Is Social Security Prorated For Month Of Death?

On July 20, I wrote that Social Security retirement, when started at age 62, was not prorated for the number of days that you were 62 in the month. You are either eligible for the complete month or not at all. For retirement, you must be at least age 62 through the entire month to…
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Estimate For Your Survivors – SSA Statement

Last week I wrote that Social Security survivors benefits were not included in the original 1935 Social Security Act but were considered so important that they were created as part of the 1939 Amendments. This changed Social Security from a retirement program only for individual workers into the family-based economic security program we have today.…
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Not All Spousal Benefits To Wife Or Husband Are Based On Age

Q: I plan to start Social Security retirement next January, including benefits for our 17-year-old son who is in high school. Can my wife receive Social Security on my record then because our son will? She is in her 50’s and working. A: Because your son is age 17 and not younger, the answer is…
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Average SSA Retirement Amount & MyRA

Social Security was never intended to provide your complete retirement income. Financial experts say you need 70-80 percent of your pre-retirement income for a comfortable retirement. Since Social Security replaces only about 40 percent of pre-retirement income for the average worker, having pensions, savings, and investments are important. To illustrate this, the average, individual, Social…
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Changing Your Voluntary Tax Withholding

Q: How do I change the amount of taxes withheld from my Social Security benefit? A: Taxes are not routinely withheld from Social Security benefits but you can request, change or end voluntary Federal tax withholding by completing IRS Form W-4V, Voluntary Withholding Request, and returning it to your local SSA office. Voluntary withholding is…
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