Key Points Social Security mistakes can cost you money during retirement. It's easy to make mistakes because Social Security is a complicated program. There are three key mistakes to avoid, including making faulty assumptions about the cost-of-living adjustment. The $23,760 Social Security bonus most retirees completely overlook › If you're like many retirees, Social Security is a key income source for you because, unlike your savings, you don't have to worry about when your benefits will run ou ...

Key Takeaways Enduring childhood abuse or a parental divorce often has negative consequences for a person's wealth later in life, says a recent report from the Center for Retirement Research (CRR) at Boston College. And that can have a big impact on retirement security. In the December 2025 study, CRR researchers found that facing adverse childhood experiences (ACEs)—like emotional neglect, household mental illness, or alcoholism—resulted in people aged 52 to 60 having a net worth that was substantially low ...

Investment Opportunities - Arrived, backed by prominent investors like Jeff Bezos, enables individuals to invest in shares of rental homes and vacation rentals without the burden of property management responsibilities [1] - The platform allows investors to capitalize on the booming rental market, making real estate investment accessible even for those who do not own property [1] Rental Market Insights - The median rent for a one-bedroom apartment in Oklahoma, Arkansas, and North Dakota is $1,056, $1,133, and $1,174 respectively, which is significantly lower than the national average rent of $1,740 per month [2] - The U.S. Census Bureau's 2024 American Community Survey indicates that nearly 35 million Americans are mortgage-free, suggesting a potential market for downsizing and rental investments [3] Retirement Financial Strategies - Many Americans, particularly those aged 55-64, lack personal retirement savings, with 35.8% reported to have none in 2023 [5] - Social Security benefits are intended to supplement retirement savings rather than serve as the primary source of income, highlighting the importance of additional financial planning [6] Cost Management in Retirement - Downsizing homes can free up funds for retirees, especially if they no longer require the same living space [3] - Utilizing platforms like OfficialHomeInsurance.com can help individuals find lower insurance rates, potentially saving an average of $482 annually [9]

Core Viewpoint - The best age to start taking Social Security benefits is 62, according to finance expert Dave Ramsey, who encourages retirees to claim benefits as soon as possible to maximize their retirement income [1][2][6]. Summary by Sections Reasons for Early Claiming - Ramsey suggests that taking retirement benefits sooner rather than later is often more beneficial, as benefits cease upon death, making it prudent to utilize the funds while alive [3]. - Delaying benefits could result in lower lifetime benefits, especially if an individual dies at or before the average life expectancy [3]. Investment Strategy - Ramsey advocates for claiming benefits early and investing the funds, arguing that individuals can manage their investments more effectively than the government [4][6]. - This strategy allows retirees to potentially enhance their financial situation by leveraging the benefits for investment opportunities [4]. Considerations for Retirees - While delaying benefits can increase monthly payments, it may not be suitable for everyone, particularly those who need immediate income to avoid depleting retirement savings [7]. - Many retirees may find it necessary to start receiving Social Security checks at 62 to ensure financial stability without waiting until their late 60s or 70s [7].

Core Insights - Social Security has been a crucial financial support system for millions of Americans over the past 90 years, providing stability in retirement finances [1] - The program undergoes frequent changes, with some occurring annually, which can affect recipients [2] Changes to Social Security - The annual cost-of-living adjustment (COLA) for Social Security recipients is set to increase by 2.8% for 2026, based on a 2.76% rise in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from 2024 [4][6] - The wage base limit for Social Security payroll taxes has increased to $184,500 from $176,100, meaning higher earners will contribute more to Social Security taxes [8][9] - Early claimers of Social Security can now earn more from working before being affected by the retirement earnings test, providing additional flexibility for those who choose to work while receiving benefits [6]

