50+ Lifestyles

YOUR SOCIAL SECURITY Davenport, Iowa Office

By Linda Clayton-Powell
Social Security District Manager
Davenport, Iowa

PLANNING WILL HELP YOU SEE GREEN IN RETIREMENT

Social Security has been a cornerstone of financial security for over 80 years. As you might already know, a lifetime of measured discipline can ensure a comfortable retirement. Social Security can help you plan, save, and see plenty of green in your golden years.

Social Security is part of the retirement plan of almost every American worker. If you’re among the 96 percent of workers in the United States covered under Social Security, it is helpful to know what benefits you are entitled to. Social Security bases your benefit payment on how much you earned during your working career. Higher lifetime earnings result in higher benefits. If there were some years you didn’t work or had low earnings, your benefit amount may be lower than if you worked steadily. How do you know what your retirement benefits might be so you can plan? Create a safe and secure my Social Security account to view estimates of your future retirement, disability, and survivors benefits.

Visit www.socialsecurity.gov/myaccount and create your account today.

Social Security benefits help secure your today and tomorrow, but many people will need more retirement income. Saving for retirement is key. You might also have a pension or 401k. Combining as many savings resources will mean more income once you retire.

Your personal my Social Security account continues to benefit you once you file for benefits and beyond. Use your account to check the status of your application and, once you are receiving benefits, use your account to manage them. For example, you can start or change your direct deposit, change your address and phone number, get proof of benefits, and much more—online and at your convenience. Learn about all the great advantages of having your own my Social Security account at www.socialsecurity.gov/myaccount.

Social Security puts you in control. Visit www.socialsecurity.gov regularly to access the ever-evolving tools and information we provide.

YOU, WOMEN’S HISTORY, AND THE POWER OF SOCIAL SECURITY

March is Women’s History Month — a time to focus not just on the past, but on the challenges women continue to face. Nearly 60 percent of the people receiving Social Security benefits are women, and in the 21st century, more women work, pay Social Security taxes, and earn credit toward monthly retirement income than at any other time in our nation’s history. Knowing this, you can be the author of your own rich and independent history, with a little preparation.

Social Security has served a vital role in the lives of women for over 80 years. With longer life expectancy than men, women tend to live more years in retirement and have a greater chance of exhausting other sources of income. With the national average life expectancy for women in the United States rising, many women will have decades to enjoy retirement. According to the U.S. Census Bureau, a female born today can expect to live more than 80 years. As a result, experts generally agree that if women want to ensure that their retirement years are comfortable, they need to plan early and wisely.
You can start with a visit to Social Security’s Retirement Estimator. It gives you a personalized estimate of your retirement benefits. Plug in different retirement ages and projected earnings to get an idea of how such things might change your future benefit amounts. You can use this valuable tool at www.socialsecurity.gov/estimator.

You should also visit Social Security’s financial planning website at www.socialsecurity.gov/planners. It provides detailed information about how marriage, widowhood, divorce, self-employment, government service, and other life or career events can affect your Social Security.

Your benefits are based on your earnings, so you should create your personal my Social Security account to verify that your earnings were reported correctly. Your account also can provide estimates of your future retirement, disability, and survivors benefits.

If you want more information about how Social Security supports women through life’s journey, Social Security has a booklet that you may find useful. It’s called Social Security: What Every Woman Should Know. You can find it online at www.socialsecurity.gov/pubs/10127.html.

Question:

I am receiving Social Security retirement benefits and I recently went back to work. Do I have to pay Social Security (FICA) taxes on my income?

Answer:

Yes. By law, your employer must withhold FICA taxes from your paycheck. Although you are retired, you do receive credit for those new earnings. Each year Social Security automatically credits the new earnings and, if your new earnings are higher than in any earlier year used to calculate your current benefit, your monthly benefit could increase. For more information, visit www.socialsecurity.gov or call us at 1-800-772-1213 (TTY 1-800-325-0778).