Tag: savings

What You Need to Know About Social Security Funds

Social security is a fund that seeks to better the lives of American retirees. The Social Security Administration (SSA) runs this fund and ensures that is posted about any developments. Initially, SSA used to send mails to everyone under 60, but they have since stopped to send these letters to save a substantial amount of mailing costs. That said, you need to make an effort of reviewing your statements.

What are you are entitled to when you retire?retiree jogging

Most social security statements have an estimate of how much you will receive fore you get to your full retirement age. You also get to look at some projections at different retirement ages. However, these benefits are only applicable if the social security rules do not change. The statement also let you know if you have long enough to qualify for these benefits.

What will you get if you become disabled?

Social security statements are not just for retirees but also for persons with disability. As such, even if you are not yet disabled, your statement should let you know about the amounts you are eligible for in case you are disabled the coming year.

What will your family get?

Another provision in social security benefits the possibility for death. As such, it is essential to take note of what you are entitled to in case you die. The statement should be clear of the benefits entitled to your spouse or dependents in case you die. All this is based on your work record, which implies they must get some benefits even if you die before the retirement age.

What have you contributed so far?

contributionsThe social security statement usually highlights every year you have worked along with the amount you have contributed. However, you are likely to have some discrepancies in the amounts posted. Thus, keeping track of the amounts you contribute will go a long way in helping you get the right benefits.

As much as you might be contributing diligently and doing all it takes to ensure your records are in order, some experts predict that things could not be the same a couple of years from now,┬ásees it as a national disaster that is on the verge of happening, which will be traumatic for our seniors and everyone in this country.…