The Simple Reason You Should Delay If You Can
You cant know how long youre going to live. If you make it past age 85, you win the bet for delaying Social Security until age 70 if you pass away earlier, then it turns out you made a suboptimal decision.
But its a lopsided bet. The downside of being wrong by delaying Social Security isnt so bad, but the downside of being wrong by taking it early can be tragic.
If you have enough retirement savings on your own to live comfortably in your 60s, then you dont really need that extra money from Social Security. You can live the retirement you want, and if it happens to end earlier than planned, you still got to live it your way.
But if you live well past 85 into your 90s, its much more likely youll really need that maximum Social Security payment. Most retirement planning is based on a 30-year retirement. Your savings may not last into your 90s on their own. Additionally, you may need more medical care or at-home assistance at that age, which is extremely expensive.
A bigger Social Security check every month will go a long way toward covering the expense of a long retirement. It helps ease the financial burden, so it doesnt fall on your children. Or it simply means theres more to leave to your heirs when you do pass away.
The $16,728 Social Security bonus most retirees completely overlook
The Motley Fool has a disclosure policy.
Fill Out The Required Information In The Sss Online Form
Make sure to leave no required field blank or incorrectly filled out. Some tips to keep in mind:
- If your last name and/or given name exceeds the character limit, just use the format of your name on your SSS ID or UMID card. You may contact the SSS hotline if you dont have your ID card right now.
- You can leave the Middle Name field blank if you dont have a middle name.
- To input your date of birth, use the drop-down calendar to prevent an error in your SSS online registration.
- If youve chosen UMID CARD in Step 1, the online form will ask for your UMID card pin code.
- Dont have the pin code yet? You have to activate your UMID card first in the SSS information terminal at select SSS branches.
- Dont forget to enter the CAPTCHA code at the bottom of the page and tick the small box next to I accept the Terms of Service.
When youre done, double-check all information. Click the Submit button. A short message will appear to confirm the successful submission of your enrollment for SSS online registration. Click OK.
Receiving Social Security In Austria As An Expat
Impressively, Austria ranks sixth in the Quality of Life Index in 2020 with the countrys capital, Vienna, being named the worlds most liveable city for the second year running in the Economist Intelligence Unit Index. Essentially, this is down to the impressive social security on offer, along with political stability, a low crime rate, and overall high quality of life. It is hardly surprising, therefore, that nearly a third of expats living in Austria consider staying there forever.
Recommended Reading: Where Do I Apply For Social Security Retirement Benefits
How To Prepare For Reduced Social Security Retirement Benefits
Just being aware that Social Security is likely to be less generous by the time we retire should be a sufficient wake-up call for us to make other plans. We can continue to plan to have Social Security as one source of income in retirement, but it is unquestionable that we need to be prepared to rely upon it far less than current retirees do.
How can we begin preparing for that now?
Live on less, save more. This is Personal Finance 101 live on less, save more, and invest the difference. Its the single best strategy for preparing for retirement matter what happens with Social Security. By living beneath your means, you not only prepare yourself for a more frugal retirement, but you also enable yourself to save more money for that retirement.
Delay collecting Social Security benefits. With regard to Social Security itself, you can increase your monthly benefit that you delay retirement. If your normal retirement age is 67, and you delay collecting benefits until age 70, you can increase your monthly benefit by as much as 24%.
Get out of debt. You should plan to enter retirement in a debt-free position. By paying off debts, you also eliminate monthly payments, and that lowers your cost of living.
Will Social Security Go Bankrupt
The Social-Security-is-going-bankrupt claim is one that we are hearing often these days. Theres a grain of truth to it which will delve into in a bit but most of it is sensationalist drivel. There is no question that it makes for great attention-grabbing headlines, and probably plays well into the hands of the retirement planning industry.
But a lot of people are worrying needlessly about this potential outcome. What are the myths what are the facts? And more important, how can we prepare for whatever will come about?
Recommended Reading: Can I Locate Someone By Their Social Security Number
What Is A Mysss Account
A My.SSS account allows you to use the My.SSS or SSS Member Portal, an online service platform of the SSS website that enables registered SSS members to conveniently and safely access their social security records online.
Creating a My.SSS account and using the SSS online portal are both free of charge.
To use this SSS online facility, all you need is a smartphone, laptop, or any device with an internet connection. That means you can transact with the SSS Portal anytime and anywhere without the hassle of going to a branch, standing in long lines, and waiting for hours on end.
