If you are like most people paying into the social security system, you wonder if you will ever see a return on your investment. Will social security benefits be there for you in your time of need? Social security is not just for retirement, it helps if your spouse dies. Good news! Social security has survivorship benefits. This means that if your spouse dies, you and your minor children receive benefits. Here’s a rundown of your social security benefits as a spouse: You receive a … [Read more...] about Social Security Benefits Upon Death
Social Security Survivorship Benefits
When you are living on a fixed income, there are challenges, because the cost of living is typically going to rise year-by-year. To account for this, the Social Security Administration can apply annual cost-of-living adjustments if the consumer price index justifies an increase. Increases are quite modest when they are applied. As a case in point, there was a cost-of-living adjustment for 2015, and it was just 1.7 percent. That doesn't sound like it would help much, but things are even worse … [Read more...] about Bad News for Social Security Recipients
As an American taxpayer, you pay FICA or self-employment taxes. When you pay these taxes, you accumulate retirement credits. You can earn up to four credits per year, and most working people do, because the earning requirements are quite modest. Once you have at least 40 credits, you will qualify for Social Security and Medicare when you get older. If you're not yet receiving Social Security, your age of eligibility will depend upon your birth year. People who were born between 1943 and 1954 … [Read more...] about Should I Apply for Social Security at the Age of 62?
As we live longer, a marriage later in life is becoming more common with our aging society. That means changes to your estate plan are more crucial than ever. It also means the likelihood of new family members, from adult children to grandchildren and sometimes even great grandchildren. Social Security Benefits There are a number of dynamics that potentially play out when it comes to your social security benefits. Even if you’ve carefully prepared, you now have to consider more than just … [Read more...] about Marriage in the Golden Years
The Federal Social Security Administration is responsible for providing Social Security retirement and disability benefits to qualified applicants. For this blog discussion, we’ll cover Social Security retirement benefits. Almost all of us have a right to claim Social Security retirement benefits once we reach retirement age. For those born in 1929 or later years, you can claim Social Security retirement benefits if you’ve earned a sufficient number of work credits. Usually, you must have … [Read more...] about Understanding Social Security Retirement Benefits