Social security and the ins and outs of benefits is a tough nut for most of us to crack. Here are some points that may help you.

Meant as foundation- The intent of Social Security was to provide some income for retirees. With the absence of pensions it has become the sole source of funds for some retirees.

Set at initial withdraw- Benefit amount won't increase, once you take your Social Security benefit the amount will not increase, except for 'COLA' or Cost of Living Adjustments meant to help keep up with inflation. The decision regarding at what age to take the benefit then becomes even more critical.


Age dependant- retirement Benefits are available as early age 62, but the longer you wait to take- what will become set amount- Social Security, the higher the benefit will be. At 'Full Retirement' the benefit amount is higher and if you wait till age 70 the benefit is higher still.

Taking Social Security at age 62 permanently reduces your 'full retirement' benefit amount by 20%.

Your benefit will increase every year you hold off retiring until age 70. At and after age 70 there is not increase to your benefit amount.

You can call the Social Security Administration 800.772.1213

It's such an important, but confusing, topic that I am hosting a Social Security administrator June 21st to help people get a better handle of this really important topic.

Citations:
The Complete idiot's Guide to Social Security and Medicare, Lita Epstein, MBA

Pgs. 36, 43, 73,78


Marion R. Syversen, MBA - President
NorumbegaFinancial
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Marion@NorumbegaFinancial.com
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