Sentences with phrase «increasing social security benefits»

Beals also called for increasing Social Security benefits by ending the wealth loophole that he said puts an unjustified cap on Social Security taxes paid by people earning more than $ 185,000 per year.

Thank you to the 42 US Senators who voted in support of U.S. Senator Elizabeth Warren Warren's amendment increasing Social Security benefits!

«If you're spending down your savings drastically to try increasing your Social Security benefits, you're shooting yourself in the foot,» said Lauren Klein, a CFP and partner with Woodhill Financial.

«If you're spending down your savings drastically to try increasing your Social Security benefits, you're shooting yourself in the foot.»

Plus, those extra years could help your retirement planning in other ways, like increasing your Social Security benefit, too.

So even part - time lower earnings received later in life increase your Social Security benefit.

For example, delaying retirement may allow your investments to continue to grow and could increase your Social Security benefits.

Including a non-working spouse increases Social Security benefits up to, but not more than, the maximum.

2:40 — The Benefits of Retiring at 70: More retirement savings, increased Social Security benefits, greater longevity

In order to increase your Social Security benefit amount, you can always delay your filing.

Leading financial website Bankrate.com has posted an article about how you can increase your Social Security benefit by continuing to work during retirement.

Even if you already have 35 years of earnings, you can still increase your Social Security benefit if you earn more than your lowest - recorded years.

Delaying your retirement helps in two ways: First, it can increase your Social Security benefits, and second, it gives you more time to build up your retirement savings balances.

Lastly, under some circumstances detailed in this article, some couples may increase their social security benefits if they decide on a divorce.

Not exact matches

Possible reforms could include raising the full retirement age for Social Security to 70 for workers who are currently under age 40; cutting benefits; increasing payroll taxes on workers; increasing Medicare premiums; and making Social Security benefits more progressive — meaning cutting benefits for high - income workers, while preserving payouts for low - income earners.

These projections assume Congress will not act to increase payroll taxes, raise the retirement age or cut benefits to improve the financial outlook of Social Security.

A «hold harmless» provision protects certain retirees from having their Social Security benefits reduced by an increase in Medicare premiums.

CNBC's Sue Herera reports veterans who wait to claim Social Security benefits until they are 70 will increase their benefit by 8 percent a year.

Early in his term, he pushed through a $ 1.6 billion tax cut for businesses, offset by $ 1.4 billion in tax increases on individuals — including taxing pensions and Social Security benefits.

You could keep working, which offers the quadruple advantages of continued income and additional opportunities to add to and grow retirement savings, while letting your Social Security benefit increase and potentially replacing a zero - or low - income year in your record.

The caller tells the victim they are eligible for an increase in their Social Security benefits for a 1.7 % cost - of - living adjustment.

Millions of Social Security recipients and federal retirees will get a 0.3 % increase in monthly benefits next year, the fifth year in a row that older Americans will have to settle for historically low raises.

The size of your Social Security check increases by a certain percentage for each month you delay taking benefits beyond your full retirement.

To reduce Social Security's projected funding shortfall, the commission would increase the taxable wage base by 2050 to include 90 percent of earnings, to increase the full - and early - retirement ages to 69 and 64 respectively by 2075, to cover newly hired state and local workers after 2020, and to create a hardship exemption allowing those who can not work past age 62 to receive benefits early.

We need an across the board increase in Social Security retirement benefits of 20 % or more.

The report indicates that the amount of people who had Social Security benefits garnished to offset a loan increased five-fold.

If you are healthy and able to work, put in a few more years on the job to increase your earnings and delay taking Social Security benefits.

As surpluses reemerge, the Johnson plan would phase out income taxation of Social Security benefits — effectively increasing the size of benefits for many seniors.

Social Security benefits increase automatically each year based on the rise in the Bureau of Labor Statistics Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI - W), from the third quarter of the prior year to the corresponding period of the current year.

«For each year participants defer claiming Social Security, they receive a 6 - 8 % increase in lifetime benefits, under current conditions, which can make a big difference in their quality of life in retirement.»

Second, as the population ages and the number of retirees climbs, the costs associated with Social Security, government pensions, and healthcare retirement benefits increase.

NEW YORK (MainStreet)-- The Social Security Administration has announced that the monthly Social Security benefit will increase by 1.7 % for 2015.

«A QCD can benefit anyone with taxable income, but a retiree with over $ 100,000 in taxable income would benefit most, since it will reduce potential Medicare premium increases and Social Security taxation,» says Carlos Dias Jr., wealth manager, Excel Tax & Wealth Group, Lake Mary, Fla..

The good news is that these earnings can also count toward the calculation of your benefits: Social Security checks your earnings record each year and will increase your benefit, if appropriate, based on these additional earnings.5

If your benefits have been reduced due to earning too much prior to reaching your FRA, you will get these benefits back at your FRA when your monthly Social Security check will be increased to account for benefits withheld earlier due to excess earnings.3

This would increase the retiree's taxable Social Security benefits to $ 850.

Even if it turns out that Elaine is overly optimistic and she dies at age 90, her lifetime benefits will still increase approximately 35 % and she would collect approximately $ 132,000 more in Social Security benefits than if they had both claimed at 62 (vs. both waiting until age 70 to claim Social Security).

From 2002 through 2013, the number of Americans whose Social Security benefits were offset to pay student loan debt increased five-fold from about 31,000 to 155,000, according to the U.S. Government Accountability Office.

While retiring early reduces your monthly Social Security benefits, working past your full retirement age actually increases them.

According to the CFPB, the number of borrowers age 65 or older who had their Social Security benefits seized — or «offset,» as it's called — because of defaulted student loans increased from 8,700 to 40,000 between 2005 and 2015.

The benefit increase no longer applies when you reach 70, says the Social Security Administration.

In addition, to the earnings limitations, taking Social Security before your Full Retirement Age can result in a 6.7 % deduction of benefits each year, while waiting past Full Retirement Age can increase your benefits by 8 % each year until age 70.

Most people are eligible to receive Social Security benefits as early as age 62, but those benefits increase if you wait until your full retirement age (usually 67), and rise even more if you delay until age 70.

If we draw Social Security benefits at FRA on the former spouse's earnings and postpone taking Social Security benefits based on our earnings history, we can take advantage of that 8 % per year benefit payout increase effectively increasing our lifetime payout by as much as $ 100,000 to $ 200,000!

If you delay collecting Social Security until after your full retirement age, you will get a permanent increase in your benefits.

In addition, increasing taxes on the rich would help Social Security's finances but would not fully ensure 75 - year solvency and would become a more inadequate solution over time, especially if it is enacted along with benefit increases.

The Social Security Administration announced that benefits will increase by 0.3 percent in 2017.

And not only do we need to strengthen its long - term health, it's time we finally made Social Security more generous, and increased its benefits so that today's retirees and future generations get the dignified retirement that they've earned.

Because Social Security payments increase if you delay claiming your benefits; your monthly benefit can go up until age 70.

This increases the potential benefit of delaying the start date of your Social Security so you get more lifetime income that is tax - preferred.