Showing posts with label social security. Show all posts
Showing posts with label social security. Show all posts


Social Security Increases: 3 Million Americans Get a Spring Boost

Approximately 3 million Americans could see an increase in their Social Security benefits starting in April.

Why It Matters

In January, two provisions—namely the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—were implemented, which decreased Social Security benefits for millions of workers. was overturned following collaborative initiatives in Congress .

By signing the legislation into law, the previous president, Joe Biden mentioned it would increase Social Security benefits by approximately $360 each month For over 2.8 million beneficiaries.

What To Know

Starting in April, these enhanced payments will be issued to all eligible beneficiaries, as confirmed by the Social Security Administration in a press statement released in February.

According to the SSA, "the variation in payment amounts can differ for each individual based on factors like the specific type of Social Security benefits they receive and the size of their pension."

The WEP decreased Social Security benefits for people who received pensions from government positions—like those of state and federal workers—which didn’t involve contributing to Social Security taxes. These cuts were enforced regardless of whether these individuals had paid into Social Security through different work or met eligibility criteria for benefits.

The GPO decreased spousal or survivor benefits for retired federal, state, and local government employees who didn’t contribute to Social Security via their wage deductions.

Retroactive Payments

The Social Security Fairness Act mandated retroactive payments dating back to January 2023 for all beneficiaries. The SSA has verified that these payments have already been issued.

Should you remain unpaid by April, you may reach out to the SSA for an update on your payment’s status.

“By utilizing automation, Social Security is accelerating payment processes,” stated the SSA in a recent press release. “However, numerous intricate cases still require manual handling on an individual basis. These complicated cases will necessitate extra time for updating beneficiary records and issuing accurate entitlements.”

What People Are Saying

Lee Dudek, who was serving as the acting commissioner of the Social Security Administration, stated in a press release distributed on February 25. Social Security’s ambitious plan to begin disbursing back payments in February and boost monthly benefits starting in April aligns with President Trump's aim to swiftly enact the Social Security Fairness Act.

Payment Dates for April 2025

In April, boosted Benefit distributions are planned to occur. on the following dates:

  • April 3 Payments to individuals receiving retirement benefits since prior to May 1997 and to pensioners who additionally receive Supplemental Security Income benefits.
  • April 9 Benefits for individuals whose birthdays fall between the 1st and 10th of any month.
  • April 16 Benefits for individuals born from the 11th to the 20th.
  • April 23 Benefits for individuals born from the 21st to the 30th.

Related Articles

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  • Social Security Head Reverses Stance on Closing Down the Organization
  • 'True America' Wouldn't Care If They Skip a Social Security Payment—Lutnick
  • Social Security Debt Recovery Affects 280,000 Individuals

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Major Social Security Changes Affecting 3 Groups of Older Americans: What You Need to Know

Multiple modifications to Social Security have been implemented this year, affecting approximately 68 million individuals who rely on Social Security benefits. These alterations include some positive developments for recipients—particularly beneficial for those potentially facing financial shortages. retirement savings .

The purpose of the cost-of-living adjustment (COLA) is to ensure that Social Security benefits align with inflation, allowing recipients to preserve their ability to buy goods and services even as expenses increase. The benefits have gone up by 2.5%. As of January, based on data from the Social Security Administration (SSA), which increases retirement benefits by approximately an average of roughly $50 each month .

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This rise is somewhat smaller than the previous one. present yearly inflation rate of 3% , which has continued cooling since reaching peak levels in 2022.

For instance, in 2024, the Cost of Living Adjustment (COLA) was established at 3.2%, whereas in 2023—amidst high inflation—it surged to an impressive 8.7%. Consequently, although this year's COLA is significantly less, it aligns with a decrease in inflation rates.

The highest possible benefit for individuals retiring at their full retirement age (FRA) has gone up as well, potentially leading to larger monthly payments. For the year 2024, this change means that maximum benefit was $3,822. This year, the maximum benefit amounts to $4,018—and for someone, it could go up to $5,108. waits until they reach the age of 70 to claim their benefits.

However, these are not the sole modifications. Below is crucial information regarding the alterations and the three key segments that will be affected.

1. U.S. citizens nearing retirement age

One major change for individuals approaching retirement is an extension of two months. FRA For those born in 1959, the Full Retirement Age (FRA) has gradually risen since 1983 after Congress raised it from 65 to 67.

This year, individuals who reach 66 years old will need to wait ten months before receiving their full benefits, making November 2025 the soonest eligibility date. You still have the option to apply for your benefits earlier though. as young as 62 years old , you'll face a lasting reduction in the sum of your monthly payment — potentially around 30%.

Next year, the ceiling for taxable wages will rise from $168,600 in 2024 to $176,100. Consequently, those with greater incomes will notice a larger portion of their salary being allocated towards Social Security taxes; however, this adjustment aims at bolstering Social Security funds, as forecasts predict potential shortfalls. partially depleted by 2037 unless changes are made.

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2. U.S. citizens receiving disability or veterans' benefits

Individuals in America facing disabilities or health issues that hinder their capacity to work might experience an increase in their Social Security Disability Insurance (SSDI) payments. This program is intended to assist those who are primarily incapable of working due to such challenges.

As long as your income doesn't exceed the "substantial gainful activity" limit, you can continue earning money and receiving SSDI benefits. This rule applies according to the guidelines. SSA .

By 2025, this limit will increase by $70 to $1,620 per month for the majority of recipients, whereas an individual who is legally blind and receives SSDI benefits can earn as much as $2,700 monthly.

Veterans can expect a boost in their VA disability compensation by 2.5% due to the Cost of Living Adjustment (COLA). The same raise at 2.5% will apply to surviving spouses who receive dependency and indemnity compensation benefits.

