </li>
 <li>
 Vermont
 </li>
 <li>
 West Virginia
 </li>
</ul>

 Kansas has been removed from this list, and West Virginia is gradually eliminating Social Security taxes, with no state income tax on Social Security beginning in 2026.


 "Every state includes tax rules that might offer deductions for people under specific income levels or age limits, which makes each one distinct," Kuhn explained.


 
 Learn More:
 I'm Retired and I Regret Taking Social Security at Age 70 — Here Are the Reasons
 

<h2>
 Many states will not levy taxes on Social Security benefits in 2025.
</h2>

 A majority of states, specifically 41 along with Washington, D.C., will not impose taxes on your
 Social Security benefits
 In 2025, according to existing legislation.


 These states are:

<ul>
 <li>
 Alabama
 </li>
 <li>
 Alaska
 </li>
 <li>
 Arizona
 </li>
 <li>
 Arkansas
 </li>
 <li>
 California
 </li>
 <li>
 Delaware
 </li>
 <li>
 Florida
 </li>
 <li>
 Georgia
 </li>
 <li>
 Hawaii
 </li>
 <li>
 Idaho
 </li>
 <li>
 Illinois
 </li>
 <li>
 Indiana
 </li>
 <li>
 Iowa
 </li>
 <li>
 Kansas
 </li>
 <li>
 Kentucky
 </li>
 <li>
 Louisiana
 </li>
 <li>
 Maine
 </li>
 <li>
 Maryland
 </li>
 <li>
 Massachusetts
 </li>
 <li>
 Michigan
 </li>
 <li>
 Mississippi
 </li>
 <li>
 Missouri
 </li>
 <li>
 Nebraska
 </li>
 <li>
 Nevada
 </li>
 <li>
 New Hampshire
 </li>
 <li>
 New Jersey
 </li>
 <li>
 New York
 </li>
 <li>
 North Carolina
 </li>
 <li>
 North Dakota
 </li>
 <li>
 Ohio
 </li>
 <li>
 Oklahoma
 </li>
 <li>
 Oregon
 </li>
 <li>
 Pennsylvania
 </li>
 <li>
 South Carolina
 </li>
 <li>
 South Dakota
 </li>
 <li>
 Tennessee
 </li>
 <li>
 Texas
 </li>
 <li>
 Virginia
 </li>
 <li>
 Washington
 </li>
 <li>
 Wisconsin
 </li>
 <li>
 Washington, D.C.
 </li>
 <li>
 Wyoming
 </li>
</ul>
<h2>
 How Much do Retirees Save on Social Security Taxes in Those States?
</h2>

 Kuhn pointed out that you can calculate how much you’re saving on taxes — assuming you live in a state that does not tax Social Security benefits — by looking up the effective rate of tax you paid to your state for all taxed income sources and applying that to your total Social Security benefits.


 "For instance, if your effective tax rate in your state was 5% and you received $30,000 in Social Security benefits, this would result in savings of $1,500," explained Kuhn.


 This rule, however, doesn’t cover every scenario. Even within states where Social Security income is taxable, not everybody faces the complete tax burden. Take Colorado as an instance; people aged 65 years and above could exempt federal taxes on their Social Security from state taxation starting in 2022. By 2025, this total exemption will extend to those between 55 and 64 years old whose yearly adjusted gross incomes do not exceed $75,000 individually or $95,000 collectively when married and filing jointly.


 Therefore, it's crucial to examine the particular regulations of your state along with your individual tax circumstances.


 Nevertheless, when looking at the overall picture, the savings accumulated by retirees who do not pay taxes on their benefits are quite remarkable.


 “For example, in Missouri, retirees stand to collectively save about $309 million annually,” stated Jeff Rose, CFP, who is the founder of
 Good Financial Cents.
 In Nebraska, the amount is around $17 million. This significant sum stays with retirees rather than getting absorbed by state taxes.


 
 Jake Safane
 were involved in the research and writing of this piece.
 


