Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Social Security is a hot topic these days…

…and if you don’t understand it, it can get pretty confusing!

So the 7 tips that I’ll be going over in my series entitled “The Nuts & Bolts of Social Security in 7 Easy Tips“, will help you get started with your social security planning.

In order to understand the hot topic centered around this issue of social security being around when you retire, you must understand its beginning.

In 1935 the Social Security Act was signed into existence, with the full retirement age at 65 and life expectancy at only 62.

Obviously the population of the United States has increased, life expectancies have increased, and the ratio of workers contributing to the trust fund verses the number of individuals receiving benefits has decreased.

It’s easy to understand that the trust fund is struggling to stay afloat.

This is the reason why we have many different retirement ages!

To qualify for retirement benefits an individual must have earned 40 social security credits.

One social security credit is earned for each $1,090 (as of 2009) of annual earnings, with a maximum of 4 credits in any one year.

Most workers are eligible for benefits after only 10 years of earnings.

The social security web site can be found at www.ssa.gov.

“The Nuts & Bolts of Social Security in 7 Easy Tips” is also available as a FREE eBook at my website: www.Makara-Assoc.com/ebooks/.

If you have any questions, comments or concerns about Social Security Planning, or think I can help you in any other ways, contact me, or give me a call at (239) 384-9688.

– Mark

This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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