3/20/2017 social security insightsIf you belong to the portion of the population aged 60 or older, you have probably given a good bit of thought to Social Security; if you are much younger than that, the concept is probably not high on your current list of priorities. But as a financial planner and investment adviser, I routinely find that the various benefits available via the Social Security Administration are an important and often misunderstood part of folk's financial picture. it's your money, coming backOne thing to understand upfront is that almost everyone earning income in the United States pays a tax into the Social Security fund throughout their earning years. Although Social Security benefits are sometimes described as "entitlements" in a way that suggests otherwise, the money that retirees get back comes primarily from their own contributions and those of their peers and the generations preceding / following them. spouses and kids can benefit, tooSome of the benefits available via Social Security are available to spouses and children of the income earner who paid into the system. For instance, in a two parent household if one worked outside the home for a wage and the other spent their working years raising kids and caring for the home, the one without an income history may also qualify for a retirement benefit based on the contributions of the working spouse. check your benefits early and oftenThe Social Security Administration offers a couple of tools that are really very valuable for gaining a basic understanding of where a given person stands in relation to their potential benefits.
Comments are closed.
|
AuthorDavid R Wattenbarger, president of DRW Financial Archives
May 2020
Categories |
FCL LLC (“DRW Financial”) is a registered investment advisor offering advisory services in the State(s) of TN, GA, IL, OK and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by DRW Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant to an applicable state exemption.
All written content on this site is for information purposes only. Opinions expressed herein are solely those of DRW Financial, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. |
Forms ADV, Privacy Policy, and additional disclaimers may be found here