Latest news with #SeannMalloy
Yahoo
3 days ago
- Business
- Yahoo
Don't Apply for Social Security on This Day of the Week
Timing can make a big difference when applying for Social Security benefits. While the application process is available year-round, certain days and times may lead to longer wait times, delayed processing and added frustration, especially if individuals need to speak with a representative. Check Out: Read More: Here's what experts say about the worst day to apply, the best times to reach out and how to prepare. Mondays are often the busiest day of the week for the Social Security Administration (SSA). After the weekend, phone lines and field offices face a surge in inquiries, resulting in longer wait times and slower application processing. 'Monday is the worst day to apply,' said Seann Malloy, founder and managing partner at Malloy Law Offices. 'Call volumes on Mondays can be up to 30% higher than in the middle of the week, straining the agency's staff and slowing processing.' Colin Ruggiero, co-founder of which helps people with disabilities navigate government benefits, tracks SSA activity closely. According to Ruggiero, the agency handles over 500,000 phone calls each month. 'If you plan to contact the SSA on a Monday or Friday between 6 and 7 p.m., that's the worst time to call,' Ruggiero said. 'Many people wait until the end of the day to reach out, often due to other priorities, but this overwhelms representatives just as the day is winding down.' Explore Next: Midweek, especially Tuesday through Thursday, is often the best time to apply for Social Security benefits. These days, there tends to be lighter traffic, meaning shorter wait times and quicker access to help if you need assistance with your application. 'The biggest issue is volume,' said Jake Falcon, CEO at Falcon Wealth Advisors. 'Whether you're calling, visiting an office or applying online, you're competing with a surge of other applicants. That can lead to system slowdowns, longer hold times and even errors if you're rushing through the process.' Falcon added, 'I've had clients get frustrated and abandon the process altogether, only to come back later and realize they missed something important.' That's why Falcon said he recommended that clients apply during midweek, specifically Tuesday through Thursday, in the mornings. 'SSA offices and systems are less overwhelmed, and staff are more available to help,' Falcon said. 'If you're applying online, aim for early in the day when traffic is lighter and you're less likely to hit a bottleneck.' Ruggiero said one of the main challenges applicants face is being on hold when calling the SSA. He said the average hold time could be as long as 2 hours and 15 minutes. 'Earlier in the day gives you the highest likelihood of waiting for a shorter period of time,' Ruggiero said. 'It appears that 8 a.m. to 10 a.m. Monday through Friday is the least busy with the shortest wait times to get through to a representative, ranging from 21 minutes to 1 hour of wait time. So, if you are going to apply by phone, you should try to do it as early as possible in the day.' Applicants can speed up the process by applying online through the SSA's official website, which typically avoids the long wait times associated with phone or in-person visits. Having all required documents ready in advance, such as a birth certificate, Social Security number and income history also helps reduce delays and ensures a smoother application. Malloy advised Social Security applicants to double and triple check forms and use the SSA's checklist to 'avoid the notorious delays' reported by AARP. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on Don't Apply for Social Security on This Day of the Week
Yahoo
3 days ago
- Business
- Yahoo
Don't Apply for Social Security on This Day of the Week
Timing can make a big difference when applying for Social Security benefits. While the application process is available year-round, certain days and times may lead to longer wait times, delayed processing and added frustration, especially if individuals need to speak with a representative. Check Out: Read More: Here's what experts say about the worst day to apply, the best times to reach out and how to prepare. Mondays are often the busiest day of the week for the Social Security Administration (SSA). After the weekend, phone lines and field offices face a surge in inquiries, resulting in longer wait times and slower application processing. 'Monday is the worst day to apply,' said Seann Malloy, founder and managing partner at Malloy Law Offices. 'Call volumes on Mondays can be up to 30% higher than in the middle of the week, straining the agency's staff and slowing processing.' Colin Ruggiero, co-founder of which helps people with disabilities navigate government benefits, tracks SSA activity closely. According to Ruggiero, the agency handles over 500,000 phone calls each month. 'If you plan to contact the SSA on a Monday or Friday between 6 and 7 p.m., that's the worst time to call,' Ruggiero said. 'Many people wait until the end of the day to reach out, often due to other priorities, but this overwhelms representatives just as the day is winding down.' Explore Next: Midweek, especially Tuesday through Thursday, is often the best time to apply for Social Security benefits. These days, there tends to be lighter traffic, meaning shorter wait times and quicker access to help if you need assistance with your application. 'The biggest issue is volume,' said Jake Falcon, CEO at Falcon Wealth Advisors. 