Strategic
Asset Management
Free Information: Social Security
It's probably going to run out of money but its still a good idea to find out what you are theoretically supposed to receive. The Social Security website has come a long way and is full of useful information. Their FAQ is a good place to start.
Here's a few tips and tricks you may not know:
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It takes at least 10 years of work to qualify for Social Security
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Your benefit calculations factor in your highest 35 years of employment. Long time periods of low wages can affect your benefits dramatically. Working until full retirement age (or longer) can dramatically increase your benefit
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You can apply for your social security benefits up to 4 months before they are due to start.
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Details on how your benefit is calculated can be found here
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If you have other earned income, income taxes on your Social Security benefits may be due. View this IRS Publication for more details. For 2005 the breakpoints are 25,000 for singles and 32,000 for married.
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