June 17, 2014

8 Social Security basics you need to know

"For one-in-five retirees, Social Security is their only source of income. For one-in-three retirees, Social Security is 90% of their retirement income. For two-in-three retirees, Social Security is more than 50% of their retirement income. What you don't know about the system can hurt you.
Here are some basic facts about Social Security. Knowing them can lead to a more secure retirement" 
1.      Benefits are skewed in favor of lower-paid individuals
2.      The SSA uses 35 years of earnings to calculate your monthly benefit
3.      The earnings test only applies to those younger than full retirement age
4.      The earnings test lowers benefits in the current year, but doesn’t take them away
5.      You may be eligible for three different types of benefits (but not at the same time)
6.      Benefits are adjusted for inflation whether or not you start your benefit
7.      A divorced spouse qualifies for spousal or survivor benefits if marriage lasts 10 years or more
8.      You can monitor your Social Security account online

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