Many older Americans today rely on Social Security to cover their retirement expenses. And chances are, those benefits will be an important source of income for you once your career ends. That's why it's important to claim Social Security strategically. And you may be planning to delay your claim as long as possible to boost your monthly benefits. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the ...

Key Takeaways Pre-retirees heavily invested in AI stocks may be taking on more risk than intended and should consider rebalancing their portfolios to maintain diversification, according to personal finance expert Jean Chatzky. For those concerned about a recession, keeping a few years’ worth of expenses in cash or fixed income in retirement can help you avoid selling longer-term assets during market downturns. A lot has happened in the world of personal finance in the past year—from the passage of n ...

Social Security income is a necessity for many of the nearly 54 million retired workers currently receiving a monthly benefit. For nearly a quarter century, Gallup has surveyed retirees to gauge how reliant they are on America's leading social program and found that up to 90% of respondents have needed their Social Security payout, in some capacity, to cover their expenses. Given how important Social Security income is to the financial well-being of our nation's aging workforce, you'd think strengthening ...

Group 1 - The concept of guaranteed income for life through Social Security is appealing, as it provides monthly benefits eligible for annual cost-of-living adjustments to combat inflation [1][2] - A common misconception is that Social Security will fully replace pre-retirement income; in reality, it typically replaces about 40% of an average salary [3][6] - Retirees may face challenges living on just 40% of their former paycheck due to ongoing expenses that do not disappear in retirement, such as housing costs and healthcare [4][5][6] Group 2 - It is advisable for retirees to establish additional income sources beyond Social Security to ensure financial stability [7] - Potential additional income sources include savings from IRA or 401(k) plans, investments in taxable brokerage accounts, rental income, and earnings from part-time work or businesses [9]

Quick Read You’re allowed to work while collecting Social Security benefits. Earning too much could mean having benefits withheld. That rule only applies to certain Social Security recipients. Investors rethink 'hands off' investing and decide to start making real money A lot of people retire and have the goal to never work again. But that's not always so feasible -- or desirable. The reality is that many people struggle financially once they retire, often due to not having enough savings to sup ...

The premise sounds fantastic. Wait until you're 70 to file for Social Security retirement benefits, and you'll enjoy payments that are about one-fourth bigger than what you'd be getting by claiming at your so-called full retirement age of between 66 and 67 (depending on when you were born). That's a nice little bonus for being patient. It's not necessarily the right choice for everybody, though. In fact, in some cases, this plan could prove quite problematic. Where to invest $1,000 right now? Our analyst ...

Retirement is a period of life every working American needs to plan for. That means saving money in advance, investing strategically, and figuring out what you want your senior years to look like. Unfortunately, many people reach retirement only to realize that some of their assumptions are way off. Here are three harsh truths you should know about now so you can work around them. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, wh ...

President Donald Trump is weighing whether the United States should adopt an Australian-style retirement system that requires employers to fund their workers’ retirement savings accounts. Trump said his administration is “very seriously” looking at the Australian system, CNN reported. He also called it a “good plan” that has “worked out very well.” Whether it would work out very well in the U.S. is open to debate. Here’s a closer look at whether an Australian-style system would be better or worse than t ...

Quick Read 40% of retirees rely solely on Social Security averaging $2,071 monthly with little room for spending errors. Regular dining out and coffee habits drain over $4,900 annually, exceeding 25% of average Social Security income. Switching from restaurant meals to home cooking preserves nearly $2,000 annually for healthcare costs and emergencies. Investors rethink 'hands off' investing and decide to start making real money Financial advisor, author and podcast host Suze Orman has issued a st ...

The Schroders 2025 US Retirement Survey indicated that 44% of nonretired Americans plan to file for Social Security benefits before reaching full retirement age (FRA). Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now, when you join Stock Advisor. See the stocks » While I fully understand why so many people plan to leave the workplace for good before age 67, here are five reasons claiming Social Security benefits at 67 is a smart mov ...