Join Us For An Educational Seminar Where We’ll Focus On:
Changes to Social Security filing strategies
How married couples can help enhance their combined monthly and lifetime benefits
How the “do over” and “start, stop, restart” strategies work
How to claim retroactive benefits as a lump sum
The effect of remarriage on survivor benefits for widowed and divorced spouses
Five factors that could reduce the actual payments you receive
You May Like: Who Can Claim Social Security Benefits
A You Can Continue Working And Start Receiving Your Retirement Benefits
If you start your benefits before your full retirement age, your benefits are reduced a fraction of a percent for each month before your full retirement age.
You can get Social Security retirement benefits and work at the same time before your full retirement age. However your benefits will be reduced if you earn more than the yearly earnings limits.
After you reach your full retirement age, we will recalculate your benefit amount to give you credit for any months you did not receive a benefit because of your earnings. We will send you a letter that explains any increase in your benefit amount.
If you delay filing for your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit. If you also continue to work, you will be able to receive your full retirement benefits and any increase resulting from your additional earnings when we recalculate your benefits. Once you reach full retirement age, your earnings do not affect your benefit amount.
If you start receiving retirement benefits before age 65, you are automatically enrolled in Original Medicare when you turn 65. If you or your spouse are still working and covered under an employer-provided group health plan, talk to the personnel office before signing up for Medicare Part B. To learn more, read our Medicare publication.
I Have Forgotten Or Misplaced My Cra User Id And/or Password Is There Any Way That I Can Recover Them
If you have forgotten your CRA user ID for any of the following CRA login services, you can recover it.
To recover it, return to the service you want to use and select “CRA Login”. On the CRA login page, select “Forgot your user ID?” and follow the instructions.
If you have forgotten your CRA user ID for any of the following CRA login services, you cannot recover it. You have to register again.
If you have forgotten your CRA user ID for the Candidate profile service, you have to complete the candidate profile recovery process to create a new CRA user ID. This will allow your new CRA user ID you register for during the recovery process, to be linked to your existing candidate profile.
If you are a new user, you will need to register before using the Candidate profile service.
Don’t Miss: How Does One Apply For Social Security
You Get Flexibility On When You Can File
You’re entitled to your full Social Security benefit based on your earnings history once you reach full retirement age, or FRA. That age is 66, 67, or somewhere in between, depending on when you were born.
But you’re allowed to claim Social Security as early as age 62, if you so choose. For each month you file for benefits ahead of FRA, those benefits will be reduced. But you still get the choice to get your money sooner. That could mean signing up as soon as you’re eligible, or filing for benefits at age 65 in conjunction with enrolling in Medicare.
Mybenefits Cra Mobile App
You will have to complete two steps.
Step 1 Provide personal information
- Enter your social insurance number.
- Enter your date of birth.
- Enter your current postal code or ZIP code.
- Enter an amount you entered on one of your income tax and benefit returns. Have a copy of your returns handy. To register, a return for one of these two years must have been filed and assessed.
- Create a CRA user ID and password.
- Create your security questions and answers. You can also decide if you want a persistent cookie added to your device, so you can access MyBenefits CRA app using that same device later without being asked for more identification.
Step 2 Enter the CRA security code
To access your account, return to the MyBenefits CRA mobile app, select “CRA login”, and enter your CRA user ID and password. When prompted, enter your CRA security code.
You can also log into MyBenefits CRA mobile app with a Sign-in Partner. This option lets you log in with a user ID and password that you may already have, such as for online banking. For more information, see Sign-in Partners Help and FAQs.
How To Earn The Rssa Credential
1. Apply Online
The RSSA application process is straightforward. In addition to providing basic contact information, a resume or bio is required. Linking to your LinkedIn page may suffice.
The Registered Social Security Analyst credential is an elite designation. It is reserved for a select group of capable professionals. While anyone can apply to take RSSAs official Social Security course, motivated, individuals who are proficient at math and experienced with sales, marketing and/or financial matters can be helpful in building a successful career and business as a RSSA.
2. Take Course
The RSSA Social Security Course Curriculum is comprised of five self-study modules. These modules provide a comprehensive understanding of Social Security rules.
The training requires about 15-25 hours of study. The modules are designed so that you can take them at your own pace. At the conclusion of each self-study module, there is a 40 question, multiple-choice test that can be taken based on your schedule. To pass each module test, you must answer at least 30 questions correctly. Help is available from RSSA headquarters should you need it. After completing the five-module tests, you are eligible to take the RSSA Competency Final Exam.
3. Pass the Exam
The RSSA Competency Final Exam is the final step to prove your Social Security knowledge. The exam takes 4 hours, is proctored by a live person, and is given twice a month online.
