Social Security

10 Facts About Social Security Social Security can be a confusing dilemma for most people.   Knowing when to take social security is one of the most deliberated decisions that boomers stress over.  Here are 10 essential facts of Social Security that may help in your decision. 10 Facts on Social Security 1. Eligibility for Social Security benefits is determined by your work history. To qualify for benefits, you must have earned a minimum number of “credits” over the course of your working life. 2. Changes to your status in any of these areas can have a positive or negative effect on your benefit …

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The age of 62 is quickly approaching.  The important decision of when to take your social security is haunting you.  Do you take it now or wait?  Before you decide, let’s first understand what social security is really about. Social Security Comes In Three Flavors When it comes to Social Security, you’ve got three alternatives: Take it early, wait until your normal retirement age or wait even longer. The normal age for receiving Social Security retirement benefits is a moving target (see table below). You can still elect to take benefits early at age 62, or wait as late as age 70. Given …

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Deciding when to take social security retirement benefits have many baby boomers puzzled.  Do you start at 62 or wait till normal retirement age?  Whether you need the money or not, it’s still a pressing question that leave many distressed.  What if you could retire early and still get the full benefits of Social Security?  Would you believe it? That doesn’t even sound right, does it?  Well, in fact, you can.  It is not a new concept.  It is just that a lot of boomers aren’t aware of it. Basics of Social Security The current Social Security system allows individuals …

Double Dipping Your Social Security Benefits Read More »

The current economic downturn is affecting many areas within the federal government, and Social Security is no exception. The latest report of the Social Security Board of Trustees, issued in May 2009, contained news that may affect beneficiaries in the years ahead. Between 2012 and 2030, the retirement of a significant number of baby boomers is expected to cause the number of Social Security beneficiaries to rise much faster compared with the number of workers contributing payroll taxes to fund benefits. Tax revenues are expected to fall below program costs in 2016, one year sooner than anticipated in last year’s …

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What are Social Security Survivor Benefits? Survivor benefits are funds payable to the surviving spouse and dependents of a worker who paid enough into the social security system during his or her lifetime. All workers pay Social Security taxes and some of that money goes toward providing these benefits for families in need. Social Security Survivor Benefits Who Receives Social Security Survivor Benefits? The following family  members are eligible to receive social security survivor benefits: Widows and Widowers A surviving spouse aged sixty and up A disabled surviving spouse at least fifty years of age A surviving spouse responsible for a …

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