Category - Social Security

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Social Security Terms
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Social Security Changes for 2018
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Protecting your “most” important number!
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Divorced with Children? Social Security Benefits for You
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It’s Okay to Start Social Security Earlier Than Planned

Social Security Terms

As you learn about Social Security and your possible benefits, there are several unique Social Security terms that you should understand. Below is a list and brief definitions of the most important of these Social Security terms.

Average Indexed Monthly Earnings (abbreviated as AIME) – this is the average of the highest 35 years of your lifetime earnings, indexed to inflation. Each year’s earnings is indexed based on when you reach age 60, and the highest 35 years are averaged. This average is divided by 12, to result in the monthly average. The AIME is used to determine your PIA. …

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Social Security Changes for 2018

In 2018, there will be some slight changes to Social Security. For individuals receiving benefits, there will be a cost of living (COLA) increase of 2 percent. While 2 percent may not seem like a lot, it certainly does help. Additionally, it’s better than nothing. That is, Social Security remains one of the few retirement vehicles available with a COLA. Many defined benefit pensions (if an individual is lucky to have one) do not have COLA increases. Their payments remain fixed for the retiree’s lifetime.

Individuals still working will see the wage base subject to the OASDI tax of 6.2 …

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Protecting your “most” important number!

What is the most important number you possess which is with you from birth to death?  Your Social Security number! Newborns receive their unique number within a few weeks of their birth, where it is used throughout their lives to be claimed as a dependent on their parent’s tax return, apply for that first job, to identify them for credit purposes and eventually to allow them to file for benefits based on their lifetime earnings.  Because of the importance of this number throughout your life, it is equally important to protect and review the information tied to it throughout your …

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Divorced with Children? Social Security Benefits for You

There are special rules that apply for Social Security benefits when you are divorced with children. While the ex-spouse is living, there is a discriminatory effect on benefits, but after the ex-spouse dies, a surviving ex-spouse with children under age 16 has one advantage over a surviving ex-spouse with no children. (The age of the child is not a factor if the child is permanently disabled and the disability began before age 22.)

During the life of your ex-spouse

Beth and Steve are divorced with children, three kids under age 16. Steve, age 62, started receiving Social Security benefits this …

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It’s Okay to Start Social Security Earlier Than Planned

There are a number of sayings about how you can make plans for your life and not be able to see them through. Financial planning is not something you do to guarantee that things will go your way but a way to ensure that you are prepared for whatever life may throw at you. It’s okay to start social security earlier than you had planned.

After hearing from a senior who felt like a failure because of the need to start Social Security earlier that anticipated in an online chat, Washington Post finance columnist Michelle Singletary responded:

“If you need

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