Sentences with phrase «social security retirement benefits based»

If you end up getting divorced during your lifetime, you are eligible to receive Social Security retirement benefits based on your ex-spouse's earnings history, said David Freitag, a financial planning consultant with MassMutual.

If you end up getting divorced during your lifetime, you are eligible to receive Social Security retirement benefits based on your ex-spouse's earnings history, said David Freitag, a financial planning consultant with MassMutual.

As a spouse, you have the option of claiming a Social Security retirement benefit based on your own earnings record or collecting a spousal benefit equal to half of your spouse's Social Security benefit.

Not exact matches

To reduce Social Security's projected funding shortfall, the commission would increase the taxable wage base by 2050 to include 90 percent of earnings, to increase the full - and early - retirement ages to 69 and 64 respectively by 2075, to cover newly hired state and local workers after 2020, and to create a hardship exemption allowing those who can not work past age 62 to receive benefits early.

CAP also determines Social Security benefits based on projected wages across the worker's career and includes the difference in Social Security earnings in the retirement calculation for 15 years after retirement.

Also in regard to Social Security retirement benefits, it's important to understand that monthly benefits differ substantially based on when you start receiving them and the filing option you choose.

According to a 2011 Pew Research Center poll, more than 40 percent of people aged 18 to 30 believe they will receive no retirement income from Social Security, even though Social Security receipts are estimated to equal about 75 percent of benefits on a sustainable basis under the current regime.5

As a general rule, survivors benefits based on age will be about the same total Social Security benefits over a lifetime, whether they start early or at full survivors retirement age.

Anyone who pays into Social Security for at least 40 calendar quarters (10 years) is eligible for retirement benefits based on their earnings record.

If you collect a reduced benefit before your normal retirement age, Social Security will automatically give you the largest benefit available to you, whether it's based on your own work record, your spouse's record or a combination of the two.

However, an expectation does not by itself create an adequate financial base for retirement, especially when the expectation is based — as it is in the U.S. — on substantial Social Security benefits.

Not only are teachers being paid benefits by the state well before Social Security's retirement age, but these provisions, along with the state's early retirement with reduced benefits based on years of service, may also encourage effective teachers to retire early.

Hawaii's pension system is based on a benefit formula that is not neutral, meaning that each year of work does not accrue pension wealth in a uniform way until teachers reach conventional retirement age, such as that associated with Social Security.

The Social Security Administration (SSA) allows widows and widowers to collect retirement and disability benefits based on their deceased spouses» work records.

Retirement income in the United States has been described as a three - legged stool composed of Social Security benefits, personal savings, and employer - based retirement plans.

However, for Social Security purposes, your normal retirement age — the age at which you can collect unreduced Social Security retirement benefits — ranges from 65 to 67, based on your date of birth.

It also means lower retirement income later, based upon lower 401 (k) contributions and Social Security benefits.

The practical impact of this formula is that a worker with lower wages might expect to receive a social security benefit that replaces about 45 % of those wages on an inflation - adjusted basis, assuming the worker retires at full retirement age.

File and Suspend allowed you (generally the higher earner in a couple) to file for, but suspend taking, your Social Security retirement benefits while permitting your spouse and / or eligible dependents to collect benefits based on your earnings record.

In initial computation, a worker's (wage earner's) base years for computing Social Security benefits are the years after 1950 up to the year before entitlement to retirement or disability insurance benefits.

The «claim now, claim more later» strategy outlined in a new study by the Center for Retirement Research at Boston College is based on the fact that married individuals are entitled to either a Social Security benefit based on their own earnings or to a spousal benefit equal to one - half of their spouse's full retirement benefit.

I understand that delaying taking social security from full retirement age (67, based on my birth year) until age 70 results in a 24 % increase in the monthly benefit, or 8 % per year.

Keep in mind that the savings rate calculations so far have been based on certain assumptions about Social Security retirement benefits, the real rate of return you can expect on your investments, and a safe withdrawal rate from your retirement savings.

Your PIA is the base benefit you will receive from Social Security at your full retirement age.

Social Security benefits are based on a three - part formula applied to earnings in the same way as the Social Security retirement formula.

Without changes, the Social Security Trust Fund will be exhausted by 2034 and there will be enough money to pay only about 79 cents for each dollar of scheduled benefits at that time, declining to 74 cents by 2090 (based on the current formula).1 This is a reminder that taxpayers are ultimately responsible for funding their own retirements and that their future Social Security benefits may be lower than indicated by the Retirement Estimator.

Based on this information and your actual earnings history as maintained by the Social Security Administration, the Retirement Estimator generates an estimate of the amount you would receive if you were to retire at age 62 (the earliest date you can receive benefits), the amount if you waited until full retirement age (which currently ranges from 65 to 67, based on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement beneBased on this information and your actual earnings history as maintained by the Social Security Administration, the Retirement Estimator generates an estimate of the amount you would receive if you were to retire at age 62 (the earliest date you can receive benefits), the amount if you waited until full retirement age (which currently ranges from 65 to 67, based on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement benebased on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement benefits.

However, for Social Security purposes, your normal retirement age - the age at which you can collect unreduced Social Security retirement benefits - ranges from 65 to 67, based on your date of birth.

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.

As a general guideline based on a retirement age of 67, which is the full Social Security benefits age for those born in 1960 or later, aim to:

Also, many disability income policies reduce benefits based on other income to which you may be entitled, such as sick leave pay, disability retirement income, and Social Security disability benefits.

Another reason older Americans might not bother is that monthly retirement income from the Social Security Administration results in lower nutrition assistance benefits, since monthly benefit amounts are based on a person's income and expenses.