What will Social Security give you?
October 24, 2006 by admin
Social Security is going up for America’s 49 million retirees. The extra money - a 3.3% increase - works out to about $33 a month for the average retiree. It will start showing up in January.
But just how much can all of us expect from this much-discussed and perennial election year hot button program?
My NBC-TV "High Tech Talk" segment this week looks at some very helpful Websites. Here's the video report. The links to the sites I feature are below.
WEBSITES in Video:
Social Security calculators http://www.ssa.gov/planners/calculators.htm
Retiring Early http://www.investopedia.com/articles/retirement/06/retiringearly.asp
How much will you need? http://www.investopedia.com/articles/retirement/05/050405.asp
AARP Financial help http://www.aarp.org/bulletin/yourmoney/
I would like to know if it is better to take the social security at 62 or wait till im 65?
thanks
jerry
JERRY.. Will you have health insurance between 62 and when medicare kicks in..
Jerry: You had better wait until you reach your legal age for retirement under the new Social Security laws. Go to the SSA site and read the revisions. If you take Social Security at age 62, the penalty is rather large and the percentage you get does not change at your legal age for retirement.
For example: I had to wait until I was 65 years and 6 months of age; to have applied earlier would have meant I would receive only a part of the allowable amount. If I had applied at age 62, I could realize a 40% cut; this same 40% cut would continue to exist thrughout my life time. So, wait for the legal age of retirement; if you are wealthy, then it won’t matter.