Social Security's Big Day: COLA to be Announced Oct. 12

Social Security’s big day: COLA to be announced Oct. 12

The cost of living adjustment is expected to be about 3.2%, according to forecasts from the Senior Citizens League, a pro-senior think tank.

Generational Divide in Retirement Planning for U.S. Latinos

U.S. Latinos are projected to have $113 trillion in wealth by 2050, but there's a generational divide in retirement planning. While some older Latino individuals save for retirement by sending money overseas, many younger workers choose to invest.

Retirement Plans for People without Retirement Plans Coming Soon

Is it a surprise that we are hurtling toward a retirement crisis when half of workers aren't even offered a retirement plan?

Social Security Administration to Review Overpayments

The Social Security Administration will be reviewing overpayments and may claw back payments.

Seeking Advice: I'm 67 and Retired with $2 Million - What Should I Do?

I'm 67 years old and retired with $2 million after investing in McDonald's and Facebook, but now I'm considering "parking" my money. What should I do?

Concerns about Dementia and Funds: My Mom Has $550,000 and Dementia

My mom has $550,000 and dementia, and I'm worried about what will happen when her money runs out.

Lessons Learned: Taking My 11-Year-Old Granddaughter on a 5-Day Trip

I took my 11-year-old granddaughter on a 5-day trip, and here's what I learned.

The Reality of Early Retirement and Financial Independence

Few who "retire early" have truly achieved "financial independence."

Understanding Medicare Coverage: What's Covered and What's Not

Enrolling in Medicare? Here's a breakdown of what's covered and what's not.

More in Retirement News:

• Older Millennials On Track to Retire More Comfortably Than Late Boomers (Bloomberg)
• This is the No. 1 Trending City for Retirement in the U.S. — and It's Not in Florida: Report (People)
• Ecuador Was a Retirement Paradise for Americans, Then the Drug Gangs Arrived (The Wall Street Journal)
• Four Tips For A Smooth Slide Into Retirement (Forbes)

3 Things Everyone Needs to Understand About Social Security, Before Retirement

Retirement planning is a crucial step in securing financial stability for your future. However, many Americans are not adequately prepared for this stage of life. To ensure that you can enjoy your golden years without financial stress, here are three key things you need to understand about Social Security.

1. Job hopping could negatively impact retirement funds

A recent study conducted by CBSNews suggests that frequent job changes can have a detrimental effect on your retirement funds. With a growing trend of job hopping among younger generations, it's important to consider the potential implications on your Social Security benefits. By switching jobs frequently, you may not accumulate enough credits to qualify for the full range of benefits provided by Social Security.

2. The best age to take Social Security

Determining the optimal age to begin receiving Social Security benefits is a complex decision that can significantly impact your retirement income. Extensive research conducted by The Motley Fool has revealed that there is an ideal age to start taking these benefits. However, there's a catch – factors such as your life expectancy, financial stability, and personal circumstances must be carefully considered before making this decision.

3. Understanding the coverage gap and state-sponsored retirement plans

A comprehensive study published by ASPPA highlights the pressing issue of a retirement income shortfall faced by millions of Americans. In this context, state-sponsored retirement plans have emerged as a potential solution to bridge the coverage gap. More evidence suggests that these plans can be instrumental in providing individuals with a secure and reliable source of retirement income.

Retirement planning is a complex process that requires careful consideration and understanding. By being aware of these three key aspects of Social Security, you can better navigate the intricacies of retirement and ensure a financially stable future.

For more insights and guidance on retirement planning, consult with a trusted financial advisor.