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According to official figures, 53% of married couples and 74% of unmarried Americans count on Social Security for at least half of their retirement income. Almost half of those unmarried persons rely on Social Security for virtually all of their income. In real numbers that means probably living on less than $1,300 a month.  Enough has been written about the problems facing Social Security and the dwindling funds meant to support it. Demographic factors, government's use of the money intended for Social Security for other purposes, and the politics of it all could spell a shaky future ahead for something that virtually all older Americans receive. Various dates have been published, but most predict there will not be enough money to pay full benefits beginning in the next 12-17 years. Small Cost-of living adjustments were made this year, but disappeared for most because of an increase in Medicare Part B costs that matched the increase (strange how that happe...

The following is a guest post Social Security might be seared into your mind as an iconic symbol of American retirement. That’s for good reason, with 43 million people counted in 2015 as receiving $56 billion in retirement benefits. But people over 50 should also realize there’s another side to Social Security. It’s a major support program for people whose disabilities leave them unable to work.  Another 11 million workers with disabilities and their dependents collect more than $11 billion in Social Security Disability benefits.  And the Social Security Administration (SSA) predicts that your odds of needing the program will increase as you age.  Among people who are 20 years old today, the SSA estimates more than a quarter of them will develop disabilities before age 67. Applying for Social Security Disability (SSD) is a complex process, but it’s another element you might need to understand as part of your retirement planning. Understanding Social Security Disability Fi...

One of my brothers is fast approaching decision time about Social Security and Medicare. While visiting him during our just-concluded RV trip, he asked if I would give him an overview of what his choices are. Not only was I glad to do so, but his questions seemed like an excellent topic for this blog. The questions are paraphrases of his concerns: Question 1: " I want to wait until I am 70 to start receiving monthly Social Security checks. Do I have to notify anyone when I reach my full retirement age?"  Answer: You are allowed to sign up for Social Security three months before  you want to start your benefits. Your first check (actually a direct deposit to your bank account) will not arrive until the fourth month, but that is how the system works. This timing applies whether you want to start at the earliest age of 62, full retirement age (66 for most of us), or any time after that. The size of your monthly check depends not only on earning credits built up during y...