 
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 The piece initially surfaced on
 :
 41 States That Don't Impose Taxes on Social Security Benefits in 2025

41 U.S. States Where Social Security Is Tax-Free in 2025

Unknown retirement, social security, social welfare, tax policy and law, taxes

Social Security holds significant importance for numerous Americans. retirement In reality, 40% of Americans aged 65 and above depend on Social Security for more than half of their income. accord…

3 Essential Social Security Rules Every retiree Should Know by 2025

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Like most programs, Social Security comes with numerous regulations. Many of these guidelines could seem straightforward — for instance, you can start receiving benefits at age 62, and postponing your application can result in higher payouts up to a certain limit. Regardless of whether you plan to apply for Social Security benefits soon or have already begun collecting them, understanding some crucial aspects of the system would serve you well.

<h2>
 1. Understanding how marital benefits function
</h2>

 It’s commonly stated that if you wish to receive Social Security during retirement, you must have worked and contributed to the system for many years. This holds mostly true; however, an alternative route exists for those lacking their own employment record—spousal benefits.


 
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<div class="image">
 <img data-document-id="cms/api/amp/image/AA1xzoTe" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1xzoTe.jpg"/>
</div>

 You might qualify for spousal benefits according to your present or ex-spouse's earnings record. However, it’s crucial to understand how these spousal benefits operate.


 Initially, you have the option to claim spousal benefits when you reach 62 years of age. However, should you decide to apply for these spousal benefits before actually attaining full retirement age,
 full retirement age
 , ultimately resulting in receiving a reduced monthly sum for the rest of your life.


 As mentioned, when you attain your full retirement age, it makes sense to start claiming spousal benefits immediately. The Social Security Administration grants individuals who file for benefits based on their own income history the ability to earn delayed retirement credits by enrolling past their full retirement age. These credits enhance their monthly benefit amounts. Nevertheless, these credits do not apply to spousal benefits; hence, delaying claims does not provide additional advantages.


 It’s important to be aware that your spousal benefit has an upper limit of 50% of what your spouse could receive when they reach their full retirement age. Additionally, you must ensure that your spouse enrolls in Social Security benefits before you can start collecting spousal benefits.
 Social Security
 To be eligible for spousal benefits when married, whereas if you're divorced, you do not need to await your former spouse’s status.

<h2>
 2. What occurs when you attempt to reverse the process of submitting your paperwork?
</h2>

 Did you know that if you file for Social Security prematurely and later decide you made a mistake, you have the chance to reverse your application? Although this opportunity is limited to just one time during your life, it is an option. However, certain rules must be adhered to.


 Initially, you must withdraw your benefit application within one year from when you started receiving benefits. Additionally, you will be required to reimburse the entire amount received from the Social Security Administration so as to have another opportunity for future filings. Should this arrangement suit your circumstances, it may allow you to rescind an initial premature claim and instead enroll at an older age to secure larger monthly payouts.

<h2>
 3. What level of income allows you to keep your benefits?
</h2>

 Recipients of Social Security are permitted to receive their benefits even when they continue to work. When you reach your full retirement age, you can earn as much income as you want without worrying about losing any benefits due to this restriction. However, before reaching that specific age threshold, you will be governed by certain limits on how much you can earn through employment.


 For this year, the cap stands at $23,400, after which $1 will be withheld from your Social Security benefits for every additional $2 earned. Should you reach your full retirement age in 2025, the earnings test threshold you must adhere to is set at $62,160. Past this mark, $1 will be deducted from your Social Security benefit for each extra $3 earned.


 Making excessive income from work might reduce your monthly Social Security benefit to almost zero. Therefore, you should calculate the figures to determine what works best for your circumstances.


 Navigating Social Security’s many regulations can be quite challenging. The elements mentioned previously represent some of the most complex parts of the program. Therefore, if any of these situations pertain to your circumstances, it's crucial to understand them for this year.

<h2>
 The $
 
 22,924
 
 The Social Security benefit many seniors fail to notice.
</h2>

 If you’re similar to many Americans, you might be lagging several years—or even more—behind on saving for retirement. However, some lesser-known “Social Security strategies” may assist in increasing your retirement earnings. For instance: one simple method could earn you an additional $
 
 22,924
 
 More every year! After mastering strategies to optimize your Social Security benefits, we believe you can retire with confidence and achieve the peace of mind everyone seeks.
 Just click here to find out how you can learn more about these techniques.


 
 Check out the "Social Security secrets" »
 


 The Motley Fool possesses a
 disclosure policy
 .

