Category: Social Security Benefits

2021 Social Security Payment Calendar

Social Security Benefits, Social Security Payment Calendar
"2021 Social Security Payment Calendar Printable"

If you are receiving Social Security benefits and would like to know when your money will be deposited into your account each month, you’ve come to the right place. Not everyone receives their Social Security check on the same date. Understanding the timing of your Social Security direct deposits can help you manage your finances. Here is a breakdown of when to expect Social Security deposits, including the complete 2021 Social Security Payment Calendar. Number of People on Social Security Over 63 million people, or more than 1 in every 6 U.S. residents, received Social Security benefits. This includes Social Security […]

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2020 Social Security Payment Calendar

Social Security Benefits, Social Security Payment Calendar
"2020 Social Security Payment Calendar Printable"

If you are receiving Social Security benefits and would like to know when your money will be deposited into your account each month, you’ve come to the right place. We have included below the 2020 Social Security Payment Calendar. For the 2021 calendar, click here. Over 63 million people, or more than 1 in every 6 U.S. residents, received Social Security benefits. This includes Social Security retirement benefits, Social Security Disability Insurance (SSDI), and survivors’ benefits. The average Social Security retirement benefit is $1,503. For many seniors, this represents their primary source of income. When Social Security benefits are paid each […]

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37 States That Don’t Tax Social Security Benefits

Social Security Benefits, Your Money & Savings
"List of States that don't tax social security benefits"

One of the biggest issues of concern to retirees is how much tax is going to be taken out of their Social Security check. Of special interest to retirees is whether their Social Security benefits are taxable at the state level. In this post, we will list the 37 states that don’t tax Social Security benefits. Many retirees are surprised to learn that they can end up having to pay federal income tax on their Social Security benefits. The federal government taxes up to 85% of your benefits, depending on your income. In addition, some states also require residents to […]

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Is Social Security Income Taxable in 2020?

Social Security Benefits, Social Security Q&A
"Is Social Security Income Taxable"

One of the most popular questions we get from Social Security applicants and new beneficiaries is whether Social Security income is taxable.  The simplest answer is yes, Social Security is taxable at the federal level and even in some states. This usually comes as a surprise to many new Social Security beneficiaries. That is because, after working their entire lives and having Social Security payroll taxes withheld from their paychecks, many workers feel like they’ve earned their Social Security benefits and are not sure why they have to pay taxes on them. In this post, we will explain why Social Security […]

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Can Social Security Benefits Be Garnished?

Social Security Benefits, Social Security Q&A
"Can Social Security Benefits Be Garnished"

If you are currently receiving Social Security benefits but are behind on your debt payments, you may be worried about the garnishment of your benefits. In this post, we will answer the question – “Can Social Security Benefits Be Garnished?” and explain the types of debt you may have that can cause your Social Security benefits to be garnished. This is part of our Social Security Questions and Answers Series. This post will cover: What is the Garnishment of Wages? Can Social Security Benefits Be Garnished? Can Benefits on Direct Express Card be Garnished? Your Bank’s Responsibility to Protect Your […]

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What is the Social Security COLA Increase? – 2020 Guide

Social Security Benefits

The Social Security Administration has announced next year’s cost-of-living adjustment (COLA). However, this year’s increase is a modest number compared with last year’s. In this post, we will review the 2020 Social Security COLA Increase and explain the other 5 major changes that are coming for Social Security that you should know about. This post about Social Security COLA Increase will cover: What is Social Security COLA? Social Security COLA Increase for 2020 Social Security COLA History 2020 Social Security Changes that Might Affect You What is Social Security COLA? The Social Security Administration (SSA) is required by law to […]

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What is the Maximum Social Security Benefit? – 2020 Guide

Social Security Benefits
"How do I get the Maximum Social Security  Benefit"

The maximum Social Security benefit an individual can receive depends on the age at which the person retires. In this post, we will explain in detail what the maximum monthly Social security benefit is, according to the age you retire. We will then provide the maximum benefit amounts for 2020. This Post about Social Security Maximum Benefit will cover: What is the Maximum Social Security Benefit? 2020 Maximum Social Security Benefit Top 5 Social Security Retirement Questions What is the Maximum Social Security Benefit? With a formula based on your average earnings over the course of your career, Social Security […]

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How are Social Security Benefits Calculated?

Social Security Benefits
"How does social security calculate benefits"

One of the most often asked questions about social security is this – How are Social Security Benefits Calculated? In this post, we are going to answer the question in detail, and show you how you can calculate how much benefits you are likely to get if you retire early at age 62, or wait till your full retirement age, or even at age 70. We will explain the formula the Social Security Administration uses to calculate benefits, what PIA and AIME mean, and why claiming benefits early means you may get 25% less money than you are entitled to. […]

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Here’s Your Social Security Retirement Age [2020 Guide]

Social Security Benefits
"What's my Social Security Retirement Age"

Your full retirement age (FRA) is the age at which you are eligible to receive 100% of your Social Security retirement benefit. In this post, we will review the FRA and how you can determine your retirement age based on the year you were born. We will then review how much you will lose in benefits if you start collecting benefits early, and offer 5 reasons why it makes sense for some people to collect benefits early. Finally, we will review how Social Security benefits are taxed and help you figure out if your benefits will be taxed. This post […]

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Your Social Security Questions Answered

Social Security Benefits
"Get your Social Security Questions Answered"

This post is about answering the most common Social Security Questions. If you would like to submit a question about Social Security, you can do so in the comments section below. Social Security Questions Answered Here are the common Social Security, Disability and SSI benefit questions we have received from our readers. If you have questions of your own, please ask us in the comments section below. What month do Social Security benefits begin? An individual first becomes eligible to receive Social Security benefits during the month after the month of their 62nd birthday. Once you have applied, it could […]

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