The average retiree relies heavily on Social Security to make ends meet each and every month. With many companies eliminating pensions making the most of Social Security is the top priority for many retirees. Here are some important numbers to know when it comes to Social Security.
6.2 percent – Workers pay 6.2 of their earnings into the Social Security system. Employers pay a matching 6.2 percent.
$117,000 – For people who are lucky enough to earn more than $117,000 you know should know that once you reach this amount you are taxed on anything after that. Workers do not pay Social Security taxes on earnings that exceed $117,000.
$1,294 – The average amount a retired worker receives from Social Security in 2014 is $1,294.That is for a single person. For a couple that number jumps to $2,111.
$15,480 – This is a very important number for those of you thinking about collecting Social Security and plan to continue working. This number is the amount you can earn in 2014 before $1 in benefits will be temporarily withheld for every $2 you earn above the limit. Once you turn 66 that number goes up to $41,400 and the amount withheld drops to $1 for every $3 earned above the limit.
Age 62 – This is the earliest age someone can claim Social Security. While this is earliest you can sign up it will likely lead to your payments being reduced. In addition to that issue, if you are still working and earn too much money your Social Security benefits will be held.
Age 66- For baby boomers born between 1943 and 1954 this is the first time they will be eligible to collect unreduced Social Security benefits. If you were born in 1955 it is 66 and two months. For
Age 67 – If you were born in 1960 or later your full retirement age will be 67. These slight delays in full retirement age helps with the pool of money available in Social Security. For younger generations full retirement age is getting push back by a few as well.
Age 70 – At age 70 your Social Security payouts no longer increase for delaying. Those who choose to delay try to wait until age 70 to collect Social Security.
800-401-8114 – Why would you need to know a phone number? Well that is the number to One Reverse Mortgage. Did you know that a reverse mortgage can help you supplement your Social Security*? As you just read, the later you choose to start collecting Social Security the likelihood you will be able to qualify for a higher amount each month. With a reverse mortgage you can use those proceeds to delay collecting Social Security likely leading to the amount you qualify for to be higher than if you start collecting at 62.
Qualifying for a reverse mortgage is simple and easy with One Reverse Mortgage. The homeowner must be at least 62 or older, the home must be the primary residence and there must be sufficient equity in the home. That’s it. Once the reverse mortgage process is completed the only responsibilities you will have is paying the property taxes and insurances and the maintenance on the home. Want to learn more? Give us a call. A licensed professional will help you decide if the reverse mortgage makes sense for you and your financial goals.
*May affect SSI or Medicaid. Please consult with your financial advisor.