Sentences with phrase «taking social security payments»

Delay taking social security payments as long as possible, as income compounds at an annualized 8 % rate for every year you delay (to age 70).

Some prefer to wait, and take advantage of the fact that the longer they delay first taking Social Security payments, the larger their monthly benefit will be.

Start taking Social Security payments before your full retirement age, and you'll permanently decrease your monthly payment.

As the site shows, if you start taking your Social Security payments before you hit your full retirement age, your monthly benefit will be lower.

If you aren't part of one of these groups or you joined them after already being enrolled in the Social Security system (i.e. paid FICA taxes, etc.), you don't have to take Social Security payments, but you are not exempt from FICA payroll taxes.

Not exact matches

However, a budget deficit that takes the form of transfer payments to banks, as in the case of the post-September 2008 bank bailout, the Federal Reserve's $ 2 trillion in cash - for - trash financial swaps and the $ 700 billion QE2 credit creation by the Federal Reserve to lend to banks at 0.25 % interest in 2011, has a different effect from deficits that reflect social spending programs, Social Security and Medicare, public infrastructure investment or the purchase of other goods and sersocial spending programs, Social Security and Medicare, public infrastructure investment or the purchase of other goods and serSocial Security and Medicare, public infrastructure investment or the purchase of other goods and services.

• 1/2 of self - employment tax (self - employed individuals are required to pay «payroll» taxes that an employer would otherwise take; these extra taxes can be deducted from AGI, but are included in MAGI) • Student loan interest • Tuition and fees deduction • Qualified tuition expenses • Passive income or loss • Rental losses • IRA contributions and taxable Social Security payments • Exclusion for income from U.S. savings bonds • Exclusion for adoption expenses (under 137)

There's another issue that often flies under the radar — that is, the time it takes between applying for Social Security and receiving your first payment.

If you're looking for a lower - key, less - costly retirement, taking your benefits early — and receiving smaller Social Security payments — might make sense.

After you reach age 62, for every year you postpone taking Social Security (up to age 70), you could receive up to 8 % more in future monthly payments.

«disposable personal income», as reported by the BEA, is a total national figure for personal income after taxes, so comparing how individuals might spend that income in different parts of the country is not even considered by this report... the phrase may be poorly chosen, as might the phrase «personal income» itself, which includes not just wages and salaries, but also passive income from dividends, interest and rent, proprietor's income, and transfer payments such as social security... take all those forms of payments going to individuals, subtract out what's paid nationally in personal income taxes, and you have a national figure for «disposable personal income»

Upon turning 65 he also chose to NOT receive any Social Security payments because, again, he knows he can take care of himself and therefore should not rely on our tax dollars to help fund his daily living.

For example, you may be able to boost the size of your Social Security payments by claiming at a later age or increase the amount you and your spouse collect over your lifetimes by coordinating when you take benefits.

The government can seize tax refunds, deny new federal student loans and grants, garnish wages without a court order, take a portion of Social Security payments, and charge very high collection fees.

Apparently the loan wasn't repaid and now the government, having lost all that money, is forced to cut back on Social Security payments unless you postpone taking benefits until you're a septuagenarian.

If you go ahead with your plan to take benefits early, your Social Security payment of $ 9,742 at age 66 would be $ 3,247 less than the $ 12,989 you would be entitled to had you waited until age 66 to collect.

Student loans have no statute of limitations — they can even be taken out of Social Security payments — and there can be serious long term consequences if a borrower makes the wrong choice.

If you start taking Social Security as soon as you're qualified, the higher number of payments you'll receive means you'll collect more money than someone who waits to file — until you reach a tipping point.

The entire balance is due immediately, and if it's a federal loan, the government can take wages, Social Security payments, or tax refunds.

In most instances, the Part B premium is taken out of a Social Security or Railroad Retirement check, streamlining the payment process for beneficiaries

Because you aren't an employee, the payments you receive from your business don't have any federal income tax withholding taken from them, and there are no deductions for social security or Medicare.

The fact that we hit our number while taking the mortgage payment into account, and not counting on social security which is still quite a few years away, is what lets me really sleep at night.

GAO Report: Challenges For Those Claiming Social Security Benefits Early This report of the U.S. Government Accountability Office looks at the circumstances of people who file for Social Security benefits early to understand why they do so even though taking benefits before full retirement age reduces monthly payments.

In addition, we don't take any fees until you receive monthly cash payments from the Social Security Administration.

«Starting three years from now, if you live or work in the United States, you'll need a federally approved ID card to travel on an airplane, open a bank account, collect Social Security payments, or take advantage of nearly any government service.

Average wait times to receive disability payments in Georgia were the longest in the country in 2006 with a couple offices in Atlanta taking over 900 days to process Social Security disability claims.

Many survivors realize that it takes time to start the Social Security payments and to begin receiving the assistance.

The Social Security Administration generally takes around three to five months to decide on a case — and there's also a mandatory seven - month waiting period between the date of your disability and your first payment.

«The Bill implements an apparently simple solution to a complex set of problems — attaching new conditions to social security payments and taking over family budgets to combat child abuse and truancy generally, and prolonged joblessness and social breakdown in remote communities.

All income on a paystub is considered, taxes paid are part of income, cafeteria plans have nothing to do with food and are part of income, there is a minimum time on a job based upon profession which is required to use as income, social security can be grossed up, unemployment income can not be used, etc... The debt - to - income ratio analysis (see below for sample) by www.screenthetenant.com takes current underwriting guidelines into consideration and combines it with theprojected housing payment then calculates if for a future date such as 18 months from now.

Some opt to take a payment each month in order to supplement their expected retirement income from Social Security and other sources.