Sentences with phrase «collect social security retirement benefits»

Note that this recommendation is not to stop working and retire as soon as you can collect Social Security retirement benefits.

Actuarially speaking, assuming you'll live to collect Social Security retirement benefits until age 100, the total amount of money you'll receive over your lifetime will be the same, whether you start collecting at age 62 or 72.

• You can specify ages that both client and spouse start to collect Social Security retirement benefits separately, and at any year (not just 65 to 72), how much both receive in monthly Social Security benefits, and their annual inflation rates (COLA), separately too.

You might know that once you reach 62 years of age you're eligible to collect Social Security retirement benefits, but did you know that if you have young children they can collect benefits too?

Knowing this information can help you make a more informed choice regarding when to collect Social Security retirement benefits.

You can collect Social Security retirement benefits as early as age 62, but you'll get less by doing so.

If you choose to start collecting your Social Security retirement benefit before or after you reach full retirement age, your PIA, which we discussed in the previous section, will be permanently adjusted to compensate according to these rules:

In a nutshell, the Social Security earnings test sets limits to the amount of money individuals who have not yet reached full retirement age can earn while simultaneously collecting a Social Security retirement benefit.

If you choose to start collecting your Social Security retirement benefit before or after you reach full retirement age, your PIA, which we discussed in the previous section, will be permanently adjusted to compensate according to these rules:

The earliest you can start collecting Social Security retirement benefits is 62, but your monthly amount will be permanently reduced.

Every 100,000 people over age 100 collecting Social Security retirement benefits cost the system ~ $ 150M a year, or ~ $ 2B per decade.

So this great almost half - century - long debate is only about when to start collecting Social Security retirement benefits when the recipient does not need it.

This great debate is about the optimal age to start collecting Social Security retirement benefits.

Not exact matches

If your debt is sent to the Treasury Department, you should be aware that they can collect using intrusive recovery methods, which include garnishing your wages, Social Security benefits or other retirement benefits, offsetting your bank accounts, and withholding any federal income tax refunds.

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

So the Social Security Trust Fund is a whole separate entity that collects payroll taxes, pays current benefits and stockpiles surplus funds to pay future retirement benefits, right?

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.

If you're of retirement age and collecting Social Security benefits, your children may also be eligible for benefits.

More than half of people in a MassMutual survey wrongly thought they could continue working at any age while also collecting full Social Security retirement benefits.

If you're collecting disability payments when you reach your full retirement age, the Social Security Administration converts them into retirement benefits.

If you delay collecting Social Security until after your full retirement age, you will get a permanent increase in your benefits.

Yet, for teachers who earned full Social Security benefits while working at another career, their teacher retirement benefits will be reduced if we collect our earned Social Security benefits.

Most people apply for a social security number when they are very young, and collect social security benefits when they reach retirement age.

Federal employees can collect Social Security at age 66, their full retirement age, without any reduction in benefits?

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

Just remember: If you work and collect Social Security benefits when you are below full retirement age, your monthly benefit could be reduced if your earnings exceed certain thresholds (although if it is, Social Security effectively restores those withheld payments by increasing your benefit when you reach full retirement age.)

One of the most important decisions to make as retirement gets closer is when to start collecting Social Security benefits.

The key job of a retirement financial advisor is to help determine the best time to take key steps — such as making retirement saving account withdrawals, rebalancing investments or beginning to collect Social Security benefits — that will help you experience the retirement you envision.

The early retirement age — currently 62 — sets the point at which you can start collecting Social Security 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.

You can begin collecting Social Security at 62, but if you start taking your benefits before reaching your full retirement age — 65 to 67, depending on when you were born — your benefits will be reduced.

If you're of retirement age and collecting Social Security benefits, your children may also be eligible for benefits.

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 2015, more than half of Social Security recipients began collecting benefits before their full retirement age (66 for those born between 1943 and 1954), potentially costing themselves thousands of dollars in additional benefits.

You can begin collecting Social Security benefits at the age of 62, but it will cost you more than 25 % of the benefit you would have received by waiting until your full retirement age of 66 or 67.

Student loans have no statute of limitations — they can even be collected from Social Security retirement benefits.

If your debt is sent to the Treasury Department, you should be aware that they can collect using intrusive recovery methods, which include garnishing your wages, Social Security benefits or other retirement benefits, offsetting your bank accounts, and withholding any federal income tax refunds.

Consult with your financial professional to learn how different Social Security claiming strategies could impact your retirement plan and figure out the optimal time to start collecting benefits.

If you're collecting disability payments when you reach your full retirement age, the Social Security Administration converts them into retirement benefits.

There are six retirement calculators that compare and help you decide when to start collecting Social Security benefits.

Despite the fact that the benefit amounts would be significantly higher when delayed beyond the full retirement age, 90 % of retirees begin collecting Social Security benefits at or before their full retirement age.

Collecting Social Security benefits early results in a benefit reduction of 6.67 % per year for up to 36 months before full retirement age, and a rate of 5 % per year beyond that.

In addition, the worker must have filed for Social Security retirement benefits and be receiving them in order for the spouse to collect benefits on the worker's record.

You need to determine what sources of retirement income will be available to you, whether you will be able to collect full Social Security benefits when you retire, if you will receive a pension from any of your employers, and whether you will be able to supplement your income with part - time earnings or rental income.

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.

But if you work while collecting benefits and you're under full retirement age, however, Social Security will deduct as much as $ 1 from your benefit for each $ 2 you earn over a certain threshold ($ 15,720 for 2015).

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.

Here's how it works: If you are collecting retirement benefits and you have children who are 18 or younger, they too are entitled to Social Security benefits, worth up... Read more ˅

However, if you collect Social Security when you reach full retirement age (65 or 67 depending on your birth year), there is no earnings level that will reduce your benefits.

If Social Security benefits are your only means of paying for retirement, then you're probably best off collecting them as soon as you are eligible.