Knowing where you stand now with Social Security will pay off

beth kobliner 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

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We’re Working Together to Secure Today and Tomorrow

man and woman at tableYour 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

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Own a Small Business? File Your W-2s Online

smallbizIf you’re a small business owner, you know you have to file your Form W‑2 information with Social Security every year. You might not have realized you can save time and avoid errors by filing online.

The filing deadline for tax year 2016 is January 31, 2017. Getting started is easy.  Just register for Business Services Online. It’s free, fast, and secure! Simple fill-in pages guide you through each step of entering your W‑2 information for each employee, and providing it to Social Security. The website automatically totals your entries and creates Form W‑3, Transmittal of Wage and Tax Statements. The site also includes fill-in pages for filing Forms W‑2c, Corrected Wage and Tax Statement. Continue reading

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Don’t Be a Scam Victim—You’re in Control

IRSWith the tax season wrapping up, scammers are out in full force. Perhaps you received a phone call demanding payment from the IRS. They may threaten you with legal action if you do not pay immediately, or say things like, “we are sending the police to arrest you.” While these calls may seem scary, it is important to understand that they are not legitimate. This scam, which started in October 2013, has claimed over $29 million from its victims. Unfortunately, this is just one of many scams designed to make you believe you are speaking with a legitimate government official. Continue reading

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