Social Security Income

Estimating your future Social Security benefits used to be a difficult task, but not any longer. For an estimate of your projected benefits, go to www.ssa.gov/estimator. The retirement estimator gives estimates based on your actual Social Security earnings record.

The website form will ask you for a number of facts, including your name, Social Security number, date and place of birth, your mother’s maiden name, additional information you provide about future earnings, and the age at which you expect to stop working.

Based on this information and your actual earnings history as maintained by the Social Security Administration, the Retirement Estimator generates an estimate of the amount you would receive if you were to retire at age 62 (the earliest date you can receive benefits), the amount if you waited until full retirement age (which currently ranges from 65 to 67, based on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement benefits.

It’s interesting to note that the 2011 Social Security Trustees Report includes a warning about the serious problems facing Social Security in the future. The trustees indicated that program costs (benefits paid) were more than non-interest income (Social Security payroll taxes) for the first time in 2010, and they expect this situation to continue. Without changes, the Social Security Trust Fund will be exhausted by 2036 and there will be enough money to pay only about 77 cents for each dollar of scheduled benefits.¹ This is a reminder that taxpayers are ultimately responsible for funding their own retirements and that their future Social Security benefits may be lower than indicated by the Retirement Estimator.

Source: 1) Social Security Administration, 2011

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2012 Emerald Connect, Inc.

Only securities and Advisory Services only offered through Wall Street Financial Group, Inc.(WSFG), Registered Investment Advisor, Member FINRA/SIPC. WSFG may only transact business in those states and international jurisdictions where we are registered/filed notice or otherwise excluded or exempted from registration requirements. Any communications with prospective clients residing in international jurisdictions where WSFG and its registered representatives are not registered or licensed shall be limited so as not to trigger registration or licensing requirements. Securities services may not be provided to individuals residing in any states other than AR, CA, CT, DC, ME, MA, NH, NY, NC, PA, RI and TX. Advisory services may not be provided to individuals residing in any states other than CA, IL, MA and NY. Insurance services may not be provided to individuals residing in any states other than MA, ME, NY and RI. Health and other non-variable insurance products and estate planning are not offered through WSFG. Information provided should not be construed as legal or tax advice; you should speak with an attorney or tax advisor. For financial calculators please visit: http://apps.finra.org/investor_Information/Tools/Calculators/calc_disclaimer.asp (if you can not access this link, please copy and paste into your browser). WSFG did not assist in the preparation of this material, and while it is believed to be from a reliable source, its accuracy and completeness are not guaranteed. Opinions expressed are those of the author and are not necessarily those of WSFG. The material has been prepared or is distributed solely for informational pruposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. WSFG is not responsible for information contained in websites or literature referenced herein. WSFG, Strong Financial Group, and companies with websites listed herein are separate entities, individually owned and operated.