Building a financially secure retirement doesn’t happen by itself. You need to make a commitment to smart financial decisions long before retirement — starting in your 20s would have been ideal — and then keep carrying through on your retirement plan.
Here are some other big retirement-planning mistakes I want you to avoid: Continue reading →
My husband wants to retire at 62 and start taking Social Security. Is that okay?
This typically comes up because husbands are often a few years older than their wives, and figure they want to “get their money’s worth” by taking Social Security as early as possible. I think that can be a bad move. Unless you have oodles of money to live on in retirement, you — as a couple — want to maximize your Social Security payout for the longest surviving spouse. It’s important to understand that when one spouse dies, the other spouse is entitled to just one Social Security payment. So you want the surviving spouse to have the biggest possible benefit. Here’s how: Whichever spouse is the higher earner (and thus eligible for a bigger Social Security benefit) should delay taking Social Security at least until their Full Retirement Age (FRA), which is between age 66 and 67, depending on the year you were born. Continue reading →
For most people, Social Security is a mystery. We see that 6.2 percent deduction on our pay stubs and wonder: What does it mean for my financial future? The answers: A lot. And not enough.
After tax season, take a few minutes to go online and read your Social Security statement. Even if your retirement is 30 or 40 years away, you need to know where you stand now. The Government Accountability Office tells us that nearly a third of households with members ages 55 and up have no retirement savings plan or pension in place—zip. That means Social Security is the only post-retirement pay they’ll get – and the estimated average monthly benefit for retirees (as of 2017) is just $1,360. (See what I mean by “not enough”?) Continue reading →
Your first job is a landmark occasion. You’re meeting new people, making professional connections, and probably cashing that first paycheck. You might be a little surprised when you see a portion of your earnings go to a tax called “FICA” for the Federal Insurance Contributions Act. This deduction goes to Social Security and is your way of helping us secure your today and tomorrow. It’s our job to keep the safety net of Social Security strong through your incremental contributions. Continue reading →
Enjoying a comfortable retirement is everyone’s dream. For over 80 years, Social Security has been helping people realize those dreams, assisting people through life’s journey with a variety of benefits. It’s up to you as to when you can start retirement benefits. You could start them a little earlier or wait until your “full retirement age.” There are benefits to either decision, pun intended. Continue reading →
On this day in 1940, a 65-year-old legal secretary named Ida May Fuller became the first monthly Social Security beneficiary. A few months earlier, she had stopped by her local Social Security office in Vermont to learn how the program works. She knew she had paid into Social Security but wasn’t sure if she would get anything back out. A clerk at the office helped her apply for retirement benefits. Continue reading →
Every worker’s dream is to enjoy a secure retirement. Social Security is here to secure today and tomorrow. Part of that commitment is ensuring you have the most up-to-date information when you make your retirement decisions.
As the bells ring in the New Year, they also bring changes for new Social Security retirement beneficiaries. Full retirement age is 66 and two months for people born 01/02/1955 through 01/01/1956. They are eligible to receive permanently reduced retirement benefits when they turn 62 in 2017. Continue reading →
There are a number of people who choose to live their retirement years in places outside of the United States. Perhaps retirement in Thailand or Portugal is in your plans. Maybe you plan to split your year between Central Europe and Central Asia. In many cases, it’s still possible to receive your retirement benefits while living abroad. Our website can help you navigate your benefit eligibility while living overseas. Continue reading →