Sentences with phrase «social security retirement because»

It did so because, at trial, Wife had testified that, although she was eligible to apply for Social Security retirement because she had turned age sixty - two, she intended to delay applying until age sixty - five so that she would get a higher benefit amount.

Not exact matches

Social Security faces a potential fiscal crisis because the number of retirement age Americans is growing so fast.

Nonetheless, a Roth is still a useful vehicle because of (a) early retirement, before age 59.5 and Roth's ability to access those funds without a 10 % penalty; (b) required minimum distributions (RMDs) of traditionals, and their interaction with (c) Social Security Income.

I plan on taking Social Security at 66, because that will be full retirement age for me, and my wife will receive 50 % of my benefit when I claim it (the max she can get).

I hate to do that because as a stay at home parent, not contributing even to social security, investing in my own retirement feels like a better choice then just putting it all in his.

That's because the state exempts some types of retirement income, including Social Security, but fully taxes others, such as income from an IRA or 401 (k).

Annuity experts say that Americans in retirement need the protection and income that annuities afford partly because of fast - disappearing private pensions and the planned elimination next year of some Social Security claiming strategies that can be used to boost retirees» monthly checks.

That's because Social Security is one of the most valuable retirement assets you have.

its called Social Security and at the rate it is going, me and my fellow millennials won't have Social Security to fall back on and we won't have money to put forward into a 401 (k) or any other «retirement plan» because there are so few jobs out on the market for millennials.

Instead of focusing on the poor families that do not qualify for Social Security retirement benefits in the first place, the remainder of this paper will focus on the families who are effectively denied full coverage because of their family forms and in spite of their input from taxes and participation in the labor force.

It was a nice article; unfortunately, the reality is a parent can't afford to stay home because there is no retirement package, no social security package, no disability package, in the stay at home parent's name... it all benefits the working parent.

What you speak of is called «social security privatization» - that is something that is vehlemently opposed by left wing because we can't possibly trust people to decide how to handle their retirement as opposed to smart mommies and daddies in federal government.

According to the most recent national estimates, 30 percent of state and local government employees, many of whom are teachers, are not covered by Medicare because they do not belong to the Social Security program and rely on an independent retirement health - care plan.

In the federal government, Social Security's original retirement age of 65 was updated almost half a century after the initial act was passed (prompted mainly because of fiscal reasons).

Because teachers in Nevada do not participate in Social Security, they have no fully portable retirement benefits that would move with them in the event they leave the system.

Vested teachers will receive their benefit payments later, but non-vested teachers who leave are not entitled to any funds and will have accumulated no mandated retirement savings at all because they do not participate in Social Security.

One of the reasons that the average Social Security retirement benefit amount is so far from the maximum is because the largest number of Americans begin receiving benefits as soon as they're allowed — at age 62.

You'll also gain some valuable tax diversification in retirement: Because Roth IRA distributions aren't included in your income in retirement, pulling money from that pot in addition to a traditional IRA or 401 (k) could allow you to keep your income in a lower tax bracket, potentially reducing the taxes on your Social Security benefits and lowering Medicare premiums that increase at higher income levels.

Here is how it works: after reaching full retirement age, Social Security will recalculate your benefit amount to give you credit for any months in which you did not receive some benefit because of your earnings.

Generally, there is no reduction of Social Security benefits because of your military retirement benefits.

If Social Security withholds some of your benefits because you continue to work, they will pay you a higher monthly benefit amount when you reach your full retirement age.

Even those who do not have an actual job can qualify for the guaranteed personal loan because this loan is available to people who rely on benefits from Social Security Retirement, Social Security Disability, Supplemental Security Income (SSI), railroad retirement and other retirement plans, as well as those whose income is derived from child support, alimony, or palimony.

And so with that they're talking about the solvency of Social Security because there's so many people now at age 65 or close to full retirement age...

You might not be a burden to your children now, but if you can't afford retirement because your Social Security is being garnished to pay back the debt, you could end up needing even more support in the future.

The amount of your income that you pay Social Security tax on matters because it helps you accumulate work credits that qualify you for Social Security retirement benefits and Social Security disability benefits — and it enables you to determine how much your benefit will be.

