About Social Security numbers...
9 years ago
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- 9 years ago
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When to take Social Security?
Comments (44)Anyway, the ability to withdraw, repay and re-apply has been taken away. Once you actually apply, you are more or less locked into your benefits. Jannie, it has not been taken away entirely. I learned from the video that there is still a 12 month window where you can "change your mind". I verified that from the SS.gov site which states: ..... " Recent change in the withdrawal rules.Effective December 8, 2010, you can only withdraw your application for retirement benefits within 12 months of your first month of entitlement and you are limited to one withdrawal per lifetime." Wildchild, I am glad you (& others) found the video so helpful. Not everyone will take the time to view it, to their possible detriment. I also looked @ the AARP website (as Franklin recommended) & they have an excellent current article with really good examples. I haven't looked to see what they might have in the way of archived articles. Chisue, I so agree with you that the argument for a *voluntary* SS-like system kind of flies in the face of how little $ soooo many people save towards retirement. I do understand that it is nearly impossible for some given their low wages. But as an example, one gal I worked with participated in the company's voluntary retirement savings plan... to the tune of $5 per month. No kidding!!!! She had no kids & was an educated woman... but obviously clueless as to how ineffective that amount was. She actually "threw money away" since the company would have matched her contributions to a much greater amount!...See MoreQuestion about future social security benefits
Comments (18)Your SS benefits are not based on the last year you worked. It looks at your highest paid 35 years over your entire working career. It goes something like this: The calculation will be made over 35 years which is 420 months. First, your record is searched for 35 highest paid years. If you do have that many, then there will be some years counted as zero years. Next, the older years are indexed to sort of bring them up to todays dollars. The factors used is something like a cost-of-living adjustment, but in my humble opinion, the adjustment falls short of the actual inflation rate. However, the same index is applied to everybody be they rich or poor. For example, if you earned $100 30 years ago, the adjustment factor might be 4.5, so your $100 income made 30 years ago would be adjusted to 4.5 x 100 or $450 in current dollars. This is done for each year using a different factor for each year. If there are zero years, these are included also. The 35 highest paid years are used or all the years if there is less than 35. All of the adjusted years are totaled and then divided by 420, the number of months in 35 years. This becomes the average monthly income figure that is used to determine your benefit. Clear as mud? I hope it is a little better than that. Go to the social security site to find this information. The indexing list should be there and it may change some for each passing year. The formula for using the average indexed monthly taxed earnings for computing the benefit should be there....See MoreSmall Social Security COLA this time
Comments (11)chisue, take another look at how Social Security benefit amounts work, it's not how you say. As an example, just to keep the numbers simple, let's say a person qualifies at age 62 and starts then. They get 75% of the amount they'd get at 66. Real numbers, let's say it's $7500 at year at 62 and it would have been $10000 at 66. By waiting, they're getting a higher amount, yes, but that's not "a return on their investment". What they passed up getting was $7500 per year for 4 years = $30,000. It takes a lot of years with that $2500 increase (which will get cost of living adjustments) to equal the $30000 they passed up. If you factor in interest cost, for someone who isn't working, unless they feel confident to live to a ripe old age, taking it sooner can be better. See what I mean?...See MoreHow can I find out my deceased step mother's social security number
Comments (11)I inherited an IRA as well. Upon death it was put in my name w/my ss#.I mean really.... they want taxes from the living. Yes, my SSN is on the account now, but the paperwork that I was filling out for the new brokerage needed the SSN of the person I inherited it from. Apparently there are different rules for these inherited IRAs than other types of accounts. I can't believe how easy it was to find it on the National Archives site. I didn't even need her full date of birth or death to find it....See More- 9 years ago
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