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If you wish to submit an application for Supplemental Security Income, you can speed up the application process by completing a considerable chunk of your application online. You may also contact the Social Security Administration at their toll-free number, 1-800-772-1213 to schedule an appointment to meet with a Social Security representative. If you are a disabled adult looking to apply for both SSI and Social Security Disability Insurance, you may apply online for both benefits simultaneously if you meet the following conditions: Are between the ages of 18 and 65; Have never been married; Aren’t blind; Are a U.S. citizen residing in one of the 50 states, District of Columbia, or the Northern Mariana Islands; and Haven’t applied for or received SSI benefits in the past. If you’re unable to apply for SSI online, you can instead contact the SSA at 1-800-772-1213 to schedule an appointment, either in person or… Read more »

The average Social Security retirement check is $1,371 every month, according to the August 2017 data released by the Social Security Administration. It’s very common to seek professional counsel to plan out your retirement, but if you find yourself relying on just your Social Security benefit, there are several options as to where to retire just below the U.S. border. Believe it or not, you can live comfortably in retirement on Social Security benefit alone in these three beautiful Latin American destinations. Mexico Since it’s so close to us, let’s start with the home of several stunning beaches and sunny weather. Mexico is an excellent choice for many people retiring because it’s close to home, making trips back to the United States for the holidays or seeing family a breeze financially. And there’s so much more to Mexico than just our close neighbor. To become a resident in Mexico, you must… Read more »

When we discuss Social Security claims, you can choose to retire at many different ages. 62 years of age is the earliest time for a worker to retire and receive benefits. Age 70, however, is the oldest you can be to wait on collecting Social Security benefits. Now ages 66 to 67 are in the equations as well considering that’s full retirement age for those born in 1943 or later, respectively. Actually, of all the ages that qualify you for Social Security benefit, age 69 isn’t exactly the most common choice, but it’s a choice regardless. Why You Should Choose to Retire at 69 An argument for claiming Social Security at age 69 is that extending your retirement will increase you benefit stipend. For every year you wait to claim Social Security past full retirement age, you’ll receive an 8% raise that will remain for the rest of your life…. Read more »

Look out moms, motherhood’s tolls can push through to retirement. Boston College’s Center for Retirement Research revealed in a new paper that mothers with one child receive on average 16% less Social Security benefit at age 62 than non-mothers. Keep note; every additional child reduces benefits by 2 percent or more. These gaps are slightly due to parents and non-parents being opposite groups when it comes to working and retirement options, says co-author Mathew Rutledge, a research economist from the center. Mothers typically have a lower lifetime earnings sum due to unpaid time out of the workforce to nurture their children, and that comes at a financial penalty. Keeping everything else the same, the center discovered moms with one kid have a lifetime earnings sum that’s 28% less, with 3 percent less for each additional kid.    Learning about the possible Social Security gap might allow mothers to close it,… Read more »

Social Security’s purpose is to aid workers during their elderly years, but it’s not enough alone. If you’re currently relying on Social Security to be your only source of income when you’re older, then you are going to be facing a terrible financial situation. In 2017, the average monthly Social Security stipend is $1,368 monthly, although some individuals get a higher stipend if they paid more during their working years, a lot of people receive far less. The average monthly stipend from your Social Security would put most people at federal 2017 poverty level, $12,060 annually if used as the primary source of income. Even if you managed to receive the maximum benefit, which is extremely hard to get, that would only net $42,456 a month, which still is far below the cost of comfortable living, especially in the major cities. People need a lot more than poverty-level income, especially… Read more »

Calculating Social Security Benefit The majority of Americans are qualified to join Social Security if they’ve completed 10 years of work. Once you qualify, how much money you’ll receive from Social Security benefits is determined by a complex formula which converts your past wages into current dollars and then adjusts that number lower at specific income levels called “bend points.” Social Security determines your benefit on your highest 35 years od adjusted income divided by 420, the number of months that create 35 years. This provides your average indexed monthly earnings or AIME. The Social Security Administration (SSA) uses the bend point multiplies to determine your maximum monthly Social Security benefit at your full retirement age. Full retirement age is based upon the individual’s birth year, so if you were born in 1956 your FRA is 66 years and 4 months, and if you were born during or after 1960,… Read more »

Social Security is widely considered the most necessary social program provided in the United States. As of this past August, near 62 million individuals received benefits and more than 42 million of those people were retired workers. Most of these retired workers, which make up 62% of social security beneficiaries, expect their monthly payment from the Social Security Administration or SSA for at least 50% of their income. Social Security is Going to be Different in 2018 Perhaps there’s no better time for Social Security beneficiaries to be focused than now due to the annual announcement regarding SS changes arriving in 2018. Similiar to the U.S. economy, the payment, tax, and qualifying guidelines of Social Security aren’t permanently fixed. Since the SSA released their plans for social security in 2018, the USA TODAY created an article detailing the seven biggest changes to Social Security in 2018. Social Security Beneficiaries Get A Raise It’s… Read more »

It’s important to get an idea now of what your estimated Social Security benefits will be so you can plan realistically for your financial future.

Opening a “my Social Security” account is the place to start tracking your earnings and managing your benefits.

The scam begins with the criminal submitting a fraudulent Social Security benefits application online using your personal information. In order to do this, he needs your name, Social Security number, date of birth and mother’s maiden name, plus supplementary identification questions regarding information from your credit report (e.g., current or past loans, accounts, and mailing addresses). It is common for criminals to collect this information from various online services or by contacting you directly by email, phone, text message or U.S. mail and posing as SSA representatives. If you receive any such communication, do not reply. Instead, contact the SSA directly at (800) 772-1213.

Your Social Security number can only be reassigned under the following circumstances: If, The Social Security numbers of members of the family are closely related and causing errors; Sequential numbers assigned to members of the same family are causing problems More than one person is assigned or using the same social security number You’re a victim of identity theft and your original number is found to be continually detrimental There is a situation of harassment, abuse or life endangerment; or An individual has religious or cultural objections to certain numbers or digits in the original number. People looking to request a new Social Security number should: Apply in person at a Social Security office Complete an application Provide a statement explaining the reasons for needing a new number Provide current, credible, third-party evidence documenting the reasons for needing a new number and Provide original documents establishing: U.S. citizenship or work-authorized… Read more »