3 Essential Social Security Rules Every retiree Should Know by 2025

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Like most programs, Social Security comes with numerous regulations. Many of these guidelines could seem straightforward — for instance, you can start receiving benefits at age 62, and postponing yo…

Turning 62 in 2025? 3 Things to Know Before Applying for Social Security

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Reaching the age of 62 is quite significant. This often represents the conclusion of a long-term professional journey for numerous individuals. Additionally, this age brings with it access to Social Security benefits, which serve as an essential financial resource for many who have retired.


 Applying for Social Security benefits is a significant choice, one that can be hard to reverse. Should you be thinking about filing for benefits in 2025, there are several points you should keep in mind.


 
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</div>
<h2>
 1. You cannot apply for benefits unless you have reached your full 62nd birthday for the complete month.
</h2>

 You can file for Social Security benefits up to four months prior to when you intend to start receiving them, though most individuals become eligible after reaching age 62. The rules state that you have to reach your full 62nd year—meaning the entirety of that birth month—to qualify for benefit payments.


 Should you have been born on either the 1st or the 2nd day of any month, your birth month itself marks when you become eligible for Social Security benefits. However, if your birthday falls on any other date within the month, you must wait until the following month to start claiming these benefits.


 Remember that the Social Security Administration releases payments in the month following their scheduled date. So, if you reach age 62 on March 21, 2025, you will not qualify for benefits until April 2025, with your initial payment arriving in May 2025.


 Moreover, the date during the month when you receive your payments relies on the birthdate as outlined below:

<ul>
 <li>
 
 Born on the 1st to the 10th:
 
 Second Wednesday of the month
 </li>
 <li>
 
 Born on the 11th to the 20th:
 
 Third Wednesday of the month
 </li>
 <li>
 
 Born on the 21st to the 31st:
 
 Fourth Wednesday of the month
 </li>
</ul>

 So in our example, you might turn 62 on March 21, 2025, but you won't actually receive your first check until May 28, 2025. You'll need other income sources to cover your expenses until then.

<h2>
 2. Claiming at 62 could permanently reduce your benefit
</h2>

 Claiming Social Security at any point under your
 full retirement age (FRA)
 reduces your monthly checks. Your FRA depends on your birth year, but it will be somewhere between 66 and 67.


 You lose five-ninths of 1% per month for your first 36 months of early claiming. If you apply even earlier, you lose another five-twelfths of 1% per month. That means those who apply immediately at 62 reduce their monthly checks by 25% if their FRA is 66, or 30% if their FRA is 67. That's enough to drop the $1,967 average monthly benefit in 2025 to as low as $1,377 per month.


 This doesn't mean claiming early is always the wrong choice. It might be your best move if you have a short life expectancy or don't have enough other income to make ends meet. But if neither of these issues apply to you,
 delaying Social Security will likely lead to a larger lifetime benefit
 .


 And you don't have to stop at your FRA, either. You can continue to grow your checks past your FRA by two-thirds of 1% per month until you qualify for your maximum benefit at 70.

<h2>
 3. You could reduce the survivors benefits available to your family members
</h2>

 Social Security survivors benefits are available to your spouse and dependents after you pass away. If you weren't already claiming Social Security, they're based on the relationship of the family member and your primary insurance amount (PIA) -- the benefit you're entitled to at your FRA. But if you were actively claiming benefits, your family's survivors benefits are based on the amount you received instead.


 If you claim early, you're not only reducing the size of your own monthly checks, but you're also shrinking the amount your family will get after you pass away. For this reason, you may prefer to hold off on claiming Social Security if you don't need the money right away.


 Note that the rules for survivors benefits differ from those of
 spousal benefits
 . With spousal benefits, the spouse's maximum benefit is always one-half of the worker's PIA, regardless of when the worker applies for Social Security. However, the spouse can't claim a spousal benefit until the worker has signed up. Also, if the spouse claims benefits under their own FRA, they could reduce their own checks.


 If you have any questions about your Social Security benefits, it's smart to clarify these with online research or by reaching out to the Social Security Administration before you apply. It's possible to undo your Social Security claim within the first 12 months if you change your mind. But you'd have to pay back all the benefits you'd already received. This is tough for most people to do, so it's best to wait to sign up until you're confident you're ready.

