|
College Debt – How To Avoid It, and How To Get Out Of It
Because most college students are using loans to finance their college education, the debt level of recent graduates is rising rapidly. On average, students graduate owing $12,000-$16,000 in student loans and another $2,000 in credit card debt....
How To Get Through A Bad Day
No matter how hard we try to make them otherwise, some days are just awful. They start off bad, they never get any better, and they end on a low and sometimes even gloomier note. These days befuddle your mind, waste your finite resources and...
I Love That Big Tax Refund
A Disclaimer of Sorts: No matter whether you file your own taxes or have a tax professional prepare and submit your taxes, You The Taxpayer are responsible for the completeness and accuracy of the return. Any questions, comments, extra taxes or...
Saving Money Over The Christmas Period
Christmas is one of the busiest times of year. There are so many things to think of. People have usually got family or friends visiting, the Christmas meal to cook, gifts to buy and wrap and decorations to put up. It can also be a very expensive...
There's More to Preparedness than Food!
Would you be prepared to walk out the door with all the information you would need in an emergency? Most people aren't.
You may use this article as long as the byline remains intact with active links. Please send a copy of your publication...
|
|
|
|
|
|
|
|
Your Social Security
It seems like everyone I talked to has a different opinion on when they would be eligible for Social Security. Some younger folks said that they couldn't retire until they were at least 70. A lot of older folks believe that they can't start drawing their Social Security until they reach 65. They are all partially right.
I'm not going to get into whether or not Social Security will survive the next few years. There are too many factors that could save it or destroy it, and most of them live in Washington, DC. I am simply going to give you the current status of your Social Security eligibility.
It is true that there are different full retirement ages depending on when you were born. However, each person paying into Social Security can start drawing their partial retirement at age 62. The chart below indicates at what age you can retire and receive your full benefits.
Year of Birth
Note: Persons born on January 1 of any year should refer to the previous year.
Full Retirement Age
1937 or earlier - 65
1938 - 65 and 2 months
1939 - 65 and 4 months
1940 - 65 and 6 months
1941 - 65 and 8 months
1942 - 65 and 10 months
1943--1954 - 66
1955 - 66 and 2 months
1956 - 66 and 4 months
1957
66 and 6 months
1958 - 66 and 8 months
1959 = 66 and 10 months
1960 and later - 67
Visit http://www.ssa.gov/retirechartred.htm to see the complete chart of Social Security Full Retirement and Reductions by Age
By the chart above someone born in 1955 can start receiving the full benefits at age 66 years and 2 months. If they choose to retire between age 62 and 66 years and 2 months this benefit will be reduced based on the number of months they retire early. If
they chose to retire after age 66 years and 2 months the benefit will increase.
Each person has to decide at what age they want to start receiving their Social Security based on their individual circumstances. Here is something to consider: Based on my own situation, if I wait until I am 66 years old to draw my full Social Security I will be about 72 years old before I draw as much money as I would have if I had started drawing my partial Social Security at age 62. It's something to think about.
Besides retirement benefits, Social Security also covers disability and death benefits. This is a fairly complicated program but it might not hurt to learn as much as you can by visiting the Social Security web site. You can also request a Social Security Statement which includes a record of your earnings history and an estimate of how much you and your employer paid in Social Security taxes Estimates of benefits you (and your family) may be eligible for now and in the future.
Social Security was never intended to be your only source of income after you retire. In most cases your monthly check will only be a fraction of what you were earning before retirement. It would be wise to start a savings and investment program as soon as possible to ensure that you have enough money when retirement rolls around. This link may help get you started: http://beginnersinvest.about.com/mbody.htm
About the Author
Terry Rigg is the author of Living Within Your Means - The Easy Way http://www.homemoneyhelp.com/ebookadpage.html and editor of The FREE Budget Stretcher Newsletter and Budget Stretcher web site http://www.homemoneyhelp.com. He has 25 years of experience counseling individuals and families concerning their personal finances.
