Update 9/3/14: Social Security will resume practice of mailing annual benefit statements. The Social Security Administration stopped mailing annual benefit statements back in 2011 to save $70 million on annual printing and mailing costs. They coupled this announcement with the launch of the “my Social Security” website that provides online access to the information formally […]
How Social Security Calculates Your Monthly Benefits
Searching through the internet, I’ve noticed a lot of confusion regarding the way retirement benefits are calculated by the Social Security Administration (SSA). I’ve read articles online that claim the SSA uses your highest 5 or 10 years of earnings. This is not the case, and basing your own calculations on this misinformation will lead […]
A Social Security Book for Baby Boomers
Those of you familiar with tax law have likely heard the saying “ignorance is not a suitable defense.” What this translates to is just because you didn’t know the rules does not mean you are exempt from them. This notion also holds true when it comes to claiming Social Security benefits, which is why it […]
Common Questions About Social Security and Retirement
Despite what you may hear reported on the news, the Social Security system is not in danger of going bankrupt. The government recognizes the importance of this program, and they know that without it millions of people will be left in dire financial condition. Under the current tax system, the amount of benefits paid will […]