Nassau Financial Group’s Post

The headline appears scary. However, when you read the article you’ll notice that 2025 is the year by which a law passed in 1983 requires all full retirement ages to be age 67. They gradually raised the FRA from 65 to 67 through a multi decade phase in. The age of 62 continues to be the earliest age to collect your social security benefits. The most important part of the article for the 1 million Wisconsinites taking SS benefits is the 2.5% COLA (cost of living adjustment) for 2025.

Did you know nearly 67 million people, or about 1 in 5 U.S. residents, currently receive Social Security benefits? It's an important part of many Americans' financial plan, and typically replaces about 39% of their pre-retirement pay. Still, how--and when--individuals and couples coordinate their Social Security benefits can have a significant impact on their financial security. Check out Plan Sponsor Council of America's article on this topic, written by Paul Mulholland Compound #letsmakeaplan #socialsecurity #retirementincome

💼 The Social Security Fairness Act: What Retirees Need to Know How will the Social Security Fairness Act impact retirees? This legislation aims to address concerns about fairness in benefits, but what does it mean for your retirement planning? 📖 Dive into the key points and potential effects on your finances. #SocialSecurity #RetirementPlanning #FinancialFairness #Legislation #mahamananews

Important changes for US pensioners in January 2025 – know how these will affect your income! #andhigher401kcontributionlimits #BigchangesforAmericanretireesincludeSocialSecurityCOLAincreaseinJanuary2025 #fullretirementageadjustment #ImpactonIncomeandRetirementPlanning #Medicarepremiumincrease

📈 Social Security COLA Set for 2.5% Increase in 2025 Retirees will see a modest 2.5% bump in their Social Security benefits next year—the smallest increase in four years. This translates to an extra $49 per month, raising the average monthly check to $1,976. While inflation has cooled, retirees are still feeling the pinch with higher costs on everyday essentials like groceries and insurance. 💡 Are your clients prepared for the financial reality of retirement? Many are drawing down savings faster than expected. Now’s the time to review retirement plans and ensure long-term security. #RetirementPlanning #SocialSecurity #FinancialAdvisors #Inflation

The proposals in Project 2025 include raising the retirement age and slashing social security benefits. This is despite decades of polling that show most Americans don't want to delay retirement. These dangerous policies will hurt anyone hoping to retire with enough resources to make ends meet, and are an example of how dangerous and extreme far-right policy ideas would pull the rug out from under America’s middle and working classes. https://lnkd.in/g8uMc2-E

Concerned about Social Security’s future? You’re not alone. A recent survey revealed 72% of Americans worry the program will run out of funding before they retire. New legislation could shorten the program's solvency unless new revenue sources are added, so it’s important to ensure your retirement plan can adapt to these uncertainties. Learn more from CNBC: https://lnkd.in/eWtCPXHi #RetirementPlanning #SocialSecurity #FinancialWellness Disclosures: https://bit.ly/3mbVpPA

How could the new US administration shape retirement security? With the reelection of Donald Trump, significant questions arise about the future of retirement policies. While it’s too early to predict specific actions, several key areas could see changes that impact retirement planning. From potential reforms to Social Security and Medicare to shifts in prescription drug policies, any steps taken by the administration or Congress could redefine the retirement landscape. Understanding these developments will be crucial for investors and retirees alike. To learn more about the potential policy changes and their implications, visit the full article here: https://okt.to/XZ7TYA

Maximizing Social Security benefits is essential for retirees to ensure financial security in retirement. Let an RSSA assist you with strategies to help you maximize your Social Security benefits: * Delay Claiming Benefits: Delaying Social Security benefits past your full retirement age (FRA) can increase your monthly benefit amount.  * Understand Your Filing Options: You can start receiving Social Security benefits as early as age 62, but your benefits will be reduced if you claim them before your FRA. * Consider Spousal Benefits: Married individuals may be eligible for spousal benefits based on their spouse's work record. Spousal benefits can be up to 50% of the higher-earning spouse's primary insurance amount (PIA). * Consider Tax Implications: Social Security benefits may be subject to federal income tax depending on your total income.

I recently featured in an article talking about mandatory retirement at a later age. In this article it's discussed whether this will be ageist and unfair. It's also explored how this could benefit the next generation too. Read full article to find out more here - https://lnkd.in/gVXMXTvb What do you think? Do let me know your thoughts in the comments below 👇 .