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Social Security

Will Social Security Be There in the Future?

This is a very important question when deciding when to take your Social Security benefits and no one know the exact answer to this so let’s look at a few facts to consider to help provide some clarity on this issue. The overall consensus it that the Social Security Trust Fund will run out of money in the year 2034 which at the time of this writing is only 17 years away.  This sounds pr...
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How Are Social Security Benefits Taxed?

How Are Social Security Benefits Taxed? A lot of people wonder if their Social Security benefits are going to be taxed, and if so at what rate?  Well the answer is it all depends on what you have coming in for income from other sources.  To find out you need to calculate your Provisional Income.  Nothing’s easy with the IRS right?  Let’s see how to figure this out: So Just What is Provisio...
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What About Spousal Benefits for Social Security?

What About Spousal Benefits for Social Security? When trying to figure out Spousal benefits for Social Security it is a virtual minefield of rules so let’s dive in and make sure that you follow all of the guidelines. Typically a spouse is entitled to their own Social Security based on their work history, or 50% of their spouses’ Social Security at their full retirement age, whichever is HIGHER...
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Should I Delay Taking Social Security Past My Full Retirement Age?

Should I Delay Taking Social Security Past My Full Retirement Age? When deciding at what age to take Social Security, it can be very confusing and there are many things to consider before making this decision.  Let’s take a look at some of the issues that may apply to you. Once again like we did in the previous article on taking Social Security Early, let’s take a look at some important fact...
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Can You Still File A Restricted Application?

Can You Still File A Restricted Application? The Social Security Department made some sweeping changes to some of the claiming strategy rules on November 2, 2015. One of those was the use of the restricted application, or claiming spousal benefits first while allowing your own benefits to continue to grow. The new rule only allows the use of the restricted application for those born be...
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Should I Take Social Security Early?

Should I Take Social Security Early? Many people will reach the earliest age that they can take Social Security and wonder, "Should I take it now or should I wait?" What is the right answer? Everyone is different and has a their own situation so let’s take a look at a few of these. Before we get started let's look at a few facts... Your Social Security increases between 5 to 7% fo...
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How Are Social Security Benefits Calculated?

"How Are Social Security Benefits Calculated and What Can I Do To Increase Benefits?" There are a minimum number of years to qualify. To qualify for any Social Security benefits, you must have at least 40 credits. To receive a credit in 2017, you need to earn $1,300 per credit (this number adjusts each year), with a maximum of four credits per year. So to receive the 40 credits you have to work f...
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