What baby boomers need to know about Social Security
After years of paying into the system, Baby Boomers are either preparing to enroll or are now eligible to collect Social Security benefits. Starting the process of signing up for Social Security can be a daunting task as you begin your research. But it doesn’t have to be. With a bit of reading, you will be up to speed and educated in no time. The Social Security website at ssa.gov, of course, is an excellent resource with a wealth of information. For instance, here is their list o frequently asked questions below:
- What should I do if I receive a call from someone claiming to be a Social Security employee?
- How much will the COLA amount be for 2020 and when will I receive it?
- How do I change or correct my name on my Social Security number card?
- How do I apply for a new or replacement Social Security number card?
- How can I get a Social Security Statement that shows a record of my earnings and an estimate of my future benefits?
- How do I schedule, reschedule, or cancel an appointment?
- How can I change my address?
- What is the eligibility for Social Security spouse’s benefits and my own retirement benefits?
- How do I replace a Social Security card for a child?
- What is a “my Social Security” online account and how do I get one?
Social Security Summary
Another excellent resource is the following guide provided by Lincoln Financial Group:
The Baby Boomer’s Guide To Social Security
This informative PDF summarizes the complicated aspects of Social Security income planning in order to obtain all the benefits you’re entitled to. Easy-to-read charts and graphs explain important tools such as break-even analysis, breakpoints, and a retirement earnings test calculator. The Baby Boomer’s Guide To Social Security breaks down basic questions and educates the reader on how to coordinate Social Security with the rest of their retirement income plan.
Topics discussed in The Baby Boomer’s Guide To Social Security
- Eligibility – “How do I become eligible for Social Security benefits?”
- Benefit calculations – “How is my retirement benefit calculated?”
- Claim timing – “When will I begin receiving Social Security benefits”
- “What if I apply for Social Security at 62?”
- “What if I apply for Social Security after 62?”
- “How does the cost-of-living adjustment affect Social Security benefits?”
- Life events – “How are spousal Social Security benefits calculated?”
- “How does divorce affect my Social Security benefits?”
- “How does death affect my Social Security benefits?”
- The effects of work and pensions – “How does working affect my Social Security benefits?”
- “How does pension income affect my Social Security benefits?”
- Benefit taxation – “How are my Social Security benefits taxed?”
- How to apply – “How do I apply for Social Security benefits?”
- Medicare – “What about Medicare?”
- “When am I eligible for Medicare?”
- “How do I apply for Medicare?”
Got Life Insurance Questions?
In a previous post, Social Security: Should You Rely On It For Retirement? we discussed some of the problems of social security and alternatives for your retirement income. Life insurance not only protects your loved ones, but it also protects you during retirement.