Additionally, there could be boosts in payment levels and expanded coverage for new areas. presumptive conditions , potentially enabling several veterans to become eligible for benefits they previously did not qualify for.

3. Americans who are employed while receiving their benefits

For senior citizens in the U.S. receiving Social Security benefits while still working—whether through part-time jobs or gigs to add extra income—the government sets a limit on earnings. If this threshold is exceeded, the SSA will reduce some of these benefits. The same rule applies to individuals below Full Retirement Age (FRA) who collect survivors' benefits and continue to work.

The positive development for individuals attaining their Full Retirement Age this year is that the earnings test limit It has risen to $62,160 in 2025 (previously at $59,520 last year). Once your earnings surpass this level, the Social Security Administration deducts $1 for each $3 earned. Should you be several years shy of Full Retirement Age, they will withhold $1 for every $2 over the limit of $23,400 (an increase from $22,320 in 2024).

Luckily, the earnings test limit doesn’t apply during the month when you attain your full retirement age. This implies that regardless of your income level, there will be no reduction in benefits.

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The content of this article serves solely as information and should not be interpreted as advice. It comes with no guarantee or warranty whatsoever.



귀농 후 연금처럼 받을 수 있는 새로운 제도? 최근 농지 부자들의 관심 집중!

nông지를 담보로 연금을 수령하는 농지 연금 제도

3억 5,000만 원을 기준으로 하면 매달 300만 원입니다.

부부가 공동으로 소유한 종신포함 보험에 대해 담보로 설정할 수 있는 농지를 경작하는 것이 가능한지

농지를 보유한 고령 농업인이라면, 땅을 팔지 않고도 노후 생활을 준비할 수 있는 연금이 있다 그러나 이는 만 60세 이상인 농업인이 보유하고 있는 논이나 밭을 담보로 하여 매월 연금을 지급받을 수 있게 해주는 시스템이다. 이 프로그램에 참여하려면 전체적으로 농사일을 한 기간이 5년 이상이며 나이가 60세를 넘긴 사람이라면 누구든지 신청 가능하다.

이러한 시스템은 최근 고령의 퇴역 농민들이 안정적이고 쾌적하게 노년기를 보내도록 개량되었습니다. 농림축산식품부는 작년에 고령 농업 종사자의 평온한 노후를 보장하고 복지를 강화하기 위하여 3월 내로 농지연금 프로그램을 수정한다는 계획을 발표했습니다.

2020년 1월 이후 새로 취득된 논, 밭, 과수원이 농지연금의 자격을 갖추려면 최소 2년 이상 소유하고 있어야 하며 실제로 작물 재배를 하고 있어야 합니다. 추가로, 해당 농지는 신청자가 거주하는 시·군·구나 그와 인접한 지역 혹은 농지와 신청자 주소 사이의 직선거리를 기준으로 30km 이내여야 합니다.

농지를 활용한 연금 제도는 정부가 직간접적으로 운영하며, 그 비용은 국가 예산에서 충당됩니다. 따라서 안전하게 연금 혜택을 누릴 수 있습니다. 이 보장된 월별 금액은 농지 가치, 개설 시점의 나이, 그리고 어떤 형태로 지불할 것인지 등 다양한 요소들에 의해 결정되는데, 이를 통해 최고 한도인 300만 원을 받아볼 수 있습니다. 또한 필요한 경우에는 공개 평가가치를 기준으로 하는 100%, 혹은 전문가에게 의뢰하여 산출한 값의 90% 중 하나를 담보 농지의 가격으로 선택하실 수 있습니다.

이 시스템은 등록 이후에도 개인적으로텃 صند 상속인이 사후에 농지를 그리고 연금을 물려받으면, 그들은 자유롭게 연금 혜택을 누릴 수 있습니다. 는 것이 특징이다.

연금을 받으면서 담보로 설정된 농지에서 직접 재배 작업을 수행하거나 대여하여 얻는 추가적인 수입은 퇴직 급료 외에 발생시킬 수 있습니다. 농지를 통해 연금 혜택을 누릴 수 있습니다. 만약 농업인에게서 농지 연금을 받아오다가 그 사람이 세상을 떠나게 되더라도, 배우자는 계속해서 이를 유지하여 자신의 생애 동안 이 연금을 받을 권리가 있습니다. 추가적으로, 이러한 농지 연금 제도에는 소유하고 있는 농지에 대한 재산세를 경감받을 수 있다는 특전도 포함되어 있어요. 재산세의 감면 한도는 최대 6억원까지만 적용되며, 만일 농지 가치가 이보다 크다면 그 차익 부분 역시 일부 조정될 것입니다.

이 연금은 경제 상황에 따라 다양한 형태를 고르실 수 있습니다. 농지연금에는 주로 다섯 가지 유형이 있는데 그중에는 종신평생동안 월별 일정 금액을 지급받는 '종신 정액형', 그리고 나머지는 '전후후박형', '기간 정액형', '경양 이양형', '은퇴 후 바로 지원되는 형식'인 '은퇴 직불형'입니다. 특히 '종신 정액형'은 평생 동안 매달 똑같은 액수의 돈을 받아 사용하실 수 있는 방식입니다.

전후후박형의 경우 처음 10년 동안에는 정액형인 보험보다 더 큰 혜택을 누릴 수 있으며, 그 이후부터는 덜 받게 됩니다. 기간 정액형에서는 가입자는 특정 시간동안 고정된 액수를 받아볼 수 있습니다. 또한, 경양 이양형 및 은퇴 직불형은 지급이 완료되는 시점에서 사업자에게 재산권을 넘기는 조건 하에 추가적인 연금을 제공합니다. 특히 은퇴 직불형은 농지를 양도하고 동시에 은퇴 자금을 받으며, 이것이 작년에 새롭게 선보인 제품입니다.

