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Social Security Facts You Need to Know

Fact: Return On Investment! Deferring benefits from 62 to 70 has a return of 7.6% per year. Where else can you get a 7.6% risk free tax deferred return?

Fact: You can start taking social security benefits at 62 and one month, or any month after that until the month you turn 70. That's 96 different options of when to apply for benefits!

If you are like most Americans you don't give much thought to your Social Security statement until you need it for retirement planning purposes.  In the past, the Social Security Administration would mail Social Security Statements directly to your home via the United States Postal Service.  The SSA no longer offers this service and now requires you to create an online account in order to access Social Security Administration's Client Login Homepageyour Social Security statements.

If you would like to gain access to your Social Security statement, click here to download a set of setup instructions, then visit http://www.socialsecurity.gov/myaccount to get started.  

Once you create an account, you will be able to view your Social Security statement and access other information regarding your Social Security benefits.  

Online security is a big issue these days.  If you are concerned about signing up for an online account for security reasons, here is an article that provides some tips on keeping your online Social Security account safe.  

If you have trouble with this process, please contact our office at (716) 206-0346.  We are happy to help!

10.23.13 - Thanks mainly to the recent government shutdown, the Labor Department has yet to announce this year’s COLA increase however, experts are estimating it to be somewhere between 1.4 and 1.6%.   Many industry experts feel it will fall right in the middle and be about 1.5%.  If that happens, the COLA increases for Social Security recipients will be one of only six times since 1975 that the increase has been below 2% with the exception of 2010 and 2011 when there was no increase. 

2014 COLA could mean only an additional $17 per month for Social Security recipients

As someone planning for retirement, here are a few things you should understand.

1.  Another reason for you to deal benefits

With such a small increase, delaying benefits makes even more sense.  Small increases such as this may make it difficult for you to maintain the lifestyle you are accustom to

 if you are relying on Social Security as your main source of income during retirement. 

2.  Maximizing your Social Security benefits is more important than ever

Historically, annual COLA increases were around 4.1%.  Since COLA is based on the inflation rate, you as a beneficiary have no control over how much your annual COLA rat

e will increase but you do have control over when and how you collect your benefits.  With that, taking the steps to maximize your monthly Social Security payments is more importa

3.  We’re talking about $17 a monthnt than ever. 

If experts are correct and the COLA increase is 1.5%, most people can expect to see an increase of about $17 per month in their Social Security payments.  Over the course of a year that adds up to $204!  For most consumers, this won’t mean much so work with an expert to create a retirement savings plan that can help you maintain the lifestyle you want to live.       

President Obama Signing the Affordable Care Act

As October begins, the country braces for the impact of Obamacare.Some are excited by the changes it will bring, while others are anxious about the financial impact it will have on them. For the purpose of this post, I am not going to talk about the ins and outs of Obamacare from a healthcare perspective. Instead, I want to touch upon the impact that Obamacare may have on some Baby Boomers from a lifestyle perspective.

Early Retirement?

Let’s face it; many Baby Boomers plan to stick with their jobs for access to affordable health insurance.  Currently, if you are under the age of 65 and don’t have access to Medicare, leaving a job that offers healthcare would mean the premiums would have to come out of your own pocket.  

The introduction of Obamacare will change that.  Individuals nearing retirement age will no longer be reliant on their jobs for the purposes of health insurance.  Instead, individuals can retire early, if they are financially able to do so, and shop the healthcare exchange for a policy that fits their needs to get them through until Medicare kicks in at 65.

While Baby Boomers may not need to rely on their jobs for health insurance coverage, it is still important to keep in mind that early retirement could have an impact on you in other ways.  If you retire early and start collecting Social Security as a result, you could miss out on tens of thousands of dollars over the course of your lifetime in Social Security benefits so consult a professional before making the decision to retire early. 

The introduction of Obamacare could have a big impact on the work force.  We may see Baby Boomers opting for early retirement which would in turn open up higher paying job for a younger generation.   A positive change for those looking to move up the ranks!

If you would like more information on Obamacare and what that means for you in retirement, attend our upcoming Healthcare Workshop on October 9, 2013.  Visit our workshop page for details.  

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The Social Security Guys®
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Williamsville, NY 14221

Phone: (716) 206-0346 
Toll free: 1-888-243-4995

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Copyright (c) The Social Security Guys® 2014. All rights reserved. 6631 Main St, Williamsville, NY 14221, 716-633-1515. Securities and investment advisory services offered through NEXT Financial Group, Inc. Member FINRA/SIPC. The Social Security Guys® are not an affiliate of NEXT Financial Group, Inc.