Kailey Hagen

5 days ago | usatoday.com | Kailey Hagen

It's pretty difficult to turn on the TV or even scroll through your social media feed these days without seeing some mention of President Donald Trump. Whether you voted for him or not, you probably want to stay informed about the changes he's been making, especially if they will affect your finances. This is especially true for retirees living on fixed incomes who often depend heavily on their Social Security checks.

1 week ago | fool.com | Kailey Hagen

Social Security retirement benefits get most of the focus, but the program's survivors benefits could be just as crucial for your future financial security if a family member passes away. These are regular monthly checks the government pays to qualifying relatives of deceased workers and retirees. If you're unfamiliar with how survivors benefits work, now is a good time to learn. Understanding the following three key rules can save you some time if a situation arises that causes you to apply. 1.

1 week ago | fool.com | Kailey Hagen

Applying for Social Security is an exciting milestone for many seniors. Yes, there's paperwork involved, but you're just one application away from regular monthly checks for the rest of your life. All told, you could wind up with a lifetime benefit worth hundreds of thousands of dollars. But the exact amount you receive depends on a few factors. Some of these, like the Social Security benefit formula itself, are out of your control.

1 week ago | usatoday.com | Kailey Hagen

Social Security is an essential retirement income source for most seniors today. But if you ask younger workers, many aren't sure they'll ever see a dime from the program. Their concerns aren't entirely unfounded, though they are a bit overblown. The program is in financial distress. It's been spending more money than it's taken in since 2021, and current estimates suggest it has less than a decade until its trust funds are depleted and it can't pay out all scheduled benefits.

1 week ago | fool.com | Kailey Hagen

Even if you have personal savings, life without Social Security would probably be difficult. You count on those regular checks to help you cover your living expenses. If anything, they don't go far enough. So it can be alarming when your checks suddenly start shrinking, but it can happen. Understanding the three main reasons why can help you prepare for or possibly avoid some of these issues entirely. 1.