Social
Security seems a long way off for many of us, while others
find themselves counting the days before the first check
arrives. It doesn't matter what your time horizon is, what
is important is that you remain current with the laws. If you have a parent or grandparent nearing retirement, share
this article with them.
Before you bother to get social security facts, understand
the facts change yearly. Because of this, many retirees do
not file for social security benefits in a timely manner.
Some retirees file for social security retirement too soon,
and others too late. The main culprit is simply, lack of
knowledge, of the current social security laws.
A recent new law states; if you are 65 years old, you can
collect full social security benefits and also hold a job.
This is important since many seniors are fully capable of
working at age 65, and have the desire. Also, many seniors
need the income to supplement their low social security benefits.
It is important to know that:
>FICA is taken from your paycheck
when you are an employee. It is the social security tax
used to pay your portion of
the social security retirement fund.
>When you are self-employed, you
pay FICA in your quarterly or year-end social security
taxes.
>You can and should get a yearly
copy of your social security payment history from social
security . This will
verify that you were properly credited with past social security
taxes. This is especially important if you are self-employed,
and do not file yearly taxes, by federal tax deadline.
>Remain informed of the social
security benefits you can receive at a particular retirement
age.
>Accepting your social security
benefits just a few years earlier than full retirement
age, may mean a significant,
permanent reduction, in lifetime benefit payments.
>The government recommends you
use social security benefits as a supplement to your retirement,
not as a primary retirement
source.
For more information on Successful Retirements,
Read This Book!
Read our Retirement
Q & A.
Read Current Social Security laws at www.ssa.gov
Lois Center-Shabazz is the founder
of MsFinancialSavvy.com and author of the 3-time award-winning
personal finance book, Let's Get Financial Savvy! ISBN #0971979502.
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