농지를 연금으로 등록하려면 농지연금 신청서를 채워 넣고 신원을 증명하는 서류와 함께 해당 지역의 한국농어촌공사 지점을 방문하여 접수해야 합니다. 승인 결과가 나오면 매월 15일마다 계좌로 정해진 액수가 송금됩니다. 만약 조기에 해지하고 싶다면 이를 선택할 수도 있습니다. 해지를 할 때는 상환 금액을 내야하므로 신중하게 결정해야 합니다. 하기로 했습니다. 상환 금액은 이미 받은 총 연금 액수에 이자를 연 2%, 그리고 위험 부담금을 0.5% 추가한 금액입니다.

그러나 이 추가금리는 일반 은행의 땅 담보 대출 이자율보다 더 낮은 수준입니다. 따라서 일부에서는 저리 대출을 통해 농지를 연금 형태로 이용하기도 합니다. 한 관련자에 따르면 "최근 많은 토지를 소유하고 있는 사람들이 갑작스레 농지연금에 대해 궁금해하며 문의를 하고 있다"고 하며, "저금리 시대에서 보유 중인 터전으로 안정적이고 확실한 은퇴 계획을 세울 수 있다는 것이 큰 장점으로 다가오는 듯하다"라고 말했습니다.

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Living in Any of These 41 States? Get the Scoop on Social Security Taxes

At the beginning of September, approximately 54 million Americans were receiving Social Security retirement benefits. For numerous individuals, this program serves as their primary source of income during retirement, which underscores its significance and effectiveness as one of the nation’s key social initiatives.

Many legitimate criticisms can be made about Social Security , yet it should be simple to recognize the financial support it offers to millions.

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Unluckily, similar to various types of earnings, Social Security benefits Are governed by tax regulations. Still, there is positive and negative information for those who have retired. Let's examine each of these aspects.

Many retired individuals can evade state taxation on their Social Security benefits.

The positive aspect of Social Security taxes is that many states do not impose taxation on Social Security benefits. Below are the 41 states (along with Washington, D.C.) where this applies at present:

  1. Alabama
  2. Alaska
  3. Arizona
  4. Arkansas
  5. California
  6. Delaware
  7. Florida
  8. Georgia
  9. Hawaii
  10. Idaho
  11. Illinois
  12. Indiana
  13. Iowa
  14. Kansas
  15. Kentucky
  16. Louisiana
  17. Maine
  18. Maryland
  19. Massachusetts
  20. Michigan
  21. Mississippi
  22. Missouri
  23. Nebraska
  24. Nevada
  25. New Hampshire
  26. New Jersey
  27. New York
  28. North Carolina
  29. North Dakota
  30. Ohio
  31. Oklahoma
  32. Oregon
  33. Pennsylvania
  34. South Carolina
  35. South Dakota
  36. Tennessee
  37. Texas
  38. Virginia
  39. Washington
  40. Wisconsin
  41. Wyoming

The regulations surrounding Social Security taxes at the state level are subject to change, so if you reside in one of the nine states where these benefits are presently taxed, make certain to stay updated on your state’s policies annually as they might alter. For instance, during 2024, Missouri, Nebraska, and Kansas eliminated their taxation on Social Security.

Regrettably, the regulations for federal taxes still come into play.

Now, I have some unfortunate news to share: No matter what your state’s particular tax regulations dictate, federal tax laws remain applicable to all individuals. The IRS determines your “combined income” to compute your tax liability. This combined income encompasses the following elements:

  • Adjusted gross income (AGI) Your combined earnings from every source except Social Security.
  • Nontaxable interest Interest income exempt from federal taxation, like U.S. Treasury and municipal bonds.
  • Fifty percent of your Social Security benefits : 50% of your aggregate Social Security benefits for the present year.

After your total income is determined by combining incomes, Social Security applies these guidelines to establish what portion of your benefits can be subject to taxation.

Portion of Taxable Benefits Incorporated into Earnings Filing Single Married, Filing Jointly
0% Less than $25,000 Less than $32,000
Up to 50% $25,000 to $34,000 $32,000 to $44,000
Up to 85% More than $34,000 More than $44,000

Data source: Social Security Administration.

Observing U.S. Federal Social Security taxes in effect

The regulations surrounding Federal Social Security taxes aren’t quite as simple as many individuals might hope (typical, right?), so allow me to explain how these guidelines operate.

Initially, many individuals looking at the aforementioned table believe that their Social Security benefits could face taxation of up to 85%. Fortunately, this understanding is incorrect. These percentages do not indicate the portion of Social Security subject to tax; they merely show the extent to which income levels can affect taxable benefits. eligible to be taxed.

Imagine you're married and filing your taxes jointly, with these conditions applying:

  • You and your spouse's AGI is $36,000
  • You earned $1,000 from the interest on your Treasury bonds.
  • The total of your Social Security benefits for this year amounts to $24,000.

In this scenario, your total income would amount to $49,000 ($36,000 + $1,000 + $12,000). Consequently, as much as 85%, or $20,400, of your annual benefits could be subject to taxation.

Social Security will combine the $20,400 with any additional income you earn and apply your standard income tax rate to the total amount. So, if you fall into the 22% tax bracket, this rate would be used for taxation purposes. tax bracket , you would owe $4,488 for the $24,000 in benefits you received that year. This result is significantly better than owing $20,400.

The deeper your understanding of how Social Security taxes function, the more effectively you can strategize your retirement funds.

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How Much Should You Contribute to Your Pension to Retire Comfortably at 60?

