The current maximum monthly benefit from social security is $4,555/mo or $54,660/yr. If you purchase this much cash flow as an annuity in the public market, it would be worth $1.3 – $1.5 million. Because of this considerable value, it is worth understanding how to maximize both your monthly benefit/expected lifetime benefit, and how this…
My focus here is on retirement planning for the Single Woman because when she steps up to the plate looking for advice, she already faces two strikes: her financial plan has to cover more years than a man’s, and she has likely earned less and been able to save less than her male counterparts.
Currently, 1 out of 4 Americans over age 65 count on Social Security (SS) for 90% or more of their income. And since an individual’s lifetime Social Security benefit can often total more than $1 million, it is worth considering variables that can alter this value. Beyond the obvious (make more money), individuals can delay…
In short, yes. But don’t take our word for it: as seen in their 2017 annual report, the Social Security and Medicare Board of Trustees “project that the combined trust funds will be depleted in 2034“. However, the Social Security Administration and Congress have a few “levers” they can pull to extend this 2034 date…
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