How to find out what your Social Security benefits will beSusan Bondy
Social Security benefits are meant toreplace roughly 40% of your preretirement income, which the government calculates by taking the average of your 35 highest-earning working years. To estimate your payout, the government assumes you'll continue to earn what you did in the most recent calendar...
The Social Security Administration (SSA) is responsible for administering and disbursing Social Security benefits to eligible individuals. While Social Security benefits are federal, the process of transferring them to a new state involves certain steps and documentation specific to each type of benefit...
Points, better known as credits, are calculated by the Social Security Administration for each taxpayer, including self-employed persons, based on yearly earnings. Once a taxpayer achieves a minimum number of total credits, he can access his earned Social Security benefits. Self-employed persons can...
Three factors to consider before working after retirement. In a recent survey, 73% of current workers stated they plan to work for pay after retiring.1And that possibility raises an interesting question: how will working affect Social Security benefits? The answer to that question requires an und...
However, the application process itself can take up to six months. So, don't wait for the six-month period of disability to elapse before applying for benefits; do it as soon as you become disabled. To learn more about the steps involved in applying, visit theSSA website. ...
Thanks to Social Security benefits, some teachers are in better shape for their retirement years than they would be otherwise. For teachers who receive the average Social Security benefit when they reach 65 –$1,503a month in 2020 – it's another$200,000toward retirement, writes Alan Sloan ...
A divorced spouse of someone eligible for benefits. In short, Social Security offers help to those who may be unable to financially help themselves. You may be able to receive a benefit from Social Security at any age, depending on your circumstances. ...
Your Social Security benefits are based on the income you earned during your working years. Your benefits are permanently reduced if you take Social Security before you reach your full retirement age. Your benefit amount temporarily drops if you decide to work during retirement. ...
The Bipartisan Budget Act of 2015 changed the rules on filing for spousal benefits underSocial Security, eliminating some popular claiming strategies that once allowed couples to increase their benefits. The new law didn't, however, do away with spousal benefits entirely. If you qualify...