Over the next 20 years, 80 million people can join social security. Currently, people born between 1945 and 1954 can receive full Social Security benefite at age 66. The full retirement increases each year by 2 months for those born 1955 -1959 until it reaches age 67 for those born in 1960 and beyond.
You can start collecting at age 62 at 75% of full benefits for those elgible for full retirement at age 66. It will be 70% of full benefits for full benefits at age 67.
A spouse who had little or no employment can receive half of the other's benefits when the working spouse applies for social security. Thus, a married couple in oone wage earner family receives 150% of the working spouses benefits.
If you were married 10 years or more before divorcing, you are elgible to receive spousal benefits at age 62 even if your ex-spouse has not requested the benfits begin. If you remarry before age 60, the benefit disappears.
Also, beware of tax implications. If your adjusted gross income plus interest on tax-exempt bongs plus your social security benefits exceed $25,000 and $32,000 for married couples, 50% of the income is taxable up to $34,000 for single and $44,000 for married and 85% over those amounts .
Where you retire can affect the taxes on your benefits. Some states tax Social Security benefits. California does not.
It is good to plan now for your life and income down the road when you retire.
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The Lori Bowers Group
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78065 Main St., Suite 107
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La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
Good information for us self employed. Thanks for the post.