Things You Need to Know About Social Security and Retirement
Yowsa Yowsa Yowsa! Howard Cunningham is talking about selling the hardware store and retiring. Really! Well, he wants to spend more time with his family and give more hours down at the lodge. Besides, they just elected him as the Grand Poobah. And who can blame him, the leopard hats are a scream! His oldest son, Richie, is concerned that his father may not know how to maximize his social security benefits, so he decides to shake, rattle and roll down to Arnold’s for some advice. And who knows, maybe later he’ll find his thrill on blueberry hill!
He spots Arthur Fonzarelli starting the jukebox with his fist and asks for some tips on social security and retirement. “Step into my office,” says the heartthrob in his official leather jacket and jeans ensemble. Heyyyy!! He’d do just about anything for the red-head and Mr. and Mrs. C! If anyone has a problem with that, they can sit on it!
He puts a dime in the payphone on the wall and calls Achieve Financial Group. Of course, we were delighted to give some valuable information to the coolest dude of the 50s. Here’s what you and he should know about social security benefits:
• Why age matters – You can collect at age 62, but it’s best to wait until full retirement.
• The factoring of benefits – You need to earn 40 “credits” to be eligible.
• COLA as co-insurance – S.S. benefits provide you with inflation protection, which is known as cost-of-living adjustment.
• Money and Marriage – Spouses can take advantage of a spousal benefit, which is worth up to 50% of the other spouse’s benefit.
• Income for survivors- If your spouse dies before you, you can take a so-called survivor benefit.
• Benefits from ex-spouses – You can collect benefits if you were married to an ex-spouse for at least ten years, if you are 62 or older and single.
• Waiting can pay off – If you wait, your benefit will grow by 8% each year after you hit full retirement, up until age 70.
• Benefits and Uncle Sam – Social Security benefits are subject to tax, once you start receiving them.
• Passing the earnings test – Bringing in too much money can cost you if you take Social Security benefits early, while you are still working.
So Goodbye gray skies, hello blue, Achieve Financial Group will be groovin’ all week with you with more financial advice. Now you can go grab a booth and have Al bring you back a couple of milkshakes. Now that you know more about what to expect with social security and retirement, your future days can be happy from now on!