Free Information: Social Security
It's probably going to run out of money but its still a good idea to
find out what you are theoretically supposed to receive. The
Social Security website
has come a long way and is full of useful information. Their FAQ
is a good place to start.
Here's a few tips and tricks you may not know:
It takes at least 10 years of work to qualify for
Your benefit calculations factor in your highest
35 years of employment. Long time periods of low wages can affect
your benefits dramatically. Working until full retirement
age (or longer) can dramatically increase your benefit
You can apply for your social security benefits up
to 4 months before they are due to start.
Details on how your benefit is calculated can be
If you have other earned income, income taxes on
your Social Security benefits may be due. View
this IRS Publication for more details. For 2008 the
breakpoints are 25,000 for singles and 32,000 if married
If you were married for 10 years or more, but now
divorced, you may be eligible for benefits based upon your
ex-spouse's benefits. Here's a link
to the Social Security Administration to get you started.
Strategic Asset Management is an investment advisory firm
registered in Washington State.