What You Need to Know About Social Security

Posted in: Retirement Planning

At the beginning of 2012, the average monthly Social Security benefit for a retired worker was about $1,230. That’s about $15,000 of income for the year. In order to receive Social Security benefits, this means that you worked and paid taxes for at least 10 years.

By creating a plan for your retirement, you can avoid paying tax on your Social Security income and your effective tax rate will be very low. Even if you have additional income from your pension or IRA distribution, you still might not have to pay tax on your Social Security income. To find out more about Social Security, please read the articles below.

Fast Facts & Figures About Social Security, 2012
A 2012 summary of Social Security statistics throughout the United States.  This shows a breakdown of Social Security by demographic.

An Overview of Social Security Benefits
Find out if you have reached insured status to receive Social Security benefits. Also, figure out what benefits are available with Social Security.

When to Take Social Security Retirement Benefits
A general overview of when to take Social Security and what benefits you can expect. In addition, find out whether it is better to take early or late benefits.

The Effect of Early or Delayed Retirement on Social Security Retirement Benefits
A chart depicting the retirement benefit percentage of Social Security you will receive if taken early or delayed.

Social Security Retirement Benefits
This article explains the tax implications that go along with Social Security. Be aware of special rules that could affect your Social Security benefits.

The Social Security “Blackout” Period
When a worker who is covered by Social Security dies, certain monthly benefits may be available to his or her survivors that you need to know about.