Social Security Maximization
How does Social Security work?The Social Security system is based on a simple premise: Throughout your career, you pay a portion of your earnings into a trust fund by paying Social Security or self-employment taxes. Your employer, if any, contributes an equal amount. In return, you receive certain benefits that can provide income to you when you need it most--at retirement or when you become disabled, for instance.
You can find out more about future Social Security benefits by signing up for a mySocial Security account at the Social Security website, www.ssa.gov, so that you can view your online Social Security Statement. |
Understand the real value of Social Security
For most Americans, Social Security will not provide enough income during retirement. However, on average, Social Security accounts for about 40% of income in retirement. This staggering number should not be ignored. Many individuals will be receiving benefits for 25, 30, possibly even 40 years. Social Security provides valuable protection against this “longevity risk”.
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Don't rush to collect and then regret
You will have the option to collect Social Security between the ages of 62 and 70. Most retirees tend to claim their benefits early and overlook that, once reduction penalties, foregone Delayed Retirement Credits and COLAs are factored in, they could have potentially doubled their initial payments if only they waited until age 70.
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