Social Security … The Basics

With our fun client roundtable event approaching on Thursday evening May 1, 2014 at the Park City Club, we thought it appropriate to whet your appetite concerning Social Security.

A Social Security Primer

While far from the specialist of 33 years of service by our afore-mentioned speaker Tom Clark, we do have a great feel for the basics of Social Security.

Here are a few items that may be a reminder for many but will also set the stage for our event.

Background:

Social Security was originally formed in 1935 and was meant as a helpful solution for retirees during their golden age as supplemental or replacement income. Fast forward to 2014, with much of the origins still in place, there are however many differences from the original benefit. In actuality, benefits are changing rapidly and as such by the time you read this there may be some differences.

Maximum Benefit:

The maximum 2014, initial benefit for a retiree at full retirement age is $2,642. Spouses meeting the requirements are able to draw ½ of this amount or their own personal credited benefit, whichever is higher.

Full Retirement Age:

Full retirement age is currently a sliding scale which starts at age 66 and moves upward to 67 based on your date of birth. It would be logical to see this age increase with time as we are fortunately living longer AND working longer too

With more information coming in future weeks, we will leave you with this simple, high level starting point.

Have A Great Day!

John A. Kvale CFA, CFP