Health & Fitness
7 Things You Should Know About Social Security
As you approach retirement, it is important to understand the role that Social Security and Medicare benefits can, and should play, in your overall retirement income plan.
1. Did you know that failing to sign up for Medicare when you turn 65 could result in a 10% penalty added to your monthly Part B premium?
2. Did you know that if you are paying into Social Security, you gain access to survivors insurance? Planning for survivors could be an integral aspect of your financial plan since it can provide supplemental income to a widow, widower and children
3. Did you know that while some individual do pay taxes on their Social Security benefits, most do not? According to Social Security Web site, less than 1/3 of current beneficiaries pay taxes on their benefits. Furthermore, many states and local authorities do not tax Social Security benefits.
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4. Did you know that even if your wife/husband does not have enough work history to qualify for Social Security or Medicare, she/he can still receive benefits at full retirement age?
5. Did you know that money withdrawn from your IRA or pension or other investments will not be considered earnings by the Social Security Administration, so they will not affect the amount of Social Security benefits you receive?
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6. Did you know that returning to work after receiving benefits – even on a part-time basis – may increase your benefit amount?
7. Did you know that creditors (credit card, mortgage and auto loan companies) cannot garnish your Social Security benefits to pay debts?
Source: www.SocialSecurity.gov
Details of the Social Security and Medicare programs are subject to change at any time. Consumers should consult with their tax or legal advisor regarding their individual situations before making any legal or tax-related decisions. This material was prepared by Protective Life.
Third party posts found on this website do not reflect the views of LPL Financial and have not been reviewed by LPL Financial as to accuracy or completeness. Securities offered through LPL Financial, member FINRA/SIPC. The LPL Financial Representative associated with this site may only discuss and/or transact securities business with resients of the following states: AZ, CA, CT, FL, GA, IN, MA, ME, NC, NH, NM, NY, OH, TX, VA, VT.
