Insurance basics
Guidelines for good informerte decisions
When it comes to thinking about some social security plays in the pension plan, most of your concerns probably apply two main questions:
1 how much can I expect to receive? (Determining the number of benefit)
2 What is the best age for me to start? (Determining timing advantage)
Unfortunately only simple answer to most social issues is, "It depends." The benefit each person receives both his or her earnings history and the choices he or she gjørom the age benefits begin. Toss in that each person approaches insurance with different economic circumstances, tax issues and other considerations, and you really much åtenke on.
This "relative" nature of social security make your decision on Social Security complex. However, this complexity is seen as a positive rather than a negative. Dengode news is, if you understand some basic concepts, you might well informed decisions viloptimalisere both the amount and timing of your benefit.
A good source of information on social security benefit you personally can get the social security statement sent to you by the Social Security Administration each year arbeidereår 60 and older. Social Security Administration has suspended paper mailing of Social Security statements for American workers between 25 and 60 If you are this age you get your statement online at www.ssa.gov by creating your own social security account. We recommend ogsåbekrefte your earnings history annually, which retirement benefits are based on this record.
The rest of this brochure provides an overview of the basic concepts you måforstå to make well informed decisions about social security. If you have questions about this material, or will assist decisions about Social Security, your financial adviser can talk to degom role insurance plays in your retirement plan.
What you need to know about the amount of your benefit
Financing your benefits
Reduced to basics, the benefits a trust administered by the federal government lonely today's workers and their employers fund benefits paid to current retirees. The money you and your employer pays social security is now used to provide benefits. It is not set aside in an account waiting. As a consequence, the benefits you can get the honorary title is funded by arbeidereog employers pay to the trust when you stop working.
The key take-Social Security is a "pay as you go" .
