Social Security has long been critical to many people’s retirement income. One study said that 45% of single retirees and 21% of married couples rely on Social Security for over 90% of their income.¹ 

However, when you think of the challenges that the Social Security system is facing (coupled with a longer life expectancy), achieving today’s retirement objectives is more complicated than in years past. 

If you’re planning on depending on Social Security for retirement, don’t make these 3 mistakes: 

#1 – Thinking that Social Security will be able to sustain your lifestyle through your retirement years.  
CONSIDER THIS: Retired workers received an average Social Security check of $1,830.66 (or $21,968 annually) in February 2023.² 

#2 – Thinking that future Cost of Living Adjustments for Social Security will keep up with inflation.  
CONSIDER THIS: While 2023 saw an 8.7% COLA increase, 2024’s increase will be just 3.2%.³

#3 – Not thinking about how to best maximize your Social Security benefits. 
CONSIDER THIS: Depending on your financial situation, you may want to defer applying for benefits until full retirement age or beyond, up to age 70. People who wait until age 70 to file will receive significantly more for their monthly payment, while filing earlier translates into substantially reduced benefits throughout retirement.⁴ 

Want to request more information on up-to-date financial strategies for retirement? Just ask – it’s never too early to prepare for what may be the best years of your life. 

Sources: 
¹Sky Ariella.  "30+ Social Security Statistics [2023]: Average Social Security Benefit."  Zippia.com, Dec 12 2022, www.zippia.com/advice/social-security-statistics/  Accessed Oct 5 2023
²Andrew J. Dehan.  "The Average American Social Security Check, by Age."  YahooFinance.com, June 29 2023. finance.yahoo.com/news/average-social-security-check-age-130012342.html  Accessed Oct 5 2023
³Marley Jay.  " Social Security recipients will see a cost-of-living increase of 3.2% in 2024."  NBCnews.com, Oct 13 2023, www.nbcnews.com/business/consumer/social-security-cola-increase-3-point-2-percent-for-2024-explainer-rcna120080 Accessed Oct 19 2023
⁴ "Delayed Retirement Credits," SSA.gov, 
www.ssa.gov/benefits/retirement/planner/delayret.html  Accessed Oct 5 2023

Locking doors and windows may be the first thing you think of as you prepare to protect your home during an extended vacation or trip – but it shouldn’t be the last. What are a few other ways to safeguard your home when you are away?

Invest in a security system. 
Smart systems can be effective when you have access to your devices. A monitored system may offer a bit more security when you are off grid.

Set a timer for your lights, lamps, TV, and radios.
Random or fixed timers can keep your house looking lived-in.

Stick to your home-maintenance schedule.
If you have the benefit of trusted help around your home — such as cleaners, gardeners, and pool-maintenance workers — you may want them to follow their usual schedule. A neglected property can signal an empty house.

Wait until your return for vacation posts on social media.
Posting pictures from a tropical island is a huge “NOBODY IS HOME” sign. Your posts on social media such as Facebook and Instagram may reach not just your friends but their friends – including people you don’t know. It is quite easy to find an address by looking up someone’s name online.

Install motion-detecting lights.
Positioning several motion-detecting lights at a variety of exterior areas is an easy and inexpensive way to be alerted when someone moves on your property. Solar powered options are available, with no need for wiring.

Hide your GPS.
Have you ever left your GPS on display in your car at the airport or hotel parking lot? It can provide a road map for burglars to rob your home. A portable GPS is best not left in the car. If your GPS is built-in, consider changing the “home” setting to an address like a park or shopping district. 

Take special care with spare keys.
Entrust your spare keys with a friend or neighbor. Keeping them under the doormat or in a potted plant is much too easy for a thief to guess.

Earning a master's degree may better qualify you for leadership positions, but the financial burden of attending graduate school is considerable. The average graduate student’s loan debt balance is $76,620 among federal borrowers.¹ Does it make sense to go to grad school? This will depend on factors including the program, your funding options, and your future earning potential.

As you weigh your options, you may want to factor in the following ideas to pay for an advanced degree: 

1.  Free Money
Graduate students are eligible for several forms of assistance — including scholarships, grants, and fellowships. These monies are essentially “free” in that you don’t have to pay them back. Some popular websites to search for aid programs include fastweb.com, gograd.org, or bigfuture.collegeboard.org. 

2.  Part-time Jobs and Paid Internships
You might get a side job that fits your class schedule. However, landing a paid internship can provide the best of both worlds — earning money while gaining experience and future business contacts. The college or university you attend may offer a tuition waiver and/or a stipend for your work as a teaching assistant, research assistant, or office assistant. 

3.  Employer Assistance
Your manager or human resources representative should be able to tell you if tuition assistance is available to you. 
You don’t have to work for a large corporation to receive tuition reimbursement — some small businesses may also offer assistance. 

4.  State Aid
If there is a need within your field, your state may offer assistance with a contingency that you’ll work in that state (and field) for a certain number of years. Each state is different, but you may want to check your state’s education department.

5.  Federal Work-Study 
Work-study is a way for students to earn money to pay for school through part-time on- (and sometimes off-) campus jobs. However, not every school participates in the Federal Work-Study Program, and it does not guarantee you a job. You can learn more about your options through the Department of Education at https://www.ed.gov/content/8-things-you-should-know-about-federal-work-study 

6.  Student Loans 
Federal government loans traditionally offer lower interest rates and more borrower protections than private loans. Private loans can be an option if the maximum federal loan limit has been reached or you are not eligible for federal student loans. (Please note, with a loan, an interest rate will apply. Taking a loan means taking on debt plus accrued interest. This is provided as general information; you should consult an advisor for your unique financial situation.) 

7.  Reducing Your Living Costs
Consider ways to reduce your costs, such as living with a roommate, cooking as opposed to purchasing a meal plan, renting textbooks, or enrolling in part-time or accelerated degree programs. You don’t have to search for cost-saving ideas alone. Most universities have offices such as Financial Aid, Career Services, and Student Life specifically designed to help you identify ways to reduce the overall cost of your education. 

Source:
1Melanie Hanson. “Average Graduate Student Loan Debt.”  Educationdata.org, May 23 2023
educationdata.org/average-graduate-student-loan-debt  Accessed Oct 5 2023