Social Security: You work & you pay taxes into the Social Security system, and when you monthly benefits based on your reported earnings.

SOCIAL SECURITY

If you’ve been a member of the working force or married to someone who was, and Social Security taxes were paid to the government, then when you retire or your spouse retires, you may be eligible for the Social Security retirement program. Social Security has been in effect for roughly 68 years. Under current law, if you have average earnings, your Social Security retirement benefits will replace only about 40 percent, so you’ll need to supplement your benefits with a pension, savings or investments. In addition to retirement funding, Social Security will also help a younger person who becomes disabled and will loose the majority or all of their income due to their disability.

SOCIAL SECURITY INCOME BENEFITS

Social Security is based on your work history – and that won’t change. Social Security promises that when you stop working, you’ll still have a guaranteed income that, for most, will be about 40 percent of the pay you received when you were working. Social Security gives you a safe, unshakable financial base to complement a private pension, an IRA, a 401(k), or other savings, all of which, together, put you sin a good position when you retire. However, notice it is only a base, a portion of funds need to support yourself after retirement. Be sure to supplement your Social Security Income with a savings account, pension, IRAs/401(K) Plans and other investments that pay dividends.

BENEFITS QUALIFICATION

The amount you receive for Social Security depends on:

At retirement age:

• How much you paid into the program (automatically deducted from your paycheck)
• How much money you’ve made up to retirement age
• The age you start receiving benefits (You may start receiving benefits as early as age 62, but may receive more benefits if you wait until your 65).
  Note: If your full retirement age is set to be 65 years of age, the reduction to your benefits for retirement at age 62 is 20 percent; at age 63, it is about 13 1/3 percent; and at age 64, it is about 6 2/3 percent.

If under 62 years of age:

• You must be blind (or)
• You must be disabled (mentally or physically)
• Dependent child, in school, under age 19.
  In order to receive any of the benefits mentioned above, you MUST have american citizenship. The state you live in may affect the amount of benefits you will receive. Your living arrangements may also affect your benefit amount.

APPLY FOR SOCIAL SECURITY

You should have the following items when you apply:

• Your Social Security card
• Your birth certificate
• Your mortgage or your lease and landlord’s name
• Tax records, pay check stubs, insurance policies, and other income information
• Proof of U.S. citizenship or eligible non-citizen status.
• Credit union and /or bank statements, check book (showing account number)

If you’re applying for disability:

• The names, addresses, and telephone numbers of doctors
• The names, addresses, and telephone numbers of hospitals
• The names, addresses, and telephone numbers of clinics
• Medical records of disability

INCOME ALLOWED WITH SOCIAL SECURITY

The income you’re allowed to earn when you’re receiving social security depends on your age. As of 2004 if your:

• UNDER full retirement age, then you may earn up to $11,640 a year in come. If you earn more then that, Social Security will deduct $1 for every $2 you earn above the annual income limit.
• AT or OVER full retirement age, then you may earn up to $31,080 a year in come. If you earn more then that, Social Security will deduct $1 for every $3 you earn above the annual income limit.
• After you reach full retirement age, you can get your benefits with no limit on your earnings, this starts with your birth date month – NOT the whole year!
• (If you were born in 1938, your full retirement age is 65 years and 2 months. If you were born in 1939, your full retirement age is 65 years and 4 months.)

ASSETS ALLOWED

Assets that are counted in deciding whether you qualify for SSI include real estate, bank accounts, cash, stocks and bonds.

You may be able to get SSI if your resources are worth no more than:

• Single – $2,000
• Couple – $3,000

Social Security does not count the below as assets:

• Your home
• Life insurance policies
• Your car
• Burial arrangements, including plots of land

CALCULATE YOUR BENEFITS

SOCIAL SECURITY STATEMENT

Your Social Security Statement is an easy-to-read record of the earnings on which you have paid Social Security taxes during your working years with an estimate of benefits you and your family may receive. MORE>

SOCIAL SECURITY WEBSITE
Follow the link below to the Social Security. gov web site, where you can estimate your earnings, disability earnings and / or your survivor benefits. These calculators will show you your benefit amount as of today…reminder, your benefit calculations will change until date of retirement. MORE>
FIND AN SSI OFFICE
Find the nearest Social Security Office near you, click here.

SSI AND FINANCIAL PLANNING
The fact is, with no change at all, Social Security will be able to pay 100% of promised benefits that keep pace with the cost of living until the year 2042. After that, it will still be able to pay three-quarters of earned benefits. In today’s financial world this would be devastating, in 2042 with inflation and other increases in cost of living, this will be impossible to live on. So with this in mind, there’s a real need to prepare for your future and your retirement. With financial planning you can start securing your and your families future. Find out more, talk to a financial advisor TODAY! Click here!

FINDING A FINANCIAL ADVISOR
A financial advisor can ensure you’re saving enough to meet all your immediate and retirement needs. Find out what’s best for you and your retirement goals! Learn more about the different asset allocation types, explore the areas above and fill out our on-line form to find a certified financial advisor in your area.