'Whether you're calling, visiting an office or applying online, you're competing with a surge of other applicants. That can lead to system slowdowns, longer hold times and even errors if you're rushing through the process.' Falcon added, 'I've had clients get frustrated and abandon the process altogether, only to come back later and realize they missed something important.' That's why Falcon said he recommended that clients apply during midweek, specifically Tuesday through Thursday, in the mornings. 'SSA offices and systems are less overwhelmed, and staff are more available to help,' Falcon said. 'If you're applying online, aim for early in the day when traffic is lighter and you're less likely to hit a bottleneck.' Ruggiero said one of the main challenges applicants face is being on hold when calling the SSA. He said the average hold time could be as long as 2 hours and 15 minutes. 'Earlier in the day gives you the highest likelihood of waiting for a shorter period of time,' Ruggiero said. 'It appears that 8 a.m. to 10 a.m. Monday through Friday is the least busy with the shortest wait times to get through to a representative, ranging from 21 minutes to 1 hour of wait time. So, if you are going to apply by phone, you should try to do it as early as possible in the day.' Applicants can speed up the process by applying online through the SSA's official website, which typically avoids the long wait times associated with phone or in-person visits. Having all required documents ready in advance, such as a birth certificate, Social Security number and income history also helps reduce delays and ensures a smoother application. Malloy advised Social Security applicants to double and triple check forms and use the SSA's checklist to 'avoid the notorious delays' reported by AARP. More From GOBankingRates 25 Places To Buy a Home If You Want It To Gain Value 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on Don't Apply for Social Security on This Day of the Week Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
20-04-2025
- Business
- Yahoo
5 Things You Must Do When Your Paycheck Reaches $5K
The average entry-level salary in the U.S. is $39,912 per year, or $19.19 per hour, as of April 2025. For full-time workers, that breaks down to $3,326 per month, or $1,663 per bimonthly paycheck. When you're making this amount, the prospect of making more than double it — $10,000 a month, or $5,000 every other week — could feel like a dream. Find Out: Read Next: Getting to the $5,000 per paycheck mark is a milestone; in many U.S. cities, it means you've graduated to the middle class. It's cause for celebration, but also for financial action. Do the following when your paycheck reaches $5,000, or just increases, period. A higher salary could mean falling into a different tax bracket, meaning your tax liability could go up. 'For example, the 2025 federal income tax brackets increase substantially when single filers pass $48,475 a year, and $96,950 if you're married and filing jointly,' said Erika Kullberg, an attorney, personal finance expert and the founder of 'If you are approaching a higher tax bracket, you can use pretax 401(k) contributions or other methods to stay in a lower bracket.' Learn More: If, like most Americans, you're carrying credit card debt, you need to make paying it off top priority. A boost in income should be seen as a clear opportunity to up the ante in tackling high-interest debt. 'As an employment litigation attorney and a witness to the damage debt and poor financial planning can do to even those with high incomes, my recommendation is: Pay off your credit card debt — in full,' said Seann Malloy, managing partner and founding attorney at Malloy Law Offices, LLC. 'Keeping that balance, especially at a time when interest rates hover around or even over 20%, can devastate your finances quickly.' An increase in pay doesn't make you less vulnerable to unexpected costs. Take this opportunity to build up or replenish your emergency fund. 'You should have enough money saved up to cover at least three months' worth of your current expenses,' said Chris Fohlin, founder and coach at Fohlin Financial Coaching. 'Not having emergency funds puts you at risk of turning to credit cards or pulling from investments or retirement savings in a pinch, which leads to debt, penalties or lost growth opportunities. Calculate your necessary monthly living expenses and build up your emergency savings as quickly as possible so that you're protected from the unexpected.' You may want to enjoy the income boost now, but if you want to be responsible and look out for your future, you should up your retirement contributions. 'When your paycheck increases, I recommend putting higher retirement contributions and savings on autopilot immediately,' Kullberg said. Consider just how big a difference even a modest increase in retirement plan contributions can make. 'If you're investing $500 a month in a Roth IRA with an annual return of 7% from age 30 to 60, you could have over $600,000 tax-free in retirement,' Malloy said. Have you been putting off buying life insurance or disability insurance, or is it time to change your coverage. Now is the time to check your insurance needs. 'If your income is increasing, check your life and disability insurance policies to make sure coverage is still adequate, especially if you have dependents,' Kullberg said. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 5 Types of Vehicles Retirees Should Stay Away From Buying This article originally appeared on 5 Things You Must Do When Your Paycheck Reaches $5K