There is no standard option anymore. retirement age in the UK; while you won't receive your state pension, pension Up until the age of 66, you have the option to retire early provided you have the financial means to do so.

After retiring, you might not get a steady income anymore, yet bills will still pile up and you'll require funds to make the most of your retirement days.

As per the regulations concerning pensions and lifetime savings, Savings Association (PLSA), the average cost of a moderate retirement for a single person - that covers luxuries such as one foreign holiday a year and eating out a few times a month - is £31,300 annually.

To produce such earnings through an annuity—a financial instrument that utilizes your pension to buy you a consistent yearly income for life—specialists advise that retirees might need a savings fund as large as £615,000.

What happens if your goal is to retire when you reach 60?

Early retirement might seem like a fantasy, yet you'll have to achieve it sans the perks. state pension If retiring at that age, this is due to the current state pension age being 66 and set to increase to 67 by 2028 and then to 68 by 2046 for the majority of individuals.

You can still access your private pension savings though from age 55 as well as any other income such as investments or a buy-to-let portfolio.

Here is how much you would need to pay into your pension to retire by age 60.

Consider how much you need to retire

The amount you need in retirement will differ depending on what you are planning to spend your money on.

Ian Futcher, chartered financial planning consultant at wealth manager Quilter, said: “Crucially, retirement at 60 isn’t just about the numbers, it is also about your lifestyle.

“Many people are still active at 60 and want to spend time travelling, taking up new hobbies, or enjoying their freedom.

“These costs can be higher in the early years of retirement when you’re more likely to be out and about. This is why it’s often advisable to front-load some of your pension savings to allow for more spending in your 60s, before you settle into a more steady routine later on.”

Having an idea of how much you will need to retire can help determine how much you need to contribute.

Futcher adds: “Ultimately, the right amount to contribute to your pension will depend on your personal circumstances but aiming to replace at least 50-60 per cent of your working income is a reasonable rule of thumb.

Obtaining guidance from a professional financial advisor can assist in making sure you're well-prepared for a comfortable retirement and the lifestyle you desire.

Start early

The sooner you begin saving for your pension, the longer you'll have to weather fluctuations in the market and the greater your likelihood of achieving your financial goals.

You could also commence with modest amounts provided you begin sufficiently ahead of time.

According to research conducted by investment firm Hargreaves Lansdown, a person retiring at the age of 60 would require approximately £615,000 in their pension fund to yield an annual income of about £31,500 via an annuity.

To reach their goal, they would have to save roughly £583 each month from age 22 to 60, as indicated by the study.

The HL Savings and Resilience Barometer indicates that the price for a modest retirement stands at £25,000, with an individual required to set aside approximately £435 each month towards their pension.

Helen Morrissey, who leads retirement analysis at Hargreaves Lansdown, stated: "Early retirement might appear ideal, yet achieving this requires making your pension fund perform exceptionally well. In truth, you must be prepared to significantly curtail your current spending habits if you wish to leave the workforce prematurely."

It becomes somewhat more challenging when you begin later.

According to an analysis by Quilter, adhering to the PLSA guidelines, one would need to contribute £1,493 per month starting at age 35, with this figure increasing to £2,727 monthly when reaching age 45 for a comparable sum.

Futcher commented, "If someone begins saving in their 20s, they may only need to set aside 15-20 percent of their income; however, those who start at age 40 would likely have to save considerably more. While employer contributions, tax benefits, and investment gains can alleviate some pressure, the crucial point is to initiate savings early and consistently reassess your strategy."

The danger of leaving work prematurely

The primary difficulty of retiring at 60 is that you will have nearly ten more years until you can receive your state pension.

That was an opportunity for you to keep adding to your pension, enhancing your nest egg and taking advantage of additional gains in the stock market.

Rather, Morrissey cautions that leaving work prematurely and prior to qualifying for the state pension implies that your personal retirement savings will have to bear the burden, potentially causing you to lose out on returns from investments.

Instead of opting for an annuity, you can remain invested using a product known as drawdown and make periodic withdrawals from your fund; however, this approach carries the risk of depleting your savings over time.

Futcher comments: "Should retiring at 60 be your aim, calculating the amount to contribute to your pension necessitates thorough planning."

The sooner you retire from work, the more years your retirement savings must cover, and you'll have to fill the gap until the state pension begins.

When you invest, your money is not guaranteed and you might recover less than what was put in. Previous success does not ensure future outcomes.

Whether it’s from news to politics, travel to sports, culture to climate—the Independent offers an array of free newsletters tailored to your preferences. To get the stories you’re interested in delivered directly to your inbox along with additional content, simply click. here .



Here's How "Dead People" Are Still Collecting Social Security

The Social Security Administration refuted assertions made by President Trump and Elon Musk that it was providing benefits to millions of people unnecessarily. dead people , and stated on Sunday that fewer than one out of every three hundred death claims are fraudulent.

The organization, whose most confidential information is under review by what Musk calls his "Department of Government Efficiency," stated that it processes over three million death reports annually and maintains "extremely precise" records. This administration manages Social Security entitlements for more than 68 million individuals.

"The agency stated in a press release that out of all the millions of death reports they receive annually, fewer than 0.3% are incorrect reports that require correction," according to their statement.

The agency's statement follows comments from both Trump and Musk claiming that deceased individuals remain listed in the Social Security database and continue to receive Social Security benefits.

Read: Are you concerned about Elon Musk’s DOGE gaining access to your Social Security details?

"Payments are being made to numerous individuals, and we're currently investigating," Trump stated during a recent address to Congress. In contrast, Musk has not commented on this matter. referred to Social Security as a "Ponzi scheme" and vowed to eliminate fraud at the agency.

