Sentences with phrase «of social security retirement»

Up to 85 % of Social Security retirement benefits can be subject to income tax.

As a result of this additional income, you might find that up to 85 % of your Social Security retirement benefit is also taxed.

An increasing number of older Americans have defaulted on their federal student loans, which are administered by Education, and have a portion of their Social Security retirement or disability benefits withheld above a minimum benefit threshold to repay this debt.

The government also can take part of her Social Security retirement or disability checks, something collectors of other kinds of debt can't do.

It has become advantageous for many retirees to use the funding available in Traditional IRA and 401 (k) and 403 (b) accounts for making use of Social Security retirement benefits.

For more information on the taxation of Social Security retirement benefits, visit the Social Security Administration's «Income Taxes and Your Social Security Benefits» page, or call the Internal Revenue Service's toll - free telephone number, 1-800-829-3676, and ask for Publication 554, Tax Guide for Seniors, and Publication 915, Social Security Benefits and Equivalent Railroad Retirement Benefits.

If you do not request withholding, you will find that you will owe quite a bit of money at tax time, and perhaps the 10 % estimated tax penalty (ETP), as most federal retirees end up paying federal income tax on 85 % of their Social Security retirement benefits.

The amount of your Social Security retirement benefits depends on your age when you retire.

The state of Illinois deducts up to half of Social Security retirement benefits received from its unemployment benefits.

Does Republican congressional candidate Dan Donovan support congressional Republican efforts to block the use of social security retirement taxes to fund social security disability payments?

At most 85 % of Social Security retirement benefits will be subject to income taxation.

Ours is the only comprehensive retirement training organization in the financial services industry focused exclusively on educating professionals on the nuances of Social Security retirement planning.

The knowledge you'll gain coupled with the tools and training our program provides, as well as access to our team of experts, allows advisors to embrace the complexity of the Social Security retirement system as a key differentiator in the day to day battle of client acquisition!

The only comprehensive retirement training organization in the financial services industry focused exclusively on educating professionals on the nuances of Social Security retirement planning, the organization creates and provides a training course on Social Security retirement benefits and claiming strategies and provides advisors with the opportunity, for those inclined to do so, to sit for a comprehensive exam that if completed successfully will provide them with the Certified in Social Security Claiming Strategies designation.

In an attempt to mainstream message the power of alternative Social Security claiming strategies, many people in the financial services community have sought to simplify and compartmentalize the various complexities of the Social Security retirement system.

Make the most of your Social Security retirement benefits.

Not exact matches

Financial advisors say workers who are already close to retirement probably will witness fewer dramatic changes to the structure of Social Security and Medicare than younger workers like millennials.

Taking Social Security retirement benefits at 62 only makes sense in a limited number of circumstances, such as if you are single and terminally ill.

This professional can help you determine how much you will need to pull out of a qualified retirement plan versus spending non-qualified assets, the timing of optimizing your Social Security benefits and annuity contracts, determining an appropriate asset spending rate and the transition from an accumulation phase to a distribution phase.

Many of Wilczynski's millennial clients don't expect Social Security benefits to be available to them in retirement, she said.

When it comes to retirement, millennials take a bleak view of Social Security.

These projections assume Congress will not act to increase payroll taxes, raise the retirement age or cut benefits to improve the financial outlook of Social Security.

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.

This category includes various forms of non-healthcare insurance, such as life insurance, as well as Social Security payments and contributions to retirement plans, such as pensions, IRAs, and other personal retirement accounts.

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

So, high - earning households spend significantly more of their income on Social Security — which is automatically deducted from all earned income for individuals at a rate of 6.2 % — and payments into retirement plans.

David Reyes is founder of Reyes Financial Architecture of La Jolla, Calif., a Registered Investment Advisory firm that acts as a fiduciary and specializes in portfolio risk management strategies, retirement income distribution and Social Security planning.

Love it or hate it, Social Security is the foundation of retirement in America.

If you will not have enough money in either a traditional IRA or a Roth IRA to support you upon retirement and you're perhaps looking to Social Security to give you that boost, it's possible that you may have to pay taxes on some of your benefits.

At the Federal Reserve's target rate of 2 percent, inflation could erode more than $ 73,000 of a retiree's purchasing power over 20 years if that person were receiving the monthly average Social Security retirement payment of $ 1,341.

Determining how and when to begin claiming Social Security starts with an assessment of whether or not you can afford to delay benefits until your full retirement age, said Alison Shelton, senior strategic policy advisor with AARP.

And 30 percent of veterans surveyed were unaware they could claim Social Security and military retirement at the same time.

Social Security is expected to be a major source of retirement income for baby boomers, 50 million of whom will turn 65 in the next 10 years.

If you're like many retirees, your Social Security checks will account for a large portion of your retirement income.

To that point, 69 percent of baby boomers — a generation of individuals who are either in or approaching retirement — expect Social Security to be a «major» source of retirement income, according to a new report released this month by the Insured Retirement Institute.

Social Security was never meant to be your sole source of income in retirement.

You could keep working, which offers the quadruple advantages of continued income and additional opportunities to add to and grow retirement savings, while letting your Social Security benefit increase and potentially replacing a zero - or low - income year in your record.

What makes this law firm attractive to those thinking of retiring is that workers receive a retirement contribution of 7.3 percent of pay plus nearly 6 percent of any pay above the Social Security wage base.

Many are approaching retirement with only their Social Security to support them and a mortgage that is far from paid off, says Dean Baker, co-director of the Center for Economic and Policy Research.

«Over the course of a 25 - or 30 - year retirement, it reduces anticipated Social Security income by tens of thousands of dollars.»

Although Sanders and his wife's joint tax return showed income of only a little more than $ 200,000 for 2014 — including his $ 174,000 salary, his mayoral pension, and their Social Security payments — the senator's expected retirement benefits make his situation much more comparable to those in the millionaire class he faults.

But a handful of little - known Social Security secrets could help ensure a boost in your retirement income.

«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.

-- Leah Miller, CEO of Red Anchor Wealth Management, a company that creates custom retirement coordination of the major impactors of modern retirement, such as Medicare, Social Security, pension, 401 (k) distribution, and investments.

The size of your Social Security check increases by a certain percentage for each month you delay taking benefits beyond your full retirement.

To stress - test your budget, he suggested practicing living off an amount equal to your guaranteed sources of retirement income for at least six months, including pensions, Social Security, annuities or — for the lucky few — trust funds.

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.

I have no debts whatsoever, plenty of cash savings, a very healthy retirement portfolio, a nice home all paid for, a good pension plus above average social security payments, so I am able to travel widely and stay in high end hotels.

When you start receiving Social Security retirement benefits, some members of your family may also qualify to receive benefits on your record.

We need an across the board increase in Social Security retirement benefits of 20 % or more.