Social Security

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

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

Most of us probably hope that we will never need disability benefits. But for those who qualify, they can be an important source of income. The disability portion of the Social Security program is so big and so complex that there are law firms that specialize in helping workers navigate their way through it. Although

If you have been laid off or face business downturns, you may wonder if you should claim Social Security now. These guidelines can help navigate the decision. Plus, how Social Security is functioning during the pandemic. On Tuesday, March 17, all Social Security offices were closed to the public for in-person services. As the SocialSecurity

If there is one key differentiator between baby boomers and their parents, it is the higher incidence of divorce. Americans over 50 are twice as likely to be divorced compared to the same age group 20 years ago. If you have been divorced in the past and are currently unmarried, you may be able to