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Thursday, August 17, 2023

Retirement: Can you pass this Social Security quiz?

The more you know about Social Security benefits, the more financially secure your future can be.

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Retirement

Thu Aug 17 2023
 
Person shrugging, unsure, with arms outstretched.

The more you know about Social Security benefits, the more financially secure your future can be.

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Millions of Americans have watched their retirement accounts balloon in value in recent years. But if a good chunk of your assets are held in traditional Individual Retirement Accounts or workplace 401(k)-style plans, you eventually will have to pay taxes on the balances. Hence, you're not as wealthy as you might assume.
 

This terrible money move can trip you up when leaving a job

When it comes to misbehaving with money, it's hard to top cashing out of workplace retirement plans and failing to get back in.
Image source: Getty Images. It's hard to imagine what retirement would look like for our country without Social Security. The program lifts millions of senior citizens out of what would be an impoverished existence. At the same time, overall benefits are modest. The average retired worker gets an annual benefit of $16,200 -- hardly enough to replace the income many have become accustomed to living on. But there are five smart ways that you can boost your Social Security benefits...if you start acting now. 1) Wait to claim This is the simplest and most well-known way to boost benefit checks. The full retirement age is currently 66. If you claim at that age, you get your full benefit, which you can calculate here . But you can actually start receiving benefits as early as 62, or as late as 70. If your full monthly benefit at 66 would have been $1,000, here's how it would change based on when you claim.
 

Social Security's 2024 COLA seen at 3% vs 2023's 40-year high of 8.7%

Social Security's 2024 cost-of-living adjustment (COLA) estimate is 3%, down from the four-decade high of 8.7% in 2023, as inflation eases.
People walk outside the U.S Capitol building in Washington, June 9, 2022. Most U.S. adults are opposed to proposals that would cut into Medicare or Social Security benefits, and a majority support raising taxes on the nation's highest earners to keep Medicare running as is.
 

The Daily Money: More say why wait when it comes to Social Security

Just 10% of non-retired Americans say they will hold out until age 70 to draw the max from Social Security, leaving cash on the table, a survey says.
Vineel Bhat is a 16-year-old entrepreneur in Sammamish, Wash. who has been involved in investing and financial literacy education for a few years, starting in middle school when he gave free classes at the local library. He started investing as a kid because his father, Thiru Bhat, moved to the U.S. with very little money. He has since released a free iOS App for investing and started an investing club at his school. Vineel invests with Fidelity, a brokerage that allows teens to trade stocks, mutual funds and ETFs.
 

Even a newborn can save for retirement. Here's how with a Roth IRA.

Saving for retirement seems like a daunting task, but you can set your kid up for success with a youth Roth IRA. Here's what it is and how it works.
 

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