We would like to take a look at three of the most commonly asked questions regarding the Social Security program. How Much Will I Get? The way to find out this information is to sign up on the Social Security Administration website and view your personal statement so you can gain an understanding of approximately what you can expect to receive when you qualify for benefits. You can then use this projection to help you gauge exactly how much supplementation is going to be necessary. When Can I … [Read more...]
Senior Lifestyle Trend Has Estate Planning Implications
There are intestacy rules of succession in place that would hold sway if you were to pass away without having executed any estate planning documents. Most people are going to have more specific designs so it is not a good idea to rely on the probate court to distribute your assets in accordance with intestacy laws. However, if you are married your spouse would be provided for under these laws. But if you are in a committed live-in relationship with someone without being married this individual … [Read more...]
Paper Check Option Being Eliminated by Social Security Administration
The Social Security rolls are swelling these days as the baby boomer generation reaches the age of eligibility. As more and more people start to receive their Social Security benefits the cost of administering the program is going to continue to rise as well. Providing income is not the only expense. At the present time 10% of people who are receiving Social Security are getting paper checks in the mail each month. Given the high volume of recipients overall the cost of sending out these checks … [Read more...]
Be Aware Of Your Expected Lifespan
Preparing for retirement involves having a good idea of the financial resources that you are going to need to pay your way after you are no longer earning a paycheck or receiving income from your business. To be able to do this you are going to need to have an idea of your expected lifespan. Lifespans have been rising over the years as medical science develops advanced capabilities and people have a better understanding of how to take care of themselves. The average lifespan in the United … [Read more...]
Social Security Spousal Benefits
If you want to travel and enjoy your leisure time to the utmost you are probably going to have to plan ahead carefully so that you have resources to draw from beyond your Social Security benefit. If you get started early enough and stick to an intelligently conceived plan for an extended period of time you should be able to enjoy your golden years in comfort. It is however important to gain an understanding of what to expect from Social Security when you are making preparations for your senior … [Read more...]
Understanding Social Security
As you are looking forward to the future it is important to have a good understanding of what you can expect from Social Security. If you want to be able to retire in true comfort you don't want to rely too heavily on Social Security, but if you are like most people it is certainly going to represent a significant portion of your retirement income. The first question that many individuals have about Social Security involves when they will become eligible to receive their full benefits. There is … [Read more...]
Social Security Survivorship Benefits in a Nutshell
If you’re like most people, you think of social security as retirement benefits. And, it is. However, the social security program has survivorship benefits as well. Surviving spouse The surviving spouse (or children who are eligible for benefits, if there is no surviving spouse) is entitled to a lump sum payment of $255. The social security administration provides benefits for a surviving spouse once she attains a certain age. The surviving spouse can receive 100% of the deceased spouse’s … [Read more...]
