Social Security

Social Security Benefit Formula Robs Older Workers

William Baldwin

Working past 60? Be prepared to get shortchanged on your Social Security benefit. You’ll be pouring in thousands of dollars in contributions and getting only a few extra dollars a month. This is an old problem, but now it’s easy to see exactly how it affects you and what a change in your earnings history would do to your benefit.

With longer life spans, retiring at 70 makes sense

Even now, financial planners are urging people to work to 70, so they end up with more spending money than if they retire at the full retirement age of 66, or even earlier at 62. At 62, people can get small Social Security benefits, but each year they wait increases their monthly check about 8 percent. According to Munnell's research, retiring at 62, rather than 70, cuts the monthly benefit almost in half. A person who would receive a monthly Social Security check of $1,000 upon retiring at 70 would get $568 at 62. That's been a huge selling point for waiting to retire.

How to Maximize Social Security Benefits

Anna Tergessen

A growing number of online tools can help you figure out an optimal 'claiming strategy.' Would-be retirees are turning to a growing number of online programs to answer that question and squeeze the maximum from their Social Security benefits. For couples, the claiming decision can be especially complicated because of the availability of spousal benefits and the need to consider the financial security of the survivor.

Why Work After Retirement?

On Retirement (
Joe Udo

Why would anyone want to work after retirement? Isn't celebrating your exit from the workforce the whole point of retirement? A large percentage of nearly retired U.S. households aren't financially ready for retirement and will have to drastically reduce their living expenses. Some of us also enjoy the social interactions we get at work and have difficulty dealing with extra free time. Instead of jumping into retirement full time, it makes a lot of sense to work part time instead. Here are some of the many benefits of working a little bit in retirement:

A week-by-week program to plan your retirement

CBS News
Steve Vernon

Each week, I'll describe a few steps you should take during the week. The focus will be on actions that affect your financial security, although some will involve your health and lifestyle, since these topics are all related. The goal is to help you answer important questions such as:

When Should I Take Social Security?

I can start collecting Social Security Benefits any time from age 62 to 70. The earlier I take them, the less my benefit will be, so there is some strategy to deciding when to pull the trigger. I want to figure out the ideal time to do it, and I'm also curious how much money I would have had to save up to provide the same stream of income that Social Security will provide. So I did a little calculating to see how much difference it makes.


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