Social Security Education
Charlotte, Hickory, Concord, Greensboro, Rock Hill, Salisbury, Gastonia, Spartanburg, Greenville and Asheville, North Carolina.
The Social Security program was started in 1935 …. That means in 2017 it will have its 82st anniversary.
It was originally created to alleviate poverty among the elderly during the Great Depression. It was created as a self-financing program that would collect payroll taxes (FICA) from workers which would immediately be paid out in benefits to retirees. Millions of Americans depend on Social Security. For many, it is their primary source of retirement income. For others, it is an important supplement to their personal retirement programs and savings.
Savvy Social Security Planning Video
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What is an entitlement ? …….
Social Security benefits are an entitlement promised by the federal government if you or your spouse paid enough into the Social Security fund during your working years to qualify for benefits. While it is not guaranteed by law, it is backed by the promise of the U.S. government. Contrary to lively debates about the future of Social Security, in all probability lifetime benefits will continue indefinitely. There will definitely be some tweaking of things, but many feel the system will live on.
How is my benefit figured ? ……
The formula used to compute your benefits is very complex to say the least. It begins by looking at your 35 highest years of earnings and indexing them for a current value. At the very least, you must have paid into the system for at least 10 years (40 credits) to be considered fully insured. This formula, when looked at closely, gives additional weight to low-income earners to help boost their benefit. This is accomplished by the AIME (Average Indexed Monthly Earnings) along with the 3 distinctive bend or break points used to calculate a specific current monthly amount to be paid.
What age can I start receiving my benefits ? …. 60 - 62 - 65 - 66 - 70
Full retirement age for people born between 1943 and 1954 is age 66. This is the age at which you may begin receiving your full, unreduced benefit, called your “Primary Insurance Amount” or (PIA). (This is sometimes referred to as your magical age). There are creative strategies that are offered to those who wait until their “FULL RETIREMENT AGE” before they start collecting those monthly checks. Those who don’t wait until their full retirement age may lose out on some great opportunities.
Early eligibility (Also known as REDUCED eligibility) begins at age 62. The age at which you apply for benefits has a tremendous impact on your monthly income and the total amount of benefits you stand to receive over your lifetime. This is one of the most crucial aspects of Social Security planning. Depending on what age you apply for your monthly benefits, they currently could be decreased by as much as 25% or they could be increased by as much as 76% or more. When you apply, is a very important decision to get some help with !
After spending time gathering accurate information, it’s a lot easier to see how someone can optimize their claiming strategies, by waiting until their full retirement age. After all, you have paid a lot of money in taxes over your working years. You should make sure you maximize your benefits using any and all methods available to you at this time. It may be through the strategy called, “File and Suspend” or “Filing a Restricted Claim for Spousal Benefits” if appropriate. The point is anyone who claims their benefits early, loses out on these possibilities.
Updated Note : The New Bipartisan Budget Act of 2015 makes changes to "File & Suspend for Married Couples" strategies and this option will no longer be available beyond April 29, 2016. Contact us to see how this effects your family.
Updated Note: The New Bipartisan Budget Act of 2015 makes changes to "Filing a Restricted Application" strategies and this option is only available to people who were born in 1953 or earlier. Contact us to see how this effects your family.
Tricks and tips for getting the most from Social Security ..... PBS News
There’s so much information (Should I just take the easy route ?) …….
The percentage of Americans claiming reduced Social Security at age 62 has declined considerably in recent years. And the reason for this is education, being better informed to make calculated decisions. Today, with new laws adding more possibilities and the amount of information available on the internet, there is no reason why someone should not try to educate themselves and ….. ASK FOR HELP !
It’s very helpful for you to go on-line and create an account and get your Social Security Statement at www.socialsecurity.gov/myaccount.
The Social Security Administration provides a wealth of information and publications on their website at www.socialsecurity.gov Call toll-free number, 1-800-772-1213 (for the deaf or hard of hearing, call our TTY number, 1-800-325-0778). 7 a.m. to 7 p.m., Monday through Friday.
Estimate benefit amounts and find more information to help you decide when to start receiving retirement benefits….. Social Security Benefits Planners online at www.socialsecurity.gov/planners.
You also can apply for benefits online at www.socialsecurity.gov/applyforbenefits.
For more information and answers to your questions ........Request the "Baby Boomer's Guide to Social Security"
We’re here to help, “Just Ask” …… and please remember …….
The most tax efficient retirement you can have, is the one with the highest Social Security benefit coming in. The rules that govern Social Security benefits are presented in the usual bureaucratic fashion that make it hard to be informed and easy to become misinformed. We’ll attempt to wipe away some of the cobwebs of confusion and give you the easy-to-understand rules that will allow you to make good decisions.
After all you’ve worked 20 – 30 – 40 years building this opportunity …… Doesn’t it make sense to spend some serious time making an informed decision …… This is not the time to “Shoot From The Hip”.
Rodger Dawson has received the nationally recognized accreditation of NSSA® (National Social Security Advisor). This accreditation is awarded to advisors who have completed extensive study in the areas of Social Security Retirement Benefits and Advanced Claiming Strategies. The NSSA® Certificate is a nationally recognized standard of competent and ethical Social Security planning for advisors to follow. With this advanced area of study, an NSSA® certified advisor can benefit society by helping individuals and couples improve their financial security during their retirement years through maximization of their Social Security benefits. The National Social Security Association, an independent company, was created to oversee all of the facets of the National Social Security Advisors certificate program.
Contact Us at 704.542.0447 for your FREE Social Security Maximization Report.
If you are a member of an organization, church, company or civic group and you would like to have Rodger speak at your organization on the topic of Social Security Retirement Benefits and Advanced Claiming Strategies.
His extensive knowledge in these areas will educate and captivate your audience. (GUARANTEED!)
This material is for informational purposes only and is not affiliated with the U.S. government or any governmental agency. It is not intended to provide any tax, legal or investment advice or provide the basis for any financial decisions. Please consult a qualified professional before making decisions about your financial situation. The Insurance Advisers of Next Phase Financial are not Licensed or Practicing Physicians and are not qualified to give medical advice