Sentences with phrase «ages for social security»

This article is spot on — retirement ages for social security will have to change, taxes will have to go up, or both.

Possible reforms could include raising the full retirement age for Social Security to 70 for workers who are currently under age 40; cutting benefits; increasing payroll taxes on workers; increasing Medicare premiums; and making Social Security benefits more progressive — meaning cutting benefits for high - income workers, while preserving payouts for low - income earners.

We could raise the age for Social Security benefits and Medicare to 70 or 72.

The best age for Social Security benefits depends on personal and financial factors, like your current cash needs, retirement plans, health and family history.

No, we can not raise the age for Social Security to 69, say the Democrats, even if that change does not kick in until 2075.

The retirement age for Social Security is being raised, but there is little discussion of the incentives to retire early from teaching.

Even among Iowa teachers who make it to age 55, the state assumes only about 3 percent will make it all the way to age 65 (the normal retirement age for Social Security).

If I wanted to retire around my full retirement age for Social Security, then I should have contributed 13.5 % of my money.

I think they should put off the retirement age for Social Security.

But, just for the sake of this example, let's say that the value of those Social Security payments is $ 500,000, a reasonable assumption for someone whose full retirement age for Social Security purposes is 66 and who begins collecting payments at that age.

Not exact matches

While waiting until age 70 to claim or begin your Social Security benefits in order to max them out is applicable for some people, it's not the best option for everyone, Rosenthal emphasizes.

Many other experts agree that 70 can not be the universal age for people to start claiming Social Security benefits, and some explain how claiming early can actually be very beneficial.

The amount will increase when they reach age 67, although Jason says they'll only be eligible for partial state pensions, comparable to social security in the US.

Claiming Social Security retirement benefits at the earliest age — 62 — is a big temptation for many aspiring retirees.

And at a time of political uncertainly and rising U.S. government debt, where the long - term viability of pillars of retirement - age financial security like Medicare and Social Security is increasingly in doubt, the urgency of preparing for a long post-career life becomes that much security like Medicare and Social Security is increasingly in doubt, the urgency of preparing for a long post-career life becomes that much Security is increasingly in doubt, the urgency of preparing for a long post-career life becomes that much greater.

In 2013, the most recent year for which data are available, the government reports roughly 37 percent of men and 42 percent of women claimed Social Security at age 62.

For each year you postpone claiming Social Security, your income increases by 8 percent until you reach age 70.

Eligibility for Social Security benefits starts at age 62.

«Gaps are certainly of special concern to those considering early retirement, since they are eligible for Social Security benefits at 62, but must wait until age 65 to receive Medicare,» said Kimberley Foss, a certified financial planner and founder of Empyrion Wealth Management.

According to the IRS, «payments for the services of a child under age 18 who works for his or her parent in a trade or business are not subject to social security and Medicare taxes if the trade or business is a sole proprietorship or a partnership in which each partner is a parent of the child.»

The company offers its 825 workers technology coaching and hosts sessions on such issues as caregiving for aging parents and Social Security 101 and retirement planning.

For people expecting to retire at around age 65, and to live for another 15 years or more, this will provide for only a trivial supplement to Social Security benefiFor people expecting to retire at around age 65, and to live for another 15 years or more, this will provide for only a trivial supplement to Social Security benefifor another 15 years or more, this will provide for only a trivial supplement to Social Security benefifor only a trivial supplement to Social Security benefits.

Social Security provides most of the income for about half of households age 65 and older.

For example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefFor example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age beneffor Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefit.

Those who turn 62 and are therefore first eligible for early retirement benefits from Social Security in 2018 will have a retirement age of 66 and four months, with the age rising two months every year until hitting 67 for those born in 1960 or later.

It can be tempting to claim your benefit as soon as you're eligible for Social Security — typically at age 62.

The estimated Social Security benefit for workers retiring at full retirement age in 2018 is $ 1,404.

The RSC budget make Social Security sustainably solvent by implementing a slightly modified version of Representative Sam Johnson's (R - TX) «Social Security Reform Act,» which would slow initial benefit growth for higher earners, gradually raise the normal retirement age to 70, and eliminate annual cost - of - living adjustments for higher earners while using the more accurate chained Consumer Price Index (CPI)(currently used for the tax code) for other beneficiaries.

Currently, Social Security's full retirement age is 66 and two months for people turning 62 this year.

