At 65, having $120,000 saved for retirement might not stretch as far as you’d hoped. If you follow the 4% rule — a guideline that suggests withdrawing 4% of your retirement savings each year to make your money last about 30 years — you’d only be able to take out around $4,800 annually. That breaks down to just $383 per month. Now, add your $1,700 Social Security check to the mix, and your total monthly income sits at about $2,083. But your expenses total $3,900 a month, leaving you nearly $1,900 short every single month — and that doesn’t even include emergency costs like medical bills. And don’t forget about taxes. If you withdraw aggressively to cover your shortfall and your investments grow at 7% annually, being in a 22% tax bracket means you could run out of money in just 5 ye...

The Social Security Administration (SSA) is preparing to issue its next round of payments on Wednesday, April 16. This payment is part of the agency’s regular monthly distribution to millions of retirees across the country. The payment schedule is carefully structured around the birth dates of beneficiaries. For this cycle, individuals born between the 11th and 20th of any month are slated to receive their payments on April 16. However, those who began receiving Social Security benefits before May 1997 follow a different payment timeline. These long-term beneficiaries receive their payments earlier in the month, specifically on the 3rd. This arrangement helps simplify distribution and ensures early access to funds for individuals who have been part of the system the longest, ref...

The Social Security Administration (SSA) has announced new anti-fraud measures that will take effect on April 14. These changes are aimed at tightening security around benefit claims and reducing fraudulent activity. Most beneficiaries will still be able to apply for benefits over the phone, including retirement, survivor, spousal, children’s benefits, Social Security Disability Insurance (SSDI), Medicare, and Supplemental Security Income (SSI). However, certain claims flagged as potential fraud risks will now require in-person identity verification at local SSA offices. According to the agency, out of the 4.5 million telephone claims filed each year, around 70,000 may be flagged for additional fraud checks. An SSA spokesperson also clarified that updates to direct deposit in...