Core Insights - The Allianz's 2025 Annual Retirement Study reveals that 62% of Americans are not saving enough for retirement, with 64% expressing more concern about running out of money than death [1][6] - A significant portion of older Americans, 58%, rely on Social Security as a major source of retirement income, indicating its critical role in financial security for retirees [2][5] - The Social Security retirement trust fund is projected to deplete by 2033, with the disability trust fund following in 2034, raising concerns about future benefit reductions [7][9] Social Security Dependency - Over 73.9 million Americans benefit from Social Security, with 52.6 million being retired workers and 7.2 million disabled workers, funded by a 12.4% payroll tax [3][4] - 58% of retired Americans consider Social Security a major income source, highlighting its importance in retirement planning [2][5] Financial Outlook and Reforms - Without reforms, retirees could see a reduction to 77% of their full benefits once the retirement trust fund is depleted, while disability benefits may drop to 81% [9][10] - Proposed reforms include raising the retirement age from 67 to 69 and increasing payroll taxes by 3-4 percentage points to address the funding shortfall [11][12] - The urgency for reform is emphasized, as delayed actions have worsened the financial outlook for Social Security [4][5] Impact on Future Retirees - The potential reforms could disproportionately affect lower-income workers and those in physically demanding jobs, who may struggle to work longer [13][18] - The average Social Security check is approximately $2,002.39, meaning a 77% reduction would leave retirees with about $1,542 [16][19] - Individuals are encouraged to take charge of their retirement savings, maximizing tax-advantaged accounts and preparing for various outcomes regarding Social Security benefits [18][19]

Key Points Social Security tends to undergo changes every year. While some changes can be positive, others can be harmful to retirees and workers. There are two new rules taking effect in 2026 that could sting for current members of the labor force. The $23,760 Social Security bonus most retirees completely overlook › Even though Social Security has been around for many decades, the program's rules tend to change from one year to the next. And 2026 is no exception. Some of the Social Security c ...

Core Insights - Medicare is a crucial program for millions of older Americans, providing health coverage to qualifying seniors, and understanding its details is essential for maximizing benefits and avoiding financial surprises Group 1: Costs - The standard monthly Part B premium for Medicare is set to be $202.90 in 2026, an increase from $185 in 2025 [4] - The annual deductible for Medicare Part B will rise to $283 in 2026, up from $257 the previous year [4] - The standard inpatient hospital deductible for Medicare Part A will be $1,736 in 2026, an increase from $1,676 in 2025 [5] - Daily coinsurance for hospital stays beyond the 60th day will be $434 in 2026, up from $419 in 2025, while the daily coinsurance for skilled nursing facility care will be $217, an increase from $209.50 [5] Group 2: Enrollment Timing - Timely enrollment in Medicare can lead to significant savings, as late enrollment may incur lifelong surcharges on Part B and Part D premiums [8][9] - The initial Medicare enrollment window lasts seven months, beginning three months before the 65th birthday and ending three months after [9]

Core Insights - The article emphasizes the importance of taking specific actions in 2026 to maximize Social Security benefits in retirement Group 1: Boosting Income - Increasing wages can significantly impact Social Security benefits, as the calculation is based on the top 35 years of earnings [3] - Higher wages can also facilitate contributions to retirement accounts like IRAs or 401(k)s, enhancing overall retirement savings [4] - Any taxable income, including gig or freelance work, contributes to future Social Security benefits [5] Group 2: Reviewing Earnings - Regularly reviewing the Social Security earnings statement is crucial to ensure accuracy, as underreported income can lead to reduced benefits [6] - Creating an account on the Social Security Administration's website allows individuals to check their earnings and estimated benefits [5] Group 3: Delaying Claims - Individuals aged 62 or older in 2026 can start receiving benefits, but delaying the claim can increase monthly benefits significantly [8] - Full retirement age is 67 for those born in 1960 or later, and delaying benefits past this age can yield an 8% increase per year until age 70 [8] - For example, delaying from age 67 to 70 could increase the average monthly benefit from approximately $2,000 to nearly $2,500 [9]

Group 1 - Social Security benefits replace approximately 40% of pre-retirement income, leading many retirees to seek work while collecting benefits [1] - Different work rules apply to retirees based on their age, affecting their ability to earn income while receiving Social Security [3][4] - Full retirement age (FRA) determines when retirees can work without restrictions on their benefits [4][6] Group 2 - Retirees who have reached their FRA can work without losing any Social Security benefits, while those who have not are subject to income limits [6][7] - In 2026, retirees who have not reached FRA will lose $1 in benefits for every $2 earned above $24,480, while those reaching FRA will lose $1 for every $3 earned above $65,160 [8]