<h2>
 The $
 
 22,924
 
 Social Security bonus most retirees completely overlook
</h2>

 If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $
 
 22,924
 
 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.
 Simply click here to discover how to learn more about these strategies.


 
 View the "Social Security secrets" »
 


 The Motley Fool has a
 disclosure policy
 .

Turning 62 in 2025? 3 Things to Know Before Applying for Social Security

Unknown personal finance retirement, retirement, retirement planning, senior citizens, social security

Reaching the age of 62 is quite significant. This often represents the conclusion of a long-term professional journey for numerous individuals. Additionally, this age brings with it access to Social…

Can You Retire Comfortably with Just Social Security? Here’s What Seniors Say

Unknown personal finance retirement, retirement, retirement planning, social security, social welfare

Can one maintain a comfortable lifestyle during retirement relying solely on Social Security benefits?


 Yes and no.


 Alden and Dena Swartz receive approximately $4,000 each month from Social Security, the federal initiative meant to assist Americans during their golden years. Despite this, they find themselves facing difficulties.


 
 Begin your day with more knowledge. Receive all essential news directly in your inbox every morning.
 


 Gail Randle along with her partner, Mike DellaVolpe, receive just $2,400 monthly from their Social Security benefits: approximately $30,000 annually. Despite this income, they manage to get by adequately.


 We are thrifty folks," explained Randle, who is 73 years old. "Pretty much everything in our home has been reused or salvaged. You know, stuff we got from thrift stores. But it all looks good and functions well.


 Social Security was not designed to cover the entire expense of retirement. Typically, the benefits provide only a portion of what retirees need.
 covers about 40%
 A worker’s pre-retirement income is part of this concern. The amount might decrease further as the Social Security system expects a funding gap by 2035, says the Congressional Budget Office. President-elect Donald Trump suggests eliminating taxes on Social Security benefits, potentially draining the fund even more.
 two years sooner
 .


 The majority of Americans believe you require at minimum
 $1 million
 At the bank, above Social Security benefits, for a comfortable retirement. Financial institutions and media narratives endorse this mindset: Aim to save
 10 times your yearly salary
 Before you step down from your job, popular advice recommends, if you wish to maintain your current standard of living.


 However, the issue remains: The majority of Americans do not come close to saving this amount. According to data from the federal Survey of Consumer Finances, families aged between 65 and 74 who have a retirement account typically accumulate around $200,000. This figure applies only to roughly half of these household units.
 own retirement accounts altogether
 .


 So, here’s the question: How are those individuals faring?


 Just fine, says
 Andrew Biggs
 , a senior fellow at the American Enterprise Institute think tank. He wrote an essay that
 went viral this year
 He argues that you can achieve retirement with significantly less than $1 million saved; according to him, having between $50,000 and $100,000 in your nest egg should suffice.


 Biggs cites another federal document, the Survey of Household Economics and Decisionmaking, as evidence. This survey queried retirees between the ages of 65 and 74 about their financial management. Approximately 85% reported that they were handling their finances adequately.


 Once people retire, "they significantly reduce their spending," according to Biggs. "Much of the hustle and bustle associated with work tends to diminish once retired."


 To put this idea to the test, USA TODAY contacted retired individuals nationwide who primarily rely on Social Security income and asked about their experiences. Assistance for this effort was provided by the
 r/retirement community
 On Reddit, where its 83,000 members frequently discuss these topics.


 This is what we were informed.

<h2 class="presto-h2 wp-block-heading">
 'I've put in tremendous effort throughout my entire life.'
</h2>

 Gail Randale’s strategy for enjoying her retired life heavily involves avoiding difficulties.


 “She stated, ‘I abstain from alcohol, I don’t smoke, we stay out of trouble so we’re not arrested or end up in jail,’ adding that we also avoid getting into disputes with others.’”


 Randle enjoyed an extensive career in the Army and Army Reserve, where he served as both a colonel’s clerk and a general’s driver. He also ventured into property management and occasionally worked nights as a cocktail waitress. During his last 16 years of full-time employment, he ran a retail business. "An adult one," he specified. "Selling clothing for strippers."


 In 2016, when she reached the age of 65, she decided to retire. She believed that she had earned it.


