The Woo Group RBC Wealth Management Hong Kong USA Social Security Fundamentals
Social Security Fundamentals
Guidelines For Making Well-Informed Decisions
There’s Wealth in Our Approach.™
When it comes to thinking about the part Social Security plays in your retirement plan, most of your concerns probably relate to two main questions:
1. How much can I expect to receive? (determining amount of benefit)
2. What is the best age for me to begin? (determining timing of benefit)
Unfortunately, the only simple answer to most Social Security questions is, “It depends.” The benefit each person receives is relative to both his or her earnings history and the choice he or she makes about the age at which benefits begin. Throw in the fact each person approaches Social Security with a different set of financial circumstances, tax issues and other considerations, and you really have a lot to think about.
This “relative” nature of Social Security makes your decision about Social Security a complex one.
However, this complexity can be seen as a positive instead of a negative. The good news is, if you understand some basic concepts, you can make well-informed decisions to help you optimize both the amount and the timing of your benefit.
A good source of information about the Social Security benefit you personally may receive is the Social
Security Statement mailed to you by the Social Security Administration each year for workers age 60 and older. The Social Security Administration has suspended paper mailing of Social Security Statements for
U.S. workers between the ages of 25 and 60. If you are between these ages you can access your statement online at www.ssa.gov by creating your own Social Security account. We also recommend verifying your
Earnings History annually, as your retirement benefit will be based on this record.
The rest of this brochure provides an overview of the basic concepts you need to understand in order to make well-informed decisions about Social Security. If you have any questions about this material or
Guidelines For Making Well-Informed Decisions
There’s Wealth in Our Approach.™
When it comes to thinking about the part Social Security plays in your retirement plan, most of your concerns probably relate to two main questions:
1. How much can I expect to receive? (determining amount of benefit)
2. What is the best age for me to begin? (determining timing of benefit)
Unfortunately, the only simple answer to most Social Security questions is, “It depends.” The benefit each person receives is relative to both his or her earnings history and the choice he or she makes about the age at which benefits begin. Throw in the fact each person approaches Social Security with a different set of financial circumstances, tax issues and other considerations, and you really have a lot to think about.
This “relative” nature of Social Security makes your decision about Social Security a complex one.
However, this complexity can be seen as a positive instead of a negative. The good news is, if you understand some basic concepts, you can make well-informed decisions to help you optimize both the amount and the timing of your benefit.
A good source of information about the Social Security benefit you personally may receive is the Social
Security Statement mailed to you by the Social Security Administration each year for workers age 60 and older. The Social Security Administration has suspended paper mailing of Social Security Statements for
U.S. workers between the ages of 25 and 60. If you are between these ages you can access your statement online at www.ssa.gov by creating your own Social Security account. We also recommend verifying your
Earnings History annually, as your retirement benefit will be based on this record.
The rest of this brochure provides an overview of the basic concepts you need to understand in order to make well-informed decisions about Social Security. If you have any questions about this material or