For most people, from the time they begin work they also start paying Social Security taxes. For many, the time to collect comes up faster than they think, and they are forced to answer the question, when do I collect? As financial advisors this is a question we help our clients with on a regular basis. We hope to give you some thoughts on the age-old question, to delay, or not to delay.
The new Strengthening Protections for Social Security Beneficiaries Act of 2018 adds protections for any elderly, disabled, or minor Social Security recipient where their benefit is paid to someone else representing them.
The government gives you the option of taking a reduced pension early (as early as 62) or an enhanced pension later (as late as age 70) - smaller payments for a longer time or larger payments for a shorter time. On average it works out the same for the government.
Certain public sector employees who work in jobs where they don’t pay Social Security taxes are likely to find their Social Security benefits reduced or eliminated. If you are entitled to a ‘non-covered’ pension, you need to be aware of this impact.
The Social Security Administration is no longer sending out paper statements. Luckily, you can find your statement very easily online by visiting ssa.gov and signing up for “my Social Security”. We recommend that when you sign up, you do so in a secure environment as you will need to fill in personal information.
On September 7th, Equifax, one of the 3 major credit reporting agencies in the U.S., reported a cybersecurity incident that could impact 143 million U.S. consumers. The stolen information includes names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers and credit card numbers.