 I've put in immense effort throughout my life, often juggling two or even three jobs," she stated. "Adding the commitment to the Army Reserves only made it more challenging.


 Despite all her efforts, Randle has managed to save just $2,000 for her retirement. Her sole income source is a small annuity providing roughly $500 monthly, which will cease in a few years.


 Thus, Randle and her partner, Mike DellaVolpe, aged 82, primarily rely on Social Security for their survival. Their total monthly benefit amounts to approximately $2,400.


 The funds stretch further than you'd imagine.


 Before retiring, Randle mentioned, "I implemented several changes to simplify my future." She explained, "We decided it was necessary to acquire a new vehicle and refurbish our swimming pool." This year, she successfully cleared her mortgage of $82,000 for her residence in Clearwater, Florida.


 She has two adult children who are self-sufficient. Both she and her companion like to live frugally.


 “She mentioned that they are quite thrifty,” she explained. “Whenever they see those menu options, they think, ‘This is outrageous. There’s no way we’ll spend that much when we could easily cook something nicer ourselves.’”


 During their most recent outing for dinner, Randle remembered saying, "I ordered a small pizza for $11, and Mike went for an Italian beef which also cost $11." The total amount they paid came to $23.


 “She mentioned they have a spot they visit for breakfast. It’s run by Greeks, so you can be sure it’s excellent, with the meal costing $6.50.”

<h2 class="presto-h2 wp-block-heading">
 'I never intended to age.'
</h2>

 Surviving on Social Security is one challenge. Thriving comfortably is an entirely different issue, as Alden and Dena Swartz have discovered.


 Alden Swartz held a favorable position at a company dealing with packaging products, where his role involved collaborating with a group focused on selling packaging machinery: "For instance," he explained, "anything related to producing a bottle of ketchup and ensuring it could be shipped safely."

<img data-document-id="cms/api/amp/slideshow/BB1jSif0" data-reference="slideshow"/>

 In 2019, the company underwent restructuring, "and as a result, I was moved out of my role," Swartz stated. He decided to retire when he reached 64 years old.

<img data-document-id="cms/api/amp/image/AA1uF4Yk" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1uF4Yk.jpg"/>

 Everything appeared fine. The Swartzes received more than $3,000 per month from their Social Security benefits. They resided in an impressive mansion: a 4,800-square-foot, burgundy brick Italianate gem constructed in 1859 located in Lafayette, Indiana. Having purchased it during a downturn in the real estate market, they invested substantial funds into refurbishments. Their regular mortgage payment amounted to $1,180.


 Next, life intervened. The Swartzes discovered they were going to become grandparents for the first time. This joyful news came from South Korea.


 Their daughter got married to a South Korean man and settled down there. Determined not to miss this joyous occasion, the Swartz family shifted their base to South Korea in 2019, making sure they were present for the birth.


 The housing system operates quite distinctively in South Korea. Since the Swartz family was looking at staying for a considerable period, they opted to lease an apartment instead. For this arrangement, they needed to put down a deposit of $100,000, even though the monthly rent came out to just $900. In order to gather these funds, the Swartzes decided to sell their cherished house.


 When the pair departed from South Korea earlier this year, they recovered their deposit; however, it amounted to $28,000 less due to the US dollar appreciating against the South Korean won.


 When they came back to the United States, the Swartzes discovered that house prices in Lafayette had skyrocketed, and interest rates had become twice as high.


 And when you put all these elements together," Swartz stated, "it becomes impossible for us to recreate what we originally had before we departed.


 The pair had no choice but to lease. Currently, they are obligated to pay $1,800 each month for a more modest dwelling located in a less affluent neighborhood.


 "I'm more concerned about the safety of the neighborhood than I am about the downsizing," Swartz stated.


 For the relocation, the couple sold all of their furniture and has now equipped their rented place with affordable purchases from Facebook Marketplace. Nearly every item is second-hand.


 Nevertheless, the Swartz family's finances appear uncertain. Their combined monthly income includes $3,890 from Social Security and $240 from two modest pensions. However, they spend at least $2,200 each month on rent and utility bills, which amounts to over half of their earnings.


 To make ends meet, the couple needed to use their modest emergency savings fund. Although each of them has an IRA, they've refrained from withdrawing anything from these accounts, "since they're relatively small," totaling around $40,000 collectively, as Alden Swartz mentioned.