4. Receive Support
No : If You’re Still Working You’ll Be Penalized
At 62, you’re younger than what Social Security considers your full retirement age. As a result, you’ll be penalized for collecting your benefits if you’re still drawing a paycheck. That penalty is steep — in 2021, it’s $1 for every $2 you earn above $18,960 in the year.
As a result, it generally doesn’t make sense to collect your Social Security benefits while you’re still working if you’re below full retirement age. If you’re making a decent salary, you could even lose your entire benefit while you’re still working, which makes it a complete waste.
You May Like: How To Find Out My Current Social Security Benefits
Pay Your Sss Contributions
Start paying your SSS monthly contributions to be eligible for benefits and assistance. Visit this page to learn more about your SSS contribution amount and your payment schedule or due dates.
As you can see, applying for an SSS membership is fairly easy and straightforward. No need to endure long lines because you can register in the relative ease and comfort of your home. So what are you waiting for? Apply to be a member of SSS and enjoy social security benefits and privileges.
If you have any questions or concerns, contact the Social Security System or visit the SSS website at . Please share this SSS online registration guide with your friends or on Facebook for the latest updates.
No : You May Have $0 Or Low
Social Security bases your benefit level on your highest 35 years of covered earnings. The younger you are when you claim benefits, the bigger the chance that you’ll have $0 or really low-income early-career years on that list. If you’re able to keep working past age 62, you might be able to replace those with some decent, late-career-level earnings numbers.
Having more earnings on your record can make a key difference in what you get from the program, especially if you’re planning on Social Security providing a large portion of your retirement income.
Recommended Reading: When Can I Start Drawing My Social Security
Sign Up For The Program
Associate Membership is free when you sign up to take the 5-module online self-study tutorial RSSA program. Membership is open to individuals that desire to work directly with clients and other professionals to expand their professional practice and expertise in the area of Social Security advisory services.
To become a RSSA, you must demonstrate knowledge in basic and advanced Social Security concepts by passing the RSSA Competency Final Exam. In addition, you must meet one of the following criteria:
- Have an insurance license issued by the state in which you practice
- Are a FINRA registered securities professional or advisor
- Have registered with the IRS and obtained a valid PTIN
- Are a CPA, a CFP, an EA, a lawyer or have another professional license issued by a state agency
B You Can Stop Working And Start Receiving Your Retirement Benefits
If you make the decision to stop working and start receiving retirement benefits before your full retirement age, your benefits are reduced a fraction of a percent for each month before your full retirement age. Also, your benefits will not increase because of additional earnings.
We calculate your benefits based on your highest 35 years of earnings, and if you stop working before you have attained 35 years of earnings or you have years with low earnings, this will affect your benefit calculation.
If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your benefit.
If you stop working and start receiving retirement benefits before age 65, you are automatically enrolled in Original Medicare when you turn 65. If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Medicare benefits three months before you turn 65. If you dont sign up for Medicare Part B when youre first eligible, you may have to pay a late enrollment penalty for as long as you have Medicare coverage.
Also Check: Social Security Benefits At Different Ages
Who Is Eligible For Social Security In Austria
Ordinarily, the Austrian social security system ties eligibility to current or former legal employment. In the case of tax-financed benefits, legal residence in Austria is also necessary. These include child benefits, unemployment, and long-term care. Fortunately, nationality is less important once a person has secured gainful employment. In fact, nearly one in five Austrian employees is foreign-born.
As a result, the country ranks high in foreign participation in the labor market. Under Austrian social security regulations, contributions depend on income up to a ceiling amount of 62,640 per year or 5,220 per month.
One Of The Most Important Decisions You Need To Make Before You Retire Is When To Claim Social Security Benefits
Many retirees apply for Social Security before reaching full retirement age. But by doing so, they may significantly and permanently reduce the benefits that they – and possibly their spouses – could receive over a lifetime.
Social Security provides not only a guaranteed income stream but also longevity protection, spousal protection, and some inflation protection. It may be the closest thing you receive to a traditional pension.
Whether you’re single, married, divorced, or widowed, there may be ways to maximize the lifetime Social Security benefits you receive. The concepts discussed in this course are most suitable for those with investable assets of $100k or more.
Join us at the Freestone Recreation Center covering Social Security Workshop on
COVID-19 Precautions: The health and safety of our attendees, hosts, and general public is our number one priority. All of our live events will adhere to all local and venue-specific precautions and guidelines including, but not limited to social distancing, mask usage, sanitation, and capacity limitations.
Space is limited, so sign up today!No Charge to Attend!
Read Also: When Should You Apply For Social Security