Group 1 - The article discusses the varying retirement plans of individuals, emphasizing that having more money facilitates the realization of these plans [1] - Social Security is a significant component of retirement finances for many Americans, leading them to seek ways to maximize their benefits, including continuing to work after claiming benefits [2] - The Social Security retirement earnings test (RET) is designed to prevent individuals from receiving full benefits while earning substantial income from other sources [4] Group 2 - For individuals who will not reach full retirement age in 2026, the earnings limit is set at $24,480, an increase from $23,400 in 2025, with benefits reduced by $1 for every $2 earned over this limit [5] - For those reaching full retirement age in 2026, the earnings limit is $65,160, up from $62,160 in 2025, with benefits reduced by $1 for every $3 earned over this threshold [6] - It is crucial to note that the RET only applies to those claiming Social Security before reaching full retirement age; once full retirement age is reached, there are no earnings limits [7]

Core Argument - The article discusses the growing trend among social media influencers advocating for early Social Security benefits at age 62, contrasting with traditional advice to delay benefits until age 70 for a larger monthly payout [1][2]. Group 1: Early Claiming vs. Delayed Benefits - Social media influencers suggest that claiming Social Security at 62 and investing the funds could yield higher returns than waiting for a larger benefit [1][3]. - Traditional financial advice recommends delaying benefits until age 70 to maximize monthly payouts, which can increase by approximately 8% for each year of delay [2][4]. - Claiming early can result in a reduction of benefits by up to 30% compared to the amount received at Full Retirement Age (FRA) [4]. Group 2: Investment Returns and Risks - The S&P 500 has returned about 14% in the current year, with a decade-long average annual return of over 12%, leading to the argument that investing early benefits could compensate for lower Social Security checks [5]. - However, the article emphasizes that future investment returns are uncertain, while delayed Social Security benefits provide a guaranteed, risk-free income with annual inflation adjustments [5][6]. Group 3: Importance of Inflation Protection - Social Security benefits are highlighted as the primary source of income for most retirees, with annual cost-of-living adjustments serving as a crucial protection against inflation [6].

Core Viewpoint - Delaying Social Security benefits until age 70 is often recommended for maximizing retirement income, but recent analyses suggest that this may not be the best option for everyone due to various financial factors [1][3][4]. Group 1: Financial Implications of Delaying Benefits - Claiming Social Security benefits at age 62 results in lower monthly payments compared to waiting until age 67 for full benefits, or age 70 for a 24% increase in monthly benefits [2]. - Financial planners typically advocate for delaying claims until age 70, but this advice may overlook individual circumstances and financial realities [3][6]. Group 2: Alternative Perspectives on Claiming Age - Some financial experts argue that age 70 is not necessarily the most financially advantageous age to start benefits, especially for individuals with a low discount rate or those who expect to live significantly beyond their life expectancy [4]. - Recent calculations challenge the notion that most individuals who claim benefits before age 70 are making a mistake, suggesting that earlier claims could be more beneficial for certain retirees [5]. Group 3: Assumptions in Financial Planning - The recommendation to delay benefits is based on simplified assumptions that do not accurately reflect the financial situations of most retirees, according to financial advisor Derek Tharp [6]. - Tharp highlights that traditional calculations assume future dollars hold the same value as today's dollars, which may not be realistic for retirees who invest in low-return assets, thus ignoring potential opportunity costs [7].

Core Insights - The Social Security Administration distributes benefits to nearly 74 million individuals each month, with payment schedules primarily based on beneficiaries' birth dates [1][7]. Payment Schedule - Supplemental Security Income (SSI) payments are issued at the start of each month, with adjustments made if the month begins on a weekend or holiday [3]. - In December, the payment schedule is as follows: - Dec. 1: SSI payments for qualified individuals [8] - Dec. 3: Retirement benefits for those who began receiving them before May 1997 [8] - Dec. 10: Retirement, spousal, and survivor benefits for those born between the 1st and 10th of any month [8] - Dec. 17: Benefits for individuals with birthdays between the 11th and 20th [8] - Dec. 24: Benefits for those with birthdays between the 21st and 31st [8] - Dec. 31: SSI payments for qualified individuals for January [8] Importance of Payment Timing - Understanding the payment schedule is crucial for Social Security beneficiaries, as they rely on fixed incomes to manage their budgets and financial obligations [4].

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Key Points Age 62 is pretty significant in the context of your retirement. Though you can tap your retirement savings and claim Social Security, holding off could work to your benefit. You're also too young for Medicare, so that's something to consider if you're looking to retire soon. The $23,760 Social Security bonus most retirees completely overlook › Turning 62 may not seem like such a big deal to you. And if you had a big celebration for your 60th birthday, you may be inclined to do somethin ...

No kidding 🤔Defiant L’s (@DefiantLs):Chuck Schumer in 1996: "The number one reason people come to the US illegally is to defraud systems like social security and I want to stop it."https://t.co/RouwGZdz4W ...

Core Insights - Social Security is a significant income source for American retirees, with the earliest claiming age set at 62 and full retirement age at 67 for those born in 1960 or later [1][4] Group 1: Social Security Benefits - Social Security benefits will not replace an entire paycheck, typically covering about 40% of an average paycheck in retirement, assuming no broad cuts to benefits [3] - The program is facing a financial shortfall, which may lead to inevitable benefit cuts if not addressed by lawmakers, emphasizing the need for additional retirement savings [4] Group 2: Eligibility and Spousal Benefits - Individuals may still be eligible for Social Security benefits even if they have never worked, particularly through spousal benefits if married to someone eligible [5] - Spousal benefits can reach a maximum of 50% of the eligible spouse's benefit at their full retirement age, but these benefits cannot be increased by delaying the claim [6]

Planning for retirement can be one of the most consequential decisions of your life, especially in the 4-5 years directly preceding your departure from the workforce. On this episode of Decoding Retirement, Robert "Bob" Powell speaks with financial planner Jeremy Keil about how to get the most out of your pre-retirement, and how solid preparation can make the difference between retiring comfortably or scrounging for savings. Jeremy discusses how to consider longevity in your financial planning, the signific ...

zimmytws / Shutterstock.com Quick Read Social Security benefits will increase by 2.8% in 2026 due to the annual cost of living adjustment. Full retirement age rises to 67 for anyone turning 66 in 2026 or later. The Social Security wage base limit increases to $184,500 from $176,100. If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier than expected. take 5 minutes to learn more here The new year is ap ...