 We'll need to decide this coming spring what course of action to take, otherwise I will keep depleting our savings," he stated. "Furthermore, I can't find any means to replenish those funds.


 Swartz mentioned he might attempt to secure a part-time position at Starbucks. He and his spouse maintain a modest lifestyle.


 We rarely dine out since we prefer our homemade meals," he stated. "Our travels will now focus solely on attending family gatherings." In previous times, this pair explored Europe and South America and even sailed through the South Pacific, however, those adventures won't be part of their plans anymore.


 Swartz spent his childhood on a farm operating tractors, hence such hardships do not cause him much pain.


 "I've led a fantastic life. I have an amazing family," he stated.


 However, he blames himself for failing to amass a bigger retirement savings during his working years.


 There isn’t anyone truly to blame for our present financial shift except myself," he stated, "since I knew I would never grow old.

<h2 class="presto-h2 wp-block-heading">
 'We really don’t require much.'
</h2>

 After 14 years of enjoying their retirement, Suzanne and Susie Leedy can confirm that it is indeed feasible to live on just Social Security.


 In 2010, Suzanne left her position in the real estate sector. Susie, who works as a registered nurse, deals with multiple sclerosis and has received disability benefits since 2008.


 They possessed some savings, yet neither individual owned a retirement savings account. Instead, they had a history of employment. Together, their monthly Social Security benefits amounted to $4,500.


 "I am deeply grateful that our careers positioned us at the upper tier" of Social Security earnings, Suzanne Leedy stated. The typical benefit check amounts to
 about $1,900
 .

<img data-document-id="cms/api/amp/image/AA1uF4Yn" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1uF4Yn.jpg"/>

 After retiring, the Leedys resided in Alexandria, Virginia, which is an upscale, expensive suburb of Washington, D.C.


 "My mother was 92 years old, and we realized that she needed to live with us because she couldn't manage on her own anymore," Suzanne Leedy stated. "At that time, I made up my mind to leave Northern Virginia" in pursuit of a more affordable place to live.


 Suzanne's parents possessed a timeshare at Massanutton, a resort close to Shenandoah National Park. They chose to relocate there, and Suzanne's mother consented to join them.


 Susie Leedy’s mother passed away one year following the relocation, and Mom died only two months after we moved. The partners came into possession of sufficient funds to purchase a house and permanently establish themselves in rural Virginia.


 "As it turned out, it was precisely sufficient to purchase the house," Suzanne Leedy stated. They acquired it with cash.


 The pair adapted to living within their new financial limits.


 I believe travel was the first activity we had to eliminate," Suzanne Leedy stated. Susie was from England, and Suzanne had intended for her to experience "as much of the United States as possible." She mentioned, "We went on trips to the West Coast, visited Olympic National Park, things like that.


 Leedy mentioned, "We also got rid of our second car. We recognized that whenever we ventured out, we were always going together."


 She mentioned, "In the past, they would dine out perhaps once every seven days. However, nowadays, they prefer hosting friends at home for meals or visiting others instead. They believe this new routine has improved their diet quality significantly, plus added much more enjoyment."


 Four years back, money became more strained for them after Susie suffered a stroke. Currently, the pair deals with continuous healthcare costs. Nonetheless, they manage to scrape by.


 At a certain stage, you come to understand that I'm 79 years old," Suzanne Leedy stated. "We don't require much anymore. Our lives are quite pleasant, and we have plenty of wonderful friendships.

<h2 class="presto-h2 wp-block-heading">
 'I'll always have a place to stay'
</h2>

 Sheri Makasini’s experience with retirement might serve as a perfect example in textbooks, showing that numerous Americans find it impossible to live solely on Social Security benefits, even within the confines of a trailer park.


 Makasini, who is 68 years old, had a house in an Florida RV park. However, her monthly Social Security benefit of $1,800 wasn’t enough for her to maintain ownership. The cost of renting the land where her home stood amounted to over $800 per month, not including the loan installments for the property itself.


 She listed her mobile home for sale and succeeded in selling it even while taking time out for interviews with USA TODAY. After settling the loan, she will net around $12,000.


 Makasini lives now with her daughter in Euless, Texas. Daughter Michelle Makasini makes a good living as a social media manager for the Hilton hotel chain.


