By Elaine Floyd, CFP ® The vast majority of American citizens spend their whole lives in the U.S., paying into the U.S. Social Security system and eventually drawing benefits which are deposited into a U.S. bank account. But as with all things Social Security, there can be complications. Here are some examples of how Social Security …
By Elaine Floyd, CFP ® For some families, dependent benefits for children with disabilities are an important factor in the Social Security claiming equation. Here’s what you need to know. Children with disabilities such as Down syndrome, autism, or some other type of disability generally do not qualify for Social Security benefits. In order to receive …
By Elaine Floyd, CFP ® Most people tend to underestimate their life expectancy. But thinking you might live to a very old age might lead to better planning decisions. Life expectancy is a critical element in Social Security planning. Because benefits continue for life, the total amount you stand to receive over your lifetime hinges on …
By Elaine Floyd, CFP ® Social Security is more complicated than most people think. Here are six of the most common questions that come up on Social Security. With the baby boom generation entering retirement, there’s a lot of demand for good Social Security information. People are confused—both about how the system works, and how these …
By Elaine Floyd, CFP ® A divorced person who was married more than ten years may be able to receive Social Security benefits based on their ex-spouse’s work record. Some women (and it’s usually the woman who was the lower-earning spouse) aren’t aware of this additional benefit, especially if the marriage and divorce occurred early in …
By Elaine Floyd, CFP ® Each year, the Social Security Administration (SSA) announces the cost-of-living adjustment for the next year. Whether you are retired or not, you should be aware of what the changes mean. In October, the Social Security Administration announced that the cost-of-living adjustment (COLA) for 2025 is 2.5%. The increase shows up in …
The Cost-of-Living Adjustment and What It Means For You Read More »
By Elaine Floyd, CFP ® On January 5, 2025, the Social Security Fairness Act was signed into law. The bill, which had strong bipartisan support in Congress, eliminates two provisions that reduced Social Security benefits for people who worked in jobs that did not pay into Social Security, including some teachers, firefighters, police officers, and …
Those “How much do you know about Social Security?” quizzes you see online are fun and interesting, but the bigger questions you should be asking are those that can help you get the most out of the program. Do you know much Social Security you stand to receive over your lifetime? People in their early …
Spousal and survivor benefits for same-sex couples have been in limbo over the years. Obergefell v. Hodges granting same-sex couples the right to marry provided much-needed clarity. Since 1939, nonworking spouses of covered workers have been able to receive a spousal benefit equal to 50% of the working spouse’s primary insurance amount (PIA). If the …
It’s been seven years since Congress passed the Bipartisan Budget Act of 2015 ushering in a number of Social Security changes. The main thrust of the legislation was to disallow strategies that took advantage of spousal benefits in a way that was not intended by the original legislation passed in 1939. Spousal benefits were instituted …
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