According to Democratic presidential candidate Bernie Sanders, "Social Security is the most successful government program in our nation's history." No matter your political preference, there's no denying Sanders' statement. Since payouts began in 1940, Social Security has been providing a financial foundation for tens of millions of Americans, many of whom are retired workers. As of today, according to an analysis from the Center on Budget Policy and Priorities, it's a program that singlehandedly keeps more than 22 million [...]

My Uber driver and I struck up a conversation about the Orlando traffic and weather. The chatter soon drifted into stories about his experiences living and driving in Florida. I soon learned my driver’s name was Bob. Raising his voice, and turning to get a look at my face in his rearview mirror, Bob asked me, “How old do you think I am?” I am always nervous to make such a guess — uttering a number either too old [...]

When to start collecting Social Security benefits is a big decision that most of us will have to make. There are good reasons to start early and good reasons to start late, which can make it all rather vexing. Here's a look at when one financial writer -- that's me -- plans to start collecting and why. See if my thought process can help inform your own. First things first -- meet the "full retirement age" You may not [...]

We're told of the importance of saving for retirement, especially given the way healthcare and other senior living costs continue to rise. But apparently, a large number of workers aren't listening. In fact, one-third of Americans have less than $5,000 set aside for the future, according to new data from Northwestern Mutual. Incidentally, 21% of Americans have no retirement savings at all. It's one thing to have less than $5,000 in your nest egg when you're only in your [...]

Social Security has become more and more important.  It now replaces about 40 percent of the average worker’s preretirement income.  It was never intended to be the sole source or even the main source of retirement income for families.    But the confluence of influences is making it more and more so for many. Witness the demise of the defined-benefit pension plan.  This is the type of qualified retirement plan that guarantees a worker a definite income for life at retirement [...]

Raising the retirement age for working individuals is one of the primary proposals public officials discuss when it comes to Social Security. This policy effort rests on the assumption that increases in life expectancy mean that workers can easily work beyond the current normal retirement ages. However, this assumption ignores the fact that increases in longevity disproportionately apply to those in higher income brackets, and that many workers cannot continue to meet the physical demands of their job. A [...]