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No. Social Security is not a good source of income for retirement. Many people planning to just live on Social Security discover they must return to work. You will find 80 year old greeters in some stores who thought they could live on Social Security. You need an IRA and something else. Food costs will be the same. Housing costs will be higher as you need more care. Clothing costs will go down as you do not wear out so many clothes working.
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Are there any free websites to help you plan for retirement?
A good site to look at is www.ssa.gov/retire2/. This is the social security website that has lots of info about retirement and how you can prepare.
What merit good does the US government pay for through the medicare payroll tax?
Retirement benefits -- apex.
What are some good tips to follow to ensure early retirement?
Some good tips to follow to ensure an early retirement are to begin a 401K plan at your job, check on pension plans at your workplace, make investments, put money into an IRA account, and estimate what your Social Security benefits will be in the future.
Is the railroad retirement any good?
The railroad retirement program can be beneficial for eligible railroad workers and their families. It provides retirement, disability, and survivor benefits that are generally more generous than those provided under Social Security. However, the program is specific to railroad workers and may not be advantageous for individuals who have not worked in the railroad industry.
At what age can a person is a person eligible for SS benefits if they are now receiving SSI and have enough work credits for regular SS pension benefits?
I BELIEVE YOU MUST REACH RETIREMENT AGE TO RECEIVE SOCIAL SECURITY RETIREMENT BENEFITS, HOWEVER, SINCE YOU ALREADY COLLECT, "SSI", I WOULD APPLY FOR "SSD", "DISABILITY BENEFITS", IF YOU ARE "DISABLED" AS PER "SOCIAL SECURITY DISABILITY "GUIDELINES" & "REQUIREMENTS". JOANNE 44 GOOD LUCK. * That would also depend upon the number of work quarters the person has accumulated. Visit Social Security Online, concerning retirement age and elgibility requirements and information concerning any SS benefits. http://www.ssa.gov
When is one eligible for social security retirement benefits?
You can start getting your benefits as early as age 62. That may not be a good idea, however, as they are adjusted for age. So you will get less money than if you can hold out later.
Why is social welfare important?
The core of Social Security was the monthly retirement benefit, which people could collect when they stopped working at age 65. Another important benefit-unemployment insurance-supplied a temporary income to unemployed workers looking for new jobs.
Can someone on social security benefit's cosign for a loan?
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
Is a 401K considered to be a good retirement planning services investment?
A 401K is a tremendous help in retirement. It is a great back up source to rely on. However, it is also wise to have a savings account for retirement as well.
What states do not tax retirement pay?
There are different kinds of retirement pay. Some, such as Illinois, exempt all retirement pay from taxes. Others exempt Social Security benefits, and/or military pensions, and/or public pensions, and/or private pensions, or nothing at all. So there is no one-size-fits-all answer to your question. Instead, here is a good resource for you to explore: http://www.retirementliving.com/RLtaxes.html.
At what age do you get benefits?
A person can start getting Social Security benefits at age 62. The longer a person waits the more Social Security pays. Because of additional income taxes on income from jobs, people with jobs normally wait until they are about 66 when the additional income tax caused because they are collecting social security stops before they start collecting Social Security. The additional income tax only applies to people with jobs. People with other retirement income do not need to pay it. So, people laid off at 62 without prospects of another job usually start collecting Social Security. People with good jobs hold off.
If your parents are in bankruptcy and you need a student loan can your grandmother cosign if she is on Social Security and disability?
my aunt receives social security benefits as her only source of income and she was able to co-sign on my student loan. they are basically looking for someone with good credit and some sort of income.Your grandmother will be fine to co-sign.