As stated in a report by Fortune Currently, DOGE has 10 employees working with the agency to gather evidence supporting their assertion that millions of deceased individuals might still be receiving public assistance.

Read: Who can assist me with my Social Security issue since the staff and services are being reduced?

The Social Security Administration, known as the SSA, mentioned that death reports mainly come to them from state authorities, along with various entities like families, morticians, federal organizations, and banks.

According to this, SSA gets most of its death notifications from funeral homes or the deceased’s acquaintances/family members. The agency regards these initial-party death reports as confirmed and promptly adds them to the Death Master File, 2008 audit report as per the Office of the Inspector General.

"Cases where someone is incorrectly marked as dead with Social Security can have devastating consequences for the individual, their spouse, and dependents. This leads to an immediate halt in benefits, causing financial difficulties that persist until corrections are made and payments resume. The procedure to demonstrate such an incorrect death declaration often feels excessively lengthy and arduous," according to the agency.

Read: The individual who resolved the Social Security crisis in the 1980s has some guidance for current political figures.

The agency stated that if someone believes they've been wrongly marked as deceased in their Social Security records, they ought to reach out to their nearby Social Security office promptly. Individuals can find their closest Social Security location online. ssa.gov/agency/contact And make sure to bring at least one valid, up-to-date form of identification.

The Social Security Administration stated that it promptly works to rectify any discrepancies in their records. They also mentioned that they can issue an official document confirming the correction of errors, which individuals may then present to various entities such as other organizations, government agencies, or employers.

Read: The Social Security Administration plans to reduce telephone services for direct deposit transactions.

The Social Security Administration had earlier stated that it does not provide benefits to individuals aged 115 or above, a rule implemented in September 2015. Additionally, they noted that the absence of a birth or death date in their records doesn’t imply that someone is still claiming benefits.

Last month, Social Security revealed a significant overhaul, stating they plan to eliminate approximately 7,000 positions, which equates to around 12% of their staff, and decrease their regional offices from 10 down to 4.



Claim Early or Wait? The Surprising Scenarios Where Taking CPP at 60 Makes Perfect Sense

If you decide to claim the Canadian Pension Plan (CPP) earlier than usual, your monthly benefit could decrease by as much as 36%. Can you guess why someone might choose this option?

The Canada Pension Plan (CPP), which is a retirement benefit, is financed through contributions made by both employees and their employers as well as by self-employed individuals across Canada. This plan generally applies to nearly all workers and those who are self-employed outside of Quebec (where they have their own separate program).

To become eligible for CPP benefits, you need to be at least 60 years old and have made at least one contribution to the plan through employment within Canada or received credit transfers from a previous spouse or common-law partner.

The precise amount of your monthly CPP benefit hinges on several factors: your age upon initiating benefits, the duration of your contributions to the program, and your average income throughout your career. Should you choose to begin receiving these benefits at 65 years old in 2025, you might qualify for up to $1,364.60 .

According to the 2021 Census data, the mean overall income for Canadian residents aged 65 and above was $46,080 The typical CPP benefit amount in 2024 was $815 Per month or $9,780 annually, representing about 21% of the typical retiree’s income—thus, for numerous Canadians, the Canadian Pension Plan (CPP) serves as a significant supplement to their retirement funds, alongside personal savings and potentially an employer-provided pension plan.

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The CPP payments decrease if you start receiving them before your optimal age.

For each month you claim CPP benefits before your full retirement age, you face a permanent reduction. 0.6% Of the advantage, up to 36% more if you start receiving CPP at age 60. For each additional month beyond age 60 that you delay claiming, your benefit rises by 0.7%. Should you choose to wait all the way until age 70, this would result in a boost of 42%.

Should you become eligible for a $1,000 annual benefit at age 65, opting to claim it at age 60 would yield $640 instead. Conversely, delaying receipt until age 70 could provide an amount as high as $1,420 annually; moreover, these payouts typically rise over time due to adjustments linked to inflation rates.

Based on these figures, it appears astonishing that individuals choose to receive CPP benefits at age 60; nonetheless, numerous people still make this decision. statistics provided by the Government of Canada In 2023, 29% of individuals beginning their Canadian Pension Plan (CPP) benefits chose to do so at age 60, with an additional 24% starting them after turning 60 but prior to reaching 65 years old. Approximately one-third (32%) initiated their CPP when they turned 65, whereas just 6% deferred receiving their benefits until they were 70. Therefore, what motivates someone to accept a diminished benefit?

8 factors influencing individuals to claim their Canadian Pension Plan benefits sooner

  1. You're unhappy with your current employment, you wish to retire right away, and require the Canadian Pension Plan to support yourself.

  2. You're set to retire at 60 and you've already experienced numerous years of little or no income.

When determining your basic CPP payment, the authorities will Exclude as many as eight of your lowest-earning years. If you decide to retire at age 60 and include additional lower-earning years prior to claiming your benefits, you might inadvertently decrease your benefit amount.

  1. You face health problems that could reduce your lifespan.

  2. You aim to minimize or eliminate the portion that gets clawed back from your payment. Pensions from Old Age Security (OAS)

The OAS represents another cornerstone of Canada's social retirement framework. It is accessible to Canadian citizens and legal permanent residents aged 65 and above who have lived in the country for a minimum of ten years after turning 18, irrespective of their employment history. As of October through December 2024, the maximum monthly OAS payment The amount is $727.67 for individuals aged 65 to 74 and $800.44 for those 75 years old and above (this benefit is reviewed quarterly to account for changes in the cost of living). However, with regard to OAS, clawed back As your earnings rise above the minimum income recovery threshold of $90,997 in 2024, consider minimizing your CPP benefit to reduce your overall income and thereby increase your OAS payments if you anticipate having considerable retirement savings.

