If you work and pay the social security administration will mail you the annual report. This statement contains records on the revenue you paid payroll taxes. It also assesses the pension you can get these benefits. Statement will be mailed to you approximately three months before your birthday at age 25. Alternatively, you can request that the statement will be mailed to you. The request may be submitted online, but you have to wait to get it on paper.
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Annual report of the social security contains information that is useful for people, planning for retirement. In particular it will help you answer three important questions.
1. is accurate history of your revenue? you should check the accuracy of the earnings performance history. To be eligible for social security benefits, you must have earned 40 work credit.You can earn a maximum of 4 credits in a year according to the regulations must have at least $ 4480 incomes receive a maximum of 4 credits. If you have worked on a part-time basis during the year or full day only for part of the year, it is possible that errors in reporting or writing your earnings can cost you one or more credits. A thorough examination of your application will tell you if this is so that you can take steps to correct the error.
Allowance for retirement, you will receive is based on average 35 years your high income. If your income is reported, you may lose the benefits that you otherwise would be entitled to. Your statement will tell you if this is a problem.
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2. Can you survive on your estimated benefits? many Americans derive most of their retirement income.They had planned it that way: your statement of welfare transfers the amount your estimated benefits (in today's dollars).Can you live on this amount? Probably not. What will you do to make up the difference?You will be responsible for the pension income you need above that amount.Face the hard truth in that statement, and do something about it – from now.
3. what it will cost you to retire early?Claiming social security retirement at an early age (62) will cost us something, than to wait until full retirement or later.Your social security statement will tell you what value is, in actual dollars, for example I know from my statement that if I retire at age 62, instead of having to wait until the age of 66, I will give up to $ 653 in income each month for the rest of my life.She also tells me that claiming early 62, instead of having to wait until age 70 will cost me $ 1490. understanding the costs every month retirement in real dollars for social security is a powerful incentive. This is especially true if you factor in the potential loss of a spouse who will depend on the living allowance.
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Your annual report is a powerful social security retirement planning resources. take advantage of his read statement and answer these three questions for yourself.
Mark Patterson is an engineer, patent attorney, and author safe baby boomer retirement system he blogs in the area of personal finance and retirement planning for tough love money and go until retirement.
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