Sentences with phrase «on social security retirement»

So it's best not to use or rely on any Social Security retirement benefit predictions from any source other than «the horse's mouth.»

The sad reality is that millions of workers receive a dismal rate of return on their Social Security retirement taxes.

If you've ever read up on Social Security retirement benefits, you've likely come across a number called the Primary Insurance Amount, or PIA.

Calculating the taxes you owe on your Social Security retirement benefits is also explained in the instruction booklet accompanying your Form 1040 federal tax return.

In a new CNBC series on which I'll be a regular contributor, I offered some «Straight Talk» on Social Security retirement benefit strategies that, while simple, are all too often missed.

The longer you wait to draw on your Social Security retirement benefits, the higher your benefit will be.

This, along with the low cost of living in South Carolina, means it is possible for some seniors in the Palmetto State to survive on Social Security retirement benefits alone.

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.

Not exact matches

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.

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.

You also need to consider the effects that early retirement can have on your Social Security benefits.

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.

While you can choose to receive your Social Security benefits before your full retirement age (as defined by Uncle Sam), doing so results in lower monthly payments and possibly more reliance on your savings.

On the income side, in addition to your retirement savings, is Social Security, which can affect the amount you need from your savings.

You may not want to work in retirement, but taking on a part - time job the first few years so you can delay claiming Social Security benefits could significantly boost the benefit you receive.

Investors who can count on both pension income and Social Security can be even more aggressive with their retirement investments, they explain.

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.

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

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.

Lost retirement assets includes two components, calculated based on the lost earnings and wage growth: savings from a traditional 401 (k) account and Social Security.

How much risk you can afford to take with your investment portfolio during retirement, or when approaching it, depends on your cash flow from available income streams — such as pensions, Social Security benefits or annuities — and doing a thorough cash - flow analysis is paramount.

Steve Garfink, author of Retire in Luxury on Your Social Security, will talk about what, specifically, you can do to ensure you're positioned to claim the maximum retirement benefit due to you.

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.

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).

Withdrawals from tax - deferred accounts are taxable income, and can trigger a huge hit on your Social Security Income, and finally (d) income management for ancillary benefits in retirement such as various localities» property tax abatements for seniors of sufficiently low income.

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!

Social Security can provide some financial security, but you shouldn't rely only on your Social Security checks to fund your retSecurity can provide some financial security, but you shouldn't rely only on your Social Security checks to fund your retsecurity, but you shouldn't rely only on your Social Security checks to fund your retSecurity checks to fund your retirement.

In a nutshell, while an increase in the full retirement age is certainly possible, it's not the most likely outcome of the ongoing debate on to fix Social Security.

Taxes on Social Security benefits take a further bite out of retirement budgets.

If we add on pensions or Social Security, is the «retirement crisis» really so bad?

If you plan on taking Social Security benefits before you reach your full retirement age — which is currently as old as 67 if you were born in 1960 or later — your benefits might be reduced even if you only work part - time.

Many Americans have no personal retirement savings and intend to live on their Social Security benefits — and little else — when they stop working.

On the other hand, if you rely mostly on Social Security income with only supplemental income from a pension or retirement account, your tax bill will be fairly loOn the other hand, if you rely mostly on Social Security income with only supplemental income from a pension or retirement account, your tax bill will be fairly loon Social Security income with only supplemental income from a pension or retirement account, your tax bill will be fairly low.

Recipients would have to pay the balance, which could be difficult for those depending on Social Security in retirement.

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.

Seniors who rely solely on Social Security and other retirement income totaling less than $ 12,000 do not have to pay state taxes on retirement income in Virginia.

On the other hand, retirees who rely on some combination of Social Security, retirement account income and public pension income may have a larger tax bill, especially if they have income in excess of $ 30,000 per yeaOn the other hand, retirees who rely on some combination of Social Security, retirement account income and public pension income may have a larger tax bill, especially if they have income in excess of $ 30,000 per yeaon some combination of Social Security, retirement account income and public pension income may have a larger tax bill, especially if they have income in excess of $ 30,000 per year.

The earnings test does not apply to this group — that is, seniors who have reached full retirement age can earn as much as possible with no effect on their Social Security benefits.

According to Financial Engines research, seven out of ten current retirees say Social Security benefits are a major source of their retirement income, while the Social Security Administration says about one in four married couples — and nearly half of unmarried individuals — rely on Social Security for 90 % or more of their income.

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.

As fewer companies offer pensions and Social Security makes up a smaller percentage of the average retiree's income, individuals will have to rely more on their own savings for living in retirement.

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

Even if your retirement is years away, it's a good idea to periodically check in on your Social Security benefits.

The Social Security Administration assigns each of us a «full» retirement age, which is 66 or 67 depending on when you were born.

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.

The reason: they must start taking their Social Security income, and in addition, within six months after reaching 70 1/2, required minimum distributions on most types of tax - advantaged retirement savings accounts.

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

Ever since the Social Security Administration (SSA) was launched in 1940, millions of people, specifically retirees and the disabled, have relied on this income to live off - of in their retirement years.

When to claim Social Security is a personal decision that depends on your finances, retirement goals, employment situation, and health.

By delaying Social Security benefits, and dipping into your retirement portfolio early on, you can help to ensure the longevity of your funds along with a proper standard of living so you can enjoy the retirement you deserve.