 I feel fortunate since she believes in taking care of her parents,' Sheri Makasini stated. 'This means I'll never end up homeless.'

<img data-document-id="cms/api/amp/image/AA1v5ABc" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1v5ABc.jpg"/>

 Makasini dedicated her professional life to the airline catering sector. She began her journey in this field as
 Air 1
 One among many new airlines that emerged and disappeared following the deregulation of the industry during President Ronald Reagan’s tenure in the 1980s. Later, she was employed by US Airways, American Airlines, and various other aviation companies.


 In 2000, Makasini’s life trajectory was altered due to a divorce. She single-handedly brought up her daughter without receiving any form of child support. The turbulent nature of the aviation sector, marked by mergers and closures, led to periods of unemployment for her. This situation compelled her to use all her limited 401(k) retirement funds merely to make ends meet.


 In 2012, Michelle Makasini gave birth to a child, and Sheri found herself grappling with the challenge of supporting her daughter along with her grandson. During this period, Michelle was making $11 per hour.


 Sheri Makasini opted for Social Security as soon as possible when she turned 62.


 I had no alternative source of income," she explained. "If I had waited until I was 65 or 67, it would've been around $2,100 to $2,200 per month. Currently, though, I receive about $1,600 monthly post-Medicare deductions: 'It’s not substantial.'


 Michelle Makasini has proposed constructing an in-law suite for her mother on her land, but this might not happen for several years. Until then, Sheri Makasini intends to move to Missouri to stay closer to some of her brothers and sisters. Currently, she is awaiting placement on a waitlist for a senior citizen subsidy apartment. The rent for such accommodation would amount to approximately $800 per month, which equates to around half of her monthly Social Security benefit.


 “She mentioned that merely surviving isn’t ideal. However, that’s how things stand at the moment.”

<h2 class="presto-h2 wp-block-heading">
 'I prefer not to dine out. I enjoy cooking.'
</h2>

 By the time she reached 64 years old, Patricia Douglas has gained extensive experience in surviving on Social Security and managing her budget.


 At the age of 52, Douglas had to retire prematurely from his role as a medical analyst at a hospital in New Orleans due to heart issues. His monthly pension began at approximately $900.


 It wasn't easy at the beginning," she remarked. "The paycheck was very small.


 Currently, Douglas gets approximately $1,100 each month from Social Security disability benefits. When she reaches 65 next year, Douglas will start receiving her Social Security retirement benefits as well as the majority of the benefits that were intended for her late spouse. Her husband passed away in 2009.


 She will feel prosperous at that time. To what extent, she isn’t sure; Douglas mentions she hasn’t managed to figure out how to use the Social Security website to check her benefits.


 For the time being, she manages.

<img data-document-id="cms/api/amp/image/AA1uF9Wy" data-reference="image" src="https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1uF9Wy.jpg"/>

 It’s difficult to understand how Douglas manages to meet all her financial obligations with just her $1,100 Social Security check having to stretch over her $1,000 mortgage payment. She relies on food stamps for assistance. Each day she dedicates about six hours volunteering at Catholic Charities, which compensates her modestly—approximately $100 per week along with some additional expenses.


 “She mentioned that she looks out for anything that’s free,” he stated. "And if something isn’t completely free, it’s almost free." Douglas spends just ten dollars monthly on her internet service via a Cox offer designed specifically for lower-income U.S citizens. Her television setup includes a Roku device and she exclusively watches content that doesn’t cost extra. The exception to this budget-friendly approach is her subscription to Amazon Prime.


 I prefer cooking at home rather than eating out," she stated. "Given that it's only me, I've reduced my portion sizes. A bowl of cereal satisfies me completely. Similarly, a peanut butter and jelly sandwich is enough for me.

<h2 class="presto-h2 wp-block-heading">
 'We earned $150,000, we also spent $150,000'
</h2>

 For Ken and Kathy Larson, a cozy retirement has revolved around scaling down.


 The pair possessed a residence along the Fox River in Batavia, Illinois, which is near Chicago. His income reached upwards of $150,000 annually, including bonuses, courtesy of his work at Hewlett Packard Enterprise in the IT sector. The Larsons were frequent travelers.


 "We earned $150,000, and we also spent exactly the same amount," Ken Larson stated.


