Social Security Benefits Set to Increase in 2024

Proper financial planning includes forecasting future Social Security benefits. In a welcome development for millions of Americans relying on Social Security, the Social Security Administration has recently announced a substantial increase in retirement and disability benefits. Starting in January 2024, recipients will see a significant boost, with benefits set to rise by 3.2%, translating to an average increase of more …

5 Compelling Reasons to Rethink Social Security

When it comes to planning for retirement, Social Security benefits have traditionally been viewed as a safety net for many individuals. However, in recent years, there has been growing concern about the long-term viability and sustainability of the Social Security system. As a result, it is becoming increasingly important for individuals to reconsider relying solely on Social Security benefits as …

Social Security Gets a Massive 8.7% Raise

Social security is way behind inflation so you may need a better retirement plan. In October of 2022, the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for more than 70 million Americans will increase 8.7%. The adjustment will increase monthly Social Security checks by about $145 per month on average, according to AARP, which …

The Health of Social Security – Some Good News and Some Bad News

With approximately 94% of American workers covered by Social Security and 65 million people currently receiving benefits, keeping Social Security healthy is a major concern.1 Social Security isn’t in danger of going broke — it’s financed primarily through payroll taxes — but its financial health is declining, and benefits may eventually be reduced unless Congress acts. Each year, the Trustees …

Myths and Facts About Social Security

Myth: Social Security will provide most of the income you need in retirement. Fact: It’s likely that Social Security will provide a smaller portion of retirement income than you expect. There’s no doubt about it — Social Security is an important source of retirement income for most Americans. According to the Social Security Administration (SSA), nearly nine out of ten …