Beginning in the month you attain full retirement age, you can work to your heart's content without having your Social Security benefits reduced because the Social Security limit doesn't apply to you.

Plus, you don't want to be the lady at the retirement home who can't play bingo because the government is garnishing your Social Security check to pay your student loan debt.

Retiring later also provides the opportunity to get a larger monthly Social Security benefit, because each year a person delays claiming benefits past full retirement age (age 66 for people born between 1943 and 1959; age 67 for people born after) increases the monthly payment by about 8 %.

Sixty - one percent of people age 55 to 75 place a high value on having guaranteed income to supplement Social Security.2 For some people, annuities can be a valuable addition to a portfolio that includes Social Security, retirement savings, and other investments, because they can add an element of protection and guaranteed income.

This has a compounding benefit, because by working longer — and waiting to take your Social Security retirement benefits (until as late as age 70)-- you'll meaningfully increase your fixed income source while (hopefully) increasing your personal retirement savings as well.

Many people actually need less income to maintain their standard of living in retirement because they're no longer contributing to retirement plans and paying Social Security and Medicare taxes.

Depending on your circumstances, it's may be a good idea to invest in some or all of these instruments anyway (especially tax - advantaged / tax - sheltered retirement accounts), because Social Security doesn't cover 100 % of the risks you'll face, but that decision is highly specific to each person / family.

The teacher couple, trained by reality to live frugally most of their lives, don't even dip into their $ 400,000 retirement nest egg or their $ 250,000 home equity because they have two pensions and Social Security that more than covers their income needs.

You probably need a lot more than you think in order to enjoy a decent retirement, mainly because healthcare costs are on the rise and programs like Social Security and Medicare might not be there for you when it comes time to call it a career.

In addition, a person needs to file an income tax return if she sold her home during the tax year; owes taxes because of a retirement account from distributions or excess contributions; or owes Social Security and Medicare taxes on tips not reported to an employer or on wages for which the employer did not withhold taxes.

Your income tax bill should also go down, in part because a portion of your retirement income will likely come from Social Security benefits, which are always at least partly tax - free.

If all you have is Social Security and assets inside your retirement accounts, you're paying the highest taxes because it's all taxed at ordinary income rates.

It can just provide a source of funds to be able to do other things that really help in the long run with a retirement plan, like doing Social Security, or doing things like Roth conversions, or just managing your taxes in retirement because that's not taxable income.

Many older persons who are not eligible for Social Security retirement benefits because they have not accumulated enough work credits may nevertheless be eligible for SSI, and even many of those receiving Social Security retirement benefits may be able to supplement their benefits with SSI payments.

For middle - aged workers, returns will also be low because much of their retirement income will come from scaled - back Social Security benefits.

This is because they are able to use the excess funds from the sale of a home or draw on their retirement accounts and Social Security payments.

You'll have paid social security and medicare taxes on the full $ 50,000 — because you still pay the FICA on your retirement savings, just like if you worked for someone else.

People that are judgment proof may not need to file bankruptcy because creditors can't touch their assets are from social security, pension plans, 401 (k) retirement savings, disability benefits, veterans benefits, alimony or support payments.

Reliance on Social Security as a primary source of retirement income is no longer a practical solution because of the uncertainty surrounding the solvency of the OASDI program.

It might be age 62, because that's when they can first claim Social Security; age 65, because that's the «traditional» age for retirement; or some other age that just seems like the right point at which to quit working.

That's because the prospect of a comfortable retirement based largely on Social Security benefits or monthly pension payments is less certain than at any time since the Great Depression.

If your Social Security benefits are lowered because of earned income via «working,» then your benefits are raised back up later to make up for it when you reach full retirement age.

Because the program was still in its infancy, and because it was financed by low levels of payroll taxation, the absolute value of Social Security's retirement benefits were veBecause the program was still in its infancy, and because it was financed by low levels of payroll taxation, the absolute value of Social Security's retirement benefits were vebecause it was financed by low levels of payroll taxation, the absolute value of Social Security's retirement benefits were very low.

One more good effect of working into «retirement»: Let's say that you filed for Social Security before your normal retirement age because you needed the money, even though it meant receiving reduced benefits for life.

The average age for retirement is 62,1 which is an important factor2 because that is when you can start claiming Social Security benefits.