Sentences with phrase «on social security retirement benefits»

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.

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.

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.

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.»

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.

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.

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.

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.

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!

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

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.

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.

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.

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.

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.

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.

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.

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

Well, it will depend on your earnings history, just like Social Security retirement benefits depend on them.

Social Security represents a substantial share of income for the bottom quintile but is less important for higher - earners — reflecting the progressive nature of the benefit formula and the fact that higher - earners have many other sources of income — whereas private retirement income is less important at the low end but is more important for middle and upper - income groups (those at the very top mostly rely on investment or business income).

People want to insure their future and they know that if they are depending on Social Security benefits, and in some cases retirement plans; that they may be in for a rude awakening when they no longer have the ability to earn a steady income.

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

On the other hand, if your husband delays receipt of benefits until age 70, he earns delayed retirement credits and he locks in a benefit that is 32 % higher than the amount he receives at full retirement age (age 66) and 76 % higher than the benefit he would have received had he started taking benefits at age 62 (Source: Social Security Administration).

The problem with having student loan debt in retirement is that your Social Security benefits can take a hit if you default on what you owe.

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 receive a pension or retirement benefit from work in another country, it may have an effect on your Social Security benefits under the Windfall Elimination Provision.

Found buried on the 150th page of the 214 page, $ 3.9 trillion budget, was this key sentence: «In addition, the budget proposes to eliminate aggressive Social Security - claiming strategies, which allow upper - income beneficiaries to manipulate the timing of collection of Social Security benefits in order to maximize delayed retirement credits.»

Once Cheryl learned nearly 10,000 baby boomers were retiring each and every day — all of whom could benefit greatly by working with advisors that possessed the expertise necessary to help them make the best possible decision about when and how to file for Social Security retirement benefits, she embarked on the course to create that which was to become CSSCS.

Upon returning to the workforce, Cheryl took the steps necessary to become a licensed financial services professional and quickly realized the vast majority of current and prospective retirees did not have access to the advice and resources required to make an educated decision on, what in most cases, will prove to be one of the most critical financial decisions they'll ever make; when and how to claim Social Security retirement benefits.

In 2013, the Corporation for Social Security Claiming Strategies was formed and one year later, A Comprehensive Guide to Social Security Retirement Benefits and Social Security Claiming Strategies was launched endeavoring to provide advisors with the knowledge necessary to advise clients on the intricacies of the Social Security system and teach them to utilize that information as the foundation for retirement income plans sustainable throughout their client's lifetime and beyond.

Of workers 56 - 61 years old, 39 percent have no employer - sponsored retirement plan whatsoever and will likely depend entirely on Social Security, which pays an average benefit of $ 1,239 per month.

For the higher - income $ 100,000 per year spenders who rely on portfolio withdrawals for a bigger portion of their retirement, these distributions would also decrease in nominal terms over these two decades, assuming Social Security benefits were $ 40,000 with 2 percent inflation.

Reforms such as higher taxes, lower benefits and delayed retirement are designed to put Social Security on a firm financial footing, so that the sheer passage of time does not force future payees and retirees into a crisis that would severely hurt both groups.

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.