  1. You have a low income and might be eligible for the Guaranteed Income Supplement (GIS) in addition to OAS

In such a scenario, reducing your CPP payments could potentially increase your GIS benefits. Consulting with a financial advisor for guidance related to OAS or GIS purposes would be wise when deciding about taking CPP, since these computations involve complex factors with long-term effects. A professional adviser typically uses specialized tools to simulate various scenarios aiding better decision-making.

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  1. You have no faith in the government.

Some individuals might have concerns regarding the sustainability of these governmental initiatives; however, it’s important to recognize that the Canadian Pension Plan (CPP) operates independently from the government’s overall finances — thus, the government cannot utilize those funds. Moreover, a 2021 The report from the Chief Actuary of Canada indicates that the CPP will stay financially viable for a minimum of 75 years.

  1. You believe you could generate greater returns by managing the funds personally.

Although it may be achievable, you will have to overcome an assured yearly boost of 7.2% up to age 65, followed by an 8.4% hike each year thereafter until reaching 70, along with adjustments made to account for inflation.

  1. When you're planning to retire during a significant market downturn, you aim to start collectingCPP benefits to minimize the necessity of withdrawing funds from your investment portfolio. This way, your investments will have time to recuperate.

Typically, it's unwise to claim your Canadian Pension Plan benefits before the designated age. However, certain situations might justify doing so. When weighing whether this step suits you, seeking advice from a financial counselor is highly recommended.

Sources

1. Canada.ca: CPP retirement pension: The amount you might get

2. Statistics Canada: Income Explorer, 2021 Census

3. Canada.ca: Canada Pension Plan: Monthly Figures for Pensions and Benefits

4. Canada.ca: Canada Pension Plan Retirement Benefit: Timing for Commencing Your Retirement Income

5. Canada.ca: Canada Pension Plan (CPP) - Count of Newly Awarded Retirement Pensions by Age Group, Gender, and Fiscal Year - Canada Pension Plan (CPP) - Count of Newly Awarded Retirement Pensions by Age Group, Gender, and Fiscal Year

6. Canada.ca: How we determine your CPP benefit amount

7. Canada.ca: Old Age Security

8. Canada.ca: Old Age Security: What Amount Can You Expect?

9. Canada.ca: Recovery Tax for Old Age Security Pension

10. Canada.ca: Guaranteed Income Supplement

11. CPPInvestments.com: Sustainability of the CPP

This article If you opt for the Canadian Pension Plan (CPP) at age 60, you'll see a reduction of 36% in your benefits—but there are 8 scenarios where taking it early can be quite sensible. How many of these situations pertain to you? originally appeared on Money.ca

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The content of this article serves solely as information and must not be interpreted as advice. It comes with no guarantee or warranty whatsoever.



3 Compelling Reasons to Start Social Security at 62

If you have spent some time researching this topic, you likely have been encouraged to postpone applying for your Social Security retirement benefits for as long as feasible. This advice stems from the fact that the designated full retirement age—when you can receive 100% of your expected payouts—is typically set between ages 66 and 67, varying based on your birth year. Opting instead to claim these benefits at age 70 could result in substantially larger monthly benefit amounts.

On the opposite end of this spectrum, though, lies another alternative. Despite resulting in significantly lower payouts, one could argue for filing as early as age 62. However, make sure not to rush into this decision, as it is an irreversible choice.

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Patience pays off

As has been mentioned, everyone who qualifies for Social Security Individuals entitled to retirement benefits will receive the complete amount they were expecting solely if they begin claiming them upon reaching their full retirement age, or FRA This year’s Full Retirement Age (FRA) is set at 66 years and 10 months for individuals born in 1959. The following year, however, the FRA will increase to a complete 67 years, remaining unchanged thereafter unless modified once more through new legislation.

However, if you decide to postpone claiming these benefits, your future payouts will increase by approximately 0.66% each month, which adds up to an annual boost of around 8%. Specifically for those attaining their full retirement age this year or next year, waiting until age 70 could result in a significant hike of roughly 25% in the amount of your monthly disbursements.

Don’t delay initiating your payments significantly past turning 70. The Social Security Administration ceases to increase your future monthly benefits after age 70, and they will only backpay you up to six months.

Perhaps you considered initiating these payments far earlier than your Full Retirement Age (FRA)? This approach is also feasible. However, doing this significantly diminishes the amount of each payment, potentially lowering it by up to 30% should you decide to start claiming benefits at the youngest eligible age of 62. Quite a hit!

The arguments for making the claim as soon as possible

Why would someone potentially jeopardize their financial stability in the long run by securing these reduced payment rates?

There are indeed several clear-cut reasons for taking this step. The primary one is that you might require this funds just to ensure basic needs like food and shelter, with alternatives such as employment or leveraging any property you own not being viable solutions at present.

Another compelling rationale for initiating Social Security benefits prior to reaching your Full Retirement Age, despite not requiring immediate funds, stems from the potential opportunity to allocate these resources elsewhere. For instance, you might consider investing them in equally secure ventures instead.

And whether good or bad, this benchmark is quite modest. Even though the actual return on your funds locked into the Social Security system fluctuates each year, it generally aligns with the country’s consumer inflation rate or matches the returns on Treasury securities. U.S. Treasury bonds .

From 2008 through 2021—when interest rates hovered around their lowest points—it was not feasible to outperform this rate of return using bonds or certificates of deposit. Now that rates have returned to typical historical levels, many money market funds offer higher yields compared to what you would generally receive from allowing the Social Security Administration to hold onto your funds before you reach full retirement age.

Keep in mind how easy and tempting it might be to avoid actually making this positive move with the money once you have it in your hands.

