RetireNet.com

The Retirement Net Premier retirement living featuring retirement communities and retirement homes in planned active developments. Worldwide resource for active retirement senior communities, rv/resort homes, vacation homes and assisted living facilities. The Retirement Net is the most comprehensive resource of premier retirement communities throughout the world featuring site built homes, manufactured homes, assisted living facilities, planned active retirement communities and various retirement properties worldwide. See also: senior housing, retirement communities, retirement living, elder care network.

Welcome, Guest!   Sign InSign Up

Search by Location & Lifestyle...

Search

Or use our Advanced Search for either Communities or Homes

Search for listings in CanadaGo to Saved Searches

Our featured image is from the Southern California region.

Not a member yet? Sign up today!

Sign Up Sign Up

Find out more about the benefits of becoming a RetireNet.com member!

Taking Social Security Benefits

Add Article To Favorites Add to Favorites   Share  Recommend 0 Recommendations

The lowdown on what you can expect at retirement age

Posted June 28, 2010



The combination of guaranteed benefits for life, cost of living adjustments, and spousal coverage makes Social Security one of the most valuable sources of retirement income.

If you were born between 1943 and 1954 you qualify for full Social Security benefits at age 66, which is referred to as “Normal Retirement Age.” You may start collecting as early as age 62, but your monthly checks will be reduced by about 25% for the rest of your life. The normal retirement age increases gradually for individuals born between 1955 and 1959, until it reaches age 67 for those born in or after 1960.

Since 1983, Social Security benefits have been subject to income tax if the recipient’s total income exceeds a certain amount. You need to crunch the numbers to see how much of your benefits will be taxed at your regular income tax rate. Add up your taxable income from pensions, wages, interest, dividends and other sources, plus tax-exempt interest income and one-half of your Social Security benefits.

For 2009, if you are married and filing jointly and the total from all of those sources is:

If you are single and your total income from all sources is:

If you are married, file separately, but lived with your spouse for any part of the year:

The calculations can get tricky, so you might want to review IRS Publication 915 (Social Security and Equivalent Railroad Benefits) for more details.

Also keep in mind that receiving social security benefits may impact your ability to deduct traditional IRA contributions. Applicable worksheets are available in IRS Publication 590 (Individual Retirement Arrangements) for determining what affect, if any, receipt of social security benefits will have on your IRA deductions.

Ed Slott and Company has been called "The Best" source for IRA advice by The Wall Street Journal, and "America's IRA Experts" by Mutual Funds Magazine. Ed is a widely recognized professional speaker and author. Get more IRA information from America's IRA Experts.

 

Comments (0)

Add A Comment

Want to leave a comment? Sign in.

 

My Saved Searches

Sign In or Create your free account to see your saved searches.