If you are between ages 58 and 68, it is time to start learning about the rules and deadlines related to Social Security and Medicare supplements. Please join us for a free seminar discussing Social Security: How to Grow from Here, Medicare Choices, & Tax Complications. We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.
Join us for a free series of events we are hosting on important financial topics such as Social Security and Medicare options, saving for college, and intergenerational wealth transfer! We welcome you, your friends & your family members who might benefit from this information. Click on the flyer for details, locations, times and RSVP information.
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H&S Companies, together with HS&C Wealth Management, as well as Parmenter O’Toole, will be presenting on important retirement issues. We’ll be talking about how to retire with confidence, how to properly use your income in retirement, and how to plan your legacy. We’ve brought together 3 financial professionals to answer your questions about retirement, taxes, estate planning and more! RSVP information is below – hurry, it’s next week Tuesday at the Frederik Meijer Gardens in Grand Rapids! Download the invitation below for more details…
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Kindly RSVP to Stephanie Anderson, Email or 616.456.6550
Social Security benefits are based on an average of earnings contributed throughout a wage earner’s lifetime; so carefully reviewing your gross wage information is important. (Photo Credit: Fotolia.com)
The Social Security Administration (SSA) announced earnings and benefits statements are now available online at socialsecurity.gov.
“Our new online Social Security Statement is simple, easy-to-use and provides people with estimates they can use to plan for their retirement,” Commissioner Astrue said in a press release on the SSA’s website. “The online Statement also provides estimates for disability and survivors benefits, making the Statement an important financial planning tool. People should get in the habit of checking their online Statement each year, around their birthday, for example.”
The SSA advised people to check their Statements to ensure their earnings look correct. Social Security benefits are based on an average of earnings contributed throughout a wage earner’s lifetime; so confirming that your gross wages are accurate is important.
In February 2012, the SSA also announced they would resume mailing paper Statements to workers over age 60. They plan to begin mailing these to workers age 25 and older later this year.
To view the new tool, visit: socialsecurity.gov/mystatement
The Social Security Administration’s intermediate forecast for wage base increases through 2020
The Social Security Office of the Chief Actuary is projecting that the Social Security wage base will increase in 2013. Currently, wage earners are required to pay Social Security tax on wages earned up to $110,100. The base is expected to increase to $113,700 in 2013. The graph to the right shows the Social Security Administration’s intermediate forecast for wage base increases through 2020. Please keep in mind, these forecasts are subject to change because the actual annual increases are released each October for the upcoming year, and are based on economic conditions at the time.
Additionally, the Chief Actuary projected that Social Security will run out in 2033, rather than 2036, as previously expected. This conclusion is based on a number of factors including the aging baby boomers and the increase in life expectancy.