Another reason to consider taking Social Security earlier instead of waiting is the potential for benefit reductions due to the program nearing financial instability. Should decreased payments become unavoidable (recognizing that such concerns may be somewhat influenced by political factors), it would make sense to receive complete payments for as long as possible before they decrease.

Moreover, earning income while simultaneously receiving early benefits is also an alternative, and potentially a wise choice for many individuals.

Even though earning an income alongside Social Security benefits might decrease those payments, which contradicts a widespread belief, it doesn’t mean you’re losing out. If your benefit amounts are reduced because of wages earned from working, they will be compensated later with larger monthly Social Security payouts in the future. This option essentially lets you enjoy both worlds—you can generate earnings while also collecting benefits without enduring lasting penalties for doing so.

The first idea you came up with is probably your strongest one.

However, if none of these points seem compelling enough to persuade you that claiming Social Security benefits at 62 might be advantageous despite the costs involved? It may just be better this way. Overthinking and poorly planned optimizations frequently lead to outcomes worse than before. Typically, you’re better off utilizing such programs as they were originally meant to be used and adhering to standard practices. retirement and financial plans that have existed for many years.

In spite of that, there’s nothing incorrect about grabbing a pencil and paper to manually work through some genuine figures. For certain individuals, opting for early Social Security can indeed be quite sensible.

The $ 22,924 The Social Security benefit many seniors entirely miss noticing.

If you’re similar to many Americans, you might be lagging several years—or even more—behind on saving for retirement. However, some lesser-known “Social Security strategies” may assist in increasing your retirement earnings. For instance: one simple method could provide an additional $ 22,924 More every year! After mastering strategies to optimize your Social Security benefits, we believe you can retire with confidence and achieve the peace of mind everyone seeks. Just click here to find out how you can gain deeper insights into these tactics.

Check out "The Hidden Truths of Social Security" »

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How Much Superannuation Should You Have by Age 50?

If your goal is comfort, retirement , you will undoubtedly be looking to conclude your career with as much superannuation  as possible.

However, what should you possess upon retirement? Similarly important, what should you have achieved financially by the age of 50 to guarantee you'll amass the necessary superannuation funds when you finally decide to retire?

Let’s see what the superannuation sector suggests for tomorrow’s Australian retirees.

What quantity of superannuation funds would be appropriate for me?

To start with, we should determine the amount required for a comfortable retirement.

Based on the ASFA Retirement Standard from the Association of Superannuation Funds of Australia, couples aiming for a comfortable retirement require approximately $690,000 in their superannuation fund. For single individuals seeking the same level of comfort during retirement, this figure stands at around $595,000.

AFSA outlines comfortable retirement in the following manner:

The comfortable retirement benchmark ensures that people can sustain a high quality of life after they stop working. This includes covering basic needs like food shopping, transportation, and house maintenance, along with having personal health coverage, engaging in various physical and recreational pursuits, and enjoying meals out occasionally. Crucially, this standard supports staying socially engaged—both online via digital means and offline with at least one local vacation each year plus an overseas journey every seventh year.

If you're content with a basic lifestyle after retiring, approximately $100,000 in superannuation would suffice for both partners and individuals once they turn 67 years old. According to AFSA, a simple retirement entails the following:

A moderate retirement budget aims to provide a living standard somewhat higher than what the Age Pension offers. This enables retirees to cover essential healthcare costs along with occasional physical activity, entertainment, and gatherings with loved ones. These estimates presume that retirees fully own their homes and maintain good health.

I am aware of the kind of retirement I would rather have.

What are some things I ought to accomplish or acquire by age 50?

According to BT Funds Management The typical superannuation balance for individuals aged between 50 and 54 years old (both males and females) stands at $215,118.

If you're 50 years old and have reached this savings level in your superannuation fund, give yourself a congratulatory pat. You’re making great strides toward enjoying a comfortable retirement.

For instance, if you were to compound Starting with a balance of $215,118 and achieving an average annual return of 7.5% over 17 years, your final balance would be around $735,000. This amount exceeds what’s needed for a comfortable retirement.

However, what if you find yourself lagging behind? Should you fall short, it might be beneficial to think about contributing additional funds to your superannuation account annually within your means. Each contribution makes a difference.

Furthermore, consider investigating how your fund measures up against similar ones. Even though previous performance doesn’t guarantee future outcomes, if your superannuation fund appears to regularly lag behind others, it might be worthwhile switching to an option with stronger historical results.

The post What level of superannuation savings would typically be expected at age 50? appeared first on The Motley Fool Australia .

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Motley Fool contributor James Mickleboro The Motley Fool Australia does not hold shares in any of the companies mentioned. Additionally, The Motley Fool Australia’s parent company, Motley Fool Holdings Inc., also does not own stock in any of these companies. Furthermore, The Motley Fool as an organization has no stake in any of the stocks discussed herein. disclosure policy This article includes solely general investment guidance (covered under AFSL 400691). Authorized by Scott Phillips.



Should You Apply for Spousal Social Security Benefits? Know These 3 Key Points First

Social Security benefits form a crucial part of the majority of retirement strategies, yet spousal benefits aren't getting sufficient recognition. A lot of individuals aren't aware that they have the option to stake a claim on retirement benefits through their partner’s earning record, which could substantially benefit families who are no longer participating in the labor force. You should consider verifying your qualification for this plan at the Social Security The administration's website; keep these three crucial aspects in mind prior to submitting your application.

1. You might be eligible for up to half of your spouse's complete retirement benefit.

Spousal benefits may be substantial, with qualifying individuals able to claim up to half of their spouse's complete retirement benefit. The mean monthly Social Security benefit is $1,884 for individuals currently reaching their full retirement age (FRA), which means numerous retired household units might qualify for an extra $900 in monthly support. The amount designated as a spousal benefit reaches almost $2,000 each month for those who are qualified. maximum benefit With a complete retirement age set at 67, financial advisors commonly suggest substituting approximately 80% of your earnings from before retirement to sustain your current standard of living. This additional income can help bridge a significant gap for numerous households.