|
|
|
|
|
Kiplinger.com - Timely, Trusted Personal Finance Advice, Financial ... |
Investing, personal finance, calculators and financial advice. |
www.kiplinger.com |
  |
Kiplinger's Personal Finance Magazine - Your Guide to Making Money ... |
Subscibe to Kiplinger's Personal Finance Magazine to help you manage your finances. Achieve your financial goals and objectives with help from our ... |
www.kiplinger.com |
  |
Personal finance advice, news - CNNMoney |
News & advice on retirement planning, college saving, taxes, mortgages, autos, real estate, investing and more from CNNMoney.com. |
money.cnn.com |
  |
Business, financial, personal finance news - CNNMoney |
Combines practical personal finance advice, calculators and investing tips with business news, stock quotes, and financial market coverage from the editors ... |
money.cnn.com |
  |
Personal Finance, Personal Finances, and Financial Advice - Forbes.com |
Personal Finance - Get financial advice and information from Forbes.com. |
www.forbes.com |
  |
SmartMoney.com — Investing, Saving and Personal Finance |
SmartMoney has daily stock and mutual fund recommendations, hourly market updates, personal finance investing research tools and advice, ... |
www.smartmoney.com |
  |
Personal Finance Home (Personal Finance: Personal Finance ... |
Links to articles covering a range of topics where monetary planning is or should be involved. |
www.smartmoney.com |
  |
Personal Finance - Front Page |
Read the details in Personal Finance this Saturday. Also in this weekend's edition:; You should take financial services companies' marketing material with a ... |
www.persfin.co.za |
  |
Get stock quotes, market news, rates, and more - Netscape Money ... |
Market News. • Market News. • News Search. Financial Planning. • Finance Calculators. • Saving for College. • Personal Finance ... |
money.netscape.cnn.com |
  |
globeandmail.com: Personal Finance |
Personal Finance. Home · National · British Columbia · Prairies · Ontario · Quebec · Atlantic · Politics · World · Americas · Europe · Asia-Pacific ... |
www.theglobeandmail.com |
  |
Personal Finance - MSNBC.com |
Answer Desk: Submit your question about personal finance or the world of business ... Personal Finance. • Learn more about RSS ... |
www.msnbc.msn.com |
  |
Personal Finance Newsletter |
7600 Leesburg Pike, West Building Suite 300 • Falls Church, VA 22043 703-394-4931 (ph) • 703-905-8100 (fax) • personalfinance@kci-com.com ... |
www.pfnewsletter.com |
  |
Personal Finance Advice - Personal Finance Management - Personal ... |
Tips and stories for managing your personal finances. |
www.marketwatch.com |
  |
CNBC.com: Personal Finance |
Investing home page features investment tools like stock quotes, charts, a portfolio manager and much more. Plus market news and financial commentary from ... |
moneycentral.msn.com |
  |
Dallas Morning News | News for Dallas, Texas | Business: Personal ... |
Knowing retirement, health plans can help avert disaster · At one firm, financial crisis crushed 401(k)s, insurance · Personal finance news briefs ... |
www.dallasnews.com |
  |
Morningstar: Personal Finance |
Sharpen your personal finance and investing skills with Morningstar. Access articles covering stocks, mutual funds, bonds, retirement, 401(k)s and 529 plans ... |
www.morningstar.com |
  |
Fool.com: Personal Finance |
Personal Finance - The Motley Fool exists to educate, amuse, and enrich the individual investor; to prove to you that the best person to manage your money ... |
www.fool.com |
  |
Fool.com: Investing, Stock Research, and Personal Finance |
Expert advice on picking stocks, investing for retirement, and dealing with life's major personal finance decisions. |
www.fool.com |
  |
Telegraph | Money |
Market news from the Telegraph newspaper online. Includes money product finders. |
www.telegraph.co.uk |
  |
Compare Prices and Read Reviews on Personal Finance at Epinions.com |
Epinions has the best comparison shopping information on Personal Finance. Compare prices from across the web and read reviews from other consumers on ... |
www.epinions.com |
  |