The budget would also require beneficiaries to have worked more in recent years, create a new demonstration project for experience - rating the SSDI payroll tax, update eligibility requirements, prevent double - dipping between SSDI and unemployment insurance, end SSDI eligibility for those who have reached Social Security's early retirement age, and reform the appeal process.

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).

Here's how it works: A person files for Social Security retirement benefits at full retirement age, but then suspends payment of them.

thanks, and yes, a pittance of a pension and regular checkups keep us on budget and head off any problems — best decision i ever made (financial or otherwise) was serving our country doing search - and - rescue, oil and chemical spill remediation, etc. (you can guess the branch of service)-- along the way, frugal living, along with dollar - cost averaging, asset allocation, and diversification allowed us to retire early — Vanguard has been very good over the years, despite the Dot Bomb, 2002, and the recession (where we actually came out better with a modest but bargain retirement home purchase)... it's not easy building additional «legs» on a retirement platform, but now that we're here, cash, real estate, investments and insurance products, along with a small pension all help to avoid any real dependence on social security (we won't even need it at full retirement age)-- however, like nearly everybody, we're headed for Medicare in several years, albeit with a nice supplemental and pharmacy benefits — but our main concern is staying fit, active, and healthy!

If a beneficiary earns more than the earnings test threshold for their age, their Social Security benefits can be reduced or even eliminated.

But Vernon's calculations show that about the worst thing you can do for your long - term planning is take Social Security benefits early at age 62.

An analysis found that even a big increase to a full retirement age of 70 would only take care of 25 % of the Social Security funding gap, while a 1 % tax increase would make up for 52 % of the problem and eliminating the taxable wage cap would pay for 74 %.

You will get 75 % of the monthly benefit if you elected Social Security at age 62 given you will be getting benefits for an additional 48 months before turning 66.

For 2018, if you don't reach your full retirement age during the year, your Social Security benefits are reduced by $ 1 for every $ 2 you earn in excess of $ 17,0For 2018, if you don't reach your full retirement age during the year, your Social Security benefits are reduced by $ 1 for every $ 2 you earn in excess of $ 17,0for every $ 2 you earn in excess of $ 17,040.

For about two - thirds of the elderly, Social Security is their major income source; for 36 percent, old - age benefits account for at least 90 percent of their income and these shares are even larger for minorities and for womFor about two - thirds of the elderly, Social Security is their major income source; for 36 percent, old - age benefits account for at least 90 percent of their income and these shares are even larger for minorities and for womfor 36 percent, old - age benefits account for at least 90 percent of their income and these shares are even larger for minorities and for womfor at least 90 percent of their income and these shares are even larger for minorities and for womfor minorities and for womfor women.

The BLS observes «The leading edge of the baby boomers (those born in 1946) became eligible for early Social Security benefits at age 62 in 2008 and reached full retirement age at 66 in 2012.

[2] Age 84 is the average of the Social Security Administration's life expectancy estimates for current 23 - year - old men and women (age 86 for women, age 82 for meAge 84 is the average of the Social Security Administration's life expectancy estimates for current 23 - year - old men and women (age 86 for women, age 82 for meage 86 for women, age 82 for meage 82 for men).

The answer is not, as such histrionics imply, to do less for the elderly, most of whom depend on Social Security and Medicare (Dean also makes the point that you don't do the young a favor when you fail to adequately support their aging parents).

Around 2005, as John and Sue Smythe of Everett, Wash., approached retirement age, they assessed their finances and decided a couple of things: Social Security benefits wouldn't be enough to sustain them; and they wanted a consistent source of recurring revenue they could depend on and plan for.

So you might stop your full - time job, for instance, but you may not start claiming Social Security until age 70, for instance.

The answer depends on which age you file for the social security benefits.

We put age 62 on it, the age when people first qualify for reduced Social Security payments.

The maximum Social Security payment for an individual who signs up at full retirement age will be $ 2,663 per month, an increase of $ 21 from 2014.

If our records show that documents proving age or citizenship / lawful alien status have already been submitted for an earlier Medicare or Social Security claim (such as Disability, Supplemental Security Income, etc.), you do not need to submit the documents again.

Social Security can also be delayed until age 70, and many retirees who opt to do that will find themselves in one of the bottom tax brackets for a few years.

If your widow, widower, or surviving divorced spouse remarries after they reach age 60 (age 50 if disabled), they will continue to qualify for benefits on your Social Security record.