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In order to qualify for spousal benefits, you need to be at least 62 years of age and have been married for a minimum of one year. This rule extends even to former spouses as long as they haven’t gotten remarried. If an individual qualifies under certain conditions like having a disability or supporting a dependent child, this age condition might not apply. Additionally, claiming these spousal benefits isn't possible until your partner decides to start receiving their own Social Security retirement payments. This detail becomes particularly pertinent in situations where the main breadwinner intends to postpone both retiring and collecting Social Security income.

2. You can't combine spousal benefits.

Spousal benefits are not designed to significantly boost the Social Security earnings of individuals with substantial individual work records. Typically, the spousal benefit amount is decreased by whatever retirement benefits one could get independently. When applying for spousal support, you're also considered as having filed for your personal benefits at the same time, which stops anyone from using strategic timing to gain an advantage.

This implies that you cannot combine spousal benefits with your own Social Security earnings to receive dual payments. Additionally, you aren't allowed to start collecting spousal benefits at age 62 and subsequently switch to your own larger benefit amount when you reach full retirement age.

In simple terms, if you have substantial retirement income coming from Social Security, additional spousal benefits will likely be minimal.

3. The quantity you can obtain is influenced by your age.

Spousal benefits operate akin to retirement benefits in terms of their structure: they allow for early withdrawals prior to reaching full retirement age, albeit with reduced monthly payouts. For spousal benefits specifically, this decrease could be up to 35%, calculated according to the primary insurance amount tied to the spouse’s full retirement age. Should you reach 62 and your partner receive Social Security, opting to wait until you hit your personal full retirement age will result in a higher spousal benefit when claimed.

A significant distinction exists when comparing spousal versus standard benefits. With Social Security retirement benefits, they increase progressively up until the age of 70 after reaching full retirement age (FRA), allowing one to receive an amount greater than their primary insurance rate through their individual entitlement. However, this advantage does not apply to spousal benefits; consequently, there isn’t additional motivation for postponing income past FRA.

It’s crucial to consider how age impacts benefits, particularly when dealing with couples who have a significant age difference. The main breadwinner may choose to delay receiving benefits until age 70 to increase payments, yet the partner might receive reduced payouts if they start collecting before reaching 67 years old. Balancing the advantage of higher lifetime earnings versus larger monthly benefit amounts later becomes essential.

The $ 22,924 The Social Security benefit many seniors entirely miss out on.

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Check out the "Social Security secrets" »

The Motley Fool has a disclosure policy .



41 States Where Social Security Benefits Go Untaxed

Contrary to the popular misconception, Social Security income can be taxed. Social Security beneficiaries who have substantial other sources of income can have as much as 85% of their benefits included in their taxable income calculation. In fact, tax on Social Security benefits is a major revenue source for the program.

The good news is that in most cases, Social Security is not taxable at the state level. 41 states do not tax Social Security income whatsoever. Not only that, but most of the states that do tax Social Security use far looser rules than the federal government.

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41 states that exempt Social Security income from taxes

I'll cut to the chase. Should your state be on this alphabetical list, it does not impose any taxes: Social Security benefits for the 2025 tax year:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Mississippi
  • Missouri
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Virginia
  • Washington (state and D.C.)
  • Wisconsin
  • Wyoming

Should your state be listed here, your Social Security income will be exempt from state income tax irrespective of the amount of extra retirement income you possess, or whether you do so or not. still working .

Certainly, some of these states do not impose any income tax at all. However, in certain situations, the Social Security exemption might provide substantial savings. To illustrate, suppose you get $20,000 annually from Social Security and reside in my home state of South Carolina, where the highest marginal tax rate is 7%. In this scenario, you could potentially save around $1,400.

Additionally, this list may expand over time. As an illustration, West Virginia is gradually eliminating taxes on Social Security benefits with plans for them to completely disappear by 2026.

What would happen if you reside in one of the remaining nine states?

Given the information from the preceding section, we can see that nine states continue to impose taxes on Social Security benefits at varying levels. The affected states include Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia.

In many instances, though, the guidelines surrounding Social Security taxation tend to be more lenient compared to those enforced by the IRS. For instance, in Colorado, Social Security benefits are taxed only from recipients younger than 65 whose income exceeds specific thresholds.

Just one part of the tax equation

If you’re retired and live in one of the nine states imposing taxes on Social Security benefits, it may seem less than ideal. However, remember that taxation of Social Security is only part of what determines whether a state’s overall tax environment is more favorable or not. Often, those same states with Social Security taxes tend to have comparatively lower rates for other forms of taxation.

For instance, Montana imposes a tax on Social Security benefits for certain residents yet stands among the only five states without a state sales tax. Some other states listed feature property taxes significantly lower than the nationwide average.

The bottom line is that while tax on your Social Security benefits is certainly not ideal, it's important to consider the full picture of a state's tax situation.

The $ 22,924 The Social Security benefit many seniors entirely miss noticing.

If you’re similar to many Americans, you might be lagging several years—or even more—behind on saving for retirement. However, some lesser-known “Social Security strategies” may assist in increasing your retirement earnings. For instance: one simple method could provide an additional $ 22,924 More every year! After mastering strategies to optimize your Social Security benefits, we believe you can retire with confidence and achieve the peace of mind everyone seeks. Just click here to find out how you can learn more about these tactics.

Check out the "Social Security Secrets" »

The Motley Fool has a disclosure policy .