 Larson kept a calendar page from June 2019 pinned above his desk for amusement. This particular month marked when he intended to step down at the age of 65. On June 1st, as a joke, he penned "Company eliminates pension." Then, on June 5th, he added humorously, "Social Security put on hold by U.S." By June 10th, under playful pretense, he noted, "The firm lets go of Kayo," referring to himself with his work moniker. Finally, on June 15th, still in jest, he wrote, "Kayo calls it quits."


 "It was incredibly amusing for all who passed by," Larson stated.


 However, as the deadlines drew near, several of those lighthearted forecasts began materializing. His firm switched their workplace pension plan to a 401(k) system instead. The eligible age for Social Security retirement gradually increased. Even Social Security appeared less secure than before. Consequently, Larson rescheduled his intended retirement year to 2021.


 His professional journey came to an end in late 2020. The organization chose to let go of one member from his group. Larson stepped forward; he was merely months away from retiring. His severance package bridged the financial gap between 2020 and 2021.


 After that, the Larsons reduced their expenses by half.

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 They transitioned from their large riverside home to a more modest one situated on just about a third-acre located a few streets over. "There was no way I could maintain two acres of lawn during my retirement," Larson mentioned. As a result, their yearly property taxes were reduced significantly from $14,000 down to $6,000. Additionally, they decided to let go of one of their two family vehicles.


 Ken Larson retired and is receiving his full Social Security benefits, while Kathy gets half of what her spouse receives as a spousal benefit. Together, they rely on approximately $5,400 per month—or about $65,000 annually—from their combined Social Security payments. Additionally, they receive several hundred dollars each month from supplementary sources like Ken's former employer’s pension plan.


 The pair has around $800,000 saved up in their IRAs along with additional investment funds. Although they've taken out small amounts tentatively, they haven't been using this money as part of their regular income.


 Starting from now, the Larasons intend to reduce their traveling.


 We recently returned from Austin, Texas," Ken Larson stated, "where we attended my niece's wedding. The trip likely cost us around $1,500, which was manageable within our means. We were able to fit this expense into our budget.

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 'I'm completely fine'
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 For an individual moving from a lucrative career to a humble retirement, a Social Security check can make a significant difference.


 Jean Hullihan served as an intelligence analyst for the federal government, where she earned a six-figure income towards the conclusion of her career. In 2023, upon retiring at the age of 67, she began receiving a monthly Social Security benefit totaling $4,200.


 That's less than half of what Hullihan made in her role as an intelligence officer. She figured it wouldn't be sufficient to support herself.

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 “What I had read before retiring led me to believe that it wasn’t feasible,” she stated.


 Hullihan sold her condominium in Northern Virginia and purchased a modest house in Louisville, Kentucky, close to two of her adult offspring. When she retired, she got into her Honda CR-V and headed toward her new residence, curious to see how her financial plan for retirement would fare.


 When the initial Social Security check came through, Hullihan recognized that things were going well for her. The amount allocated each month towards her mortgage stands at approximately $980, which amounts to less than a quarter of her Social Security income. She also spends around $100 on utilities every month.


 “A year and a week has passed, and I haven’t faced any difficulties,” she stated. “Whenever I hear someone say, 'I cannot survive on Social Security,' I wonder, why not?”


 Hullihan earned sufficient funds from selling her condominium that she anticipates clearing her mortgage in Louisville within a few years.


 She possesses a substantial retirement fund, yet she has not withdrawn any funds from it and does not intend to do so. Instead, she is considering placing this money into a trust with the belief that "Medicaid won't be able to claim it." However, under Medicaid regulations, she would first have to deplete her savings before becoming eligible for healthcare coverage benefits.


 Hullihan is currently spending less money than when she was employed, which she believes is due to the more relaxed tempo of her retired life.


 “I ceased purchasing clothing and footwear along with everything else I would typically buy,” she stated. “In the past, if I spotted a nice pair of shoes, I wouldn’t hesitate to purchase them.”


 Twice weekly, she prepares dinners for her children and joins her friends for meals out from time to time. Her workload includes assisting a pal with a side gig for about ten hours each week; primarily done as a courtesy since financial gain isn’t necessary here.


 The article initially appeared on USA TODAY:
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