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5 Facts most people don't know about Social Security

7/9/2015

2 Comments

 
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When it comes to Social Security most people understand how they pay into the system but aren't as educated on the Retirement Benefits of the program.  I compiled a list of 5 important facts regarding Social Security Retirement Benefits that will help people decide how to plan and manage their Social Security Benefits when it's time to retire.  

1.)  Your full retirement age is based on the year you were born.  If you were born between the years 1943 and 1954, your full retirement age is 66.  If you were born in 1960 or later, the full retirement age is 67.  The full retirement age increases gradually (between age 66 and 67) for anyone born between the years 1955 and 1959.

2.)  Every year you wait to begin collecting Social Security benefits will increase your benefit amount by approximately 8% per year up to the age of 70.  The benefit amount is locked-in once you begin collecting but can adjust each year with the cost of living increase (COLA).  

3.)  If your spouse dies, you will not receive both yours and your spouse's benefits.  You will receive the greater of the 2 benefits, but not both.  

4.)  You are able to work and also collect Social Security benefits but if you have not reached full retirement age your earnings will be subject to what is known as the retirement earnings test.  If your income surpasses the test limit, Social Security may withhold all or a portion of your benefits.  ***The benefits that are withheld will be repaid over your lifetime once you do reach full retirement age.  

5.)  Your spouse can qualify for Social Security benefits even if he or she has no earnings story.  This is known as the Social Security Spousal Benefit which may be as much as 50% of the higher earning spouse's full retirement age benefit.  The exact percentage is based on whether each spouse has reached full retirement age.  

For answers to other important questions regarding Social Security or with help planning your Social Security Retirement Benefits, please contact the licensed experts at The Legacy Council at (513) 442-2000.  


2 Comments
Maureen O'Connell-Herrick
6/24/2020 01:40:24 pm

Paraphernalia was found and the Administrater accident the small failuer. Rehabilitate was made. The Administratio
Has accepted me into the facility. I maintained all covid-19 requirements. I will be rewriting what was written on the month review. Much of the six month review is incorrect. I will be rewriting with correct and reviewed with truthful information.
I have spoken with Bridgett , Lisa Carter.and Tina. Their caversations did not come to any conclusions. The next passing of information will be in writing.

Reply
Maureen O'Connell-Herrick
6/24/2020 02:27:49 pm

I maintain social distancing, l hade for a mater of having a piece of drug paraphernalia. Went for a 21 stay in Chapman General Medical Center. I am not a user for the found paraphernalia found. I would like dissect the information, I did call an attorney informed stated to write/rewrite the ALW,ISP paperwork. How can i recieve a a form of the ASP/ ISP? ,
I Live at Seaside Terrace Retirement Community, 9925 La Alameda Ave, Fountain Valley CA, 92807, Fax 714-962-9875, phone,714-962-5531, I can be called at 714-770-6166, ramie033060@gmail.com

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1376 State Route 28 Suite 1B Loveland, OH 45140      Office (513) 442-2000      Jack Seitz (513) 616-0094      Justin Seitz (513) 377-0228
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This website is a solicitation of insurance and financial products.  By providing us with your contact information you agree that a licensed insurance advisor may contact you via telephone, mail or email to answer your questions and provide additional information about Medicare plans, Life Insurance, Health Insurance and/or Retirement Planning.  Any guarantees mentioned are backed by the financial strength and claims paying ability of the issuing insurance company.  Information provided is not intended as tax or legal advice and should not be relied on as such.  Neither The Legacy Council, nor Jack or Justin Seitz are affiliated with or endorsed by the Social Security Administration or any other government agency.  We do not offer every Medicare plan available in your area.  Any information we provide is limited to those plans we do offer in your area.  Please contact Medicare.gov or call 1-800-MEDICARE to get information on all your options.
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