Imagine you were offered a job, and were counting on it to provide income for you AND your family for many many years. BUT, you didn’t ask about 1.) the starting date, 2.) the salary, nor 3.) the benefits!
Now, change ‘job’ to ‘Social Security’ and you get a sense of the general lack of knowledge many Americans have about this bedrock retirement income stream.
However, why is the very foundation of retirement security for millions of Americans so confusing? When should you take your Social Security benefit? Early at 62? At normal retirement age (NRA)? Delay and take it at 70?
Do you have concerns about the solvency of the Social Security system (hint: as long as workers and employees pay payroll/FICA taxes, it’s not going anywhere), and how that might affect your benefit?
Have you heard of Social Security spousal benefits and survivor benefits, but not sure you understand how they work?
Social Security Explained | Other FAQ’s about Social Security include:
- What exactly is Social Security?
- When am I eligible for Social Security?
- How is my eligibility determined?
- How much do I pay in to the Social Security system?
- How much will I get from Social Security?
- What happens to my Social Security benefit if I still work?
- Do I owe taxes on my Social Security income?
- How do I qualify for Social Security disability benefits?
- What is the average Social Security benefit?
- What will COVID-19 do to Social Security?
Still confused? Have more questions? Hungry for clear answers? Found below is a simple educational video we just produced, designed to break down the complicated topic of Social Security, specifically arranged in a digestible and easy-to-understand format.
Click HERE to watch the video!
Be sure to also click the SUBSCRIBE button to follow
Towerpoint Wealth on YouTube!
Understanding it is an imperfect system, Social Security continues to be a central and essential component of the retirement income planning and optimization we do with virtually all of our clients at Towerpoint Wealth, with literally hundreds of thousands of dollars at stake depending on how you claim it.
What’s Happening at TPW?
Most of the Towerpoint Wealth team spent some time earlier this week prepping new backpacks full of back-to-school supplies we purchased for low income and homeless students in the greater Sacramento area.
Cheers and thumbs up to Jesuit High School here in Sacramento for coordinating this program, as it is enjoyable to do little things like this to give back and help our local community.
Happy 37th birthday on Wednesday to our smart, YOUNG, fun, sincere, affable, and hard-working Partner, Wealth Advisor, Jonathan LaTurner. Jon’s amazing birthday dinner was held at Canon | East Sac, and his amazing birthday cakes were prepared by Freeport Bakery – mmmmm!
Graphs of the Week
Some say low interest rates, a perennial shortage of housing supply, and the new geographic mobility of would-be homebuyers all mean the white-hot real estate market has more room to run (click HERE to watch an excellent TPW-produced video on this subject).
Others believe the OPPOSITE – that soon-to-be rising interest rates, artificially-high prices, the end of mortgage forbearance and foreclosure moratorium programs, and the divergence between home prices and wages all portend an upcoming end to the massive residential real estate bull market.
What do you think is going to happen to home prices over the next 12 months? Click HERE to message us and let us know your thoughts!
More room to run for home prices?
or the end of the road for price increases?
As the 24/7 news cycle churns, twists, and turns, there have been a number of trending and notable events have occurred over the past few weeks:
- Indoor masking is back – Sacramento County returns to indoor mask mandate, cites ‘drastic’ rise in COVID-19 cases
- Wildfire season is here in California and other western states. The smoke traveled across the entire country, carried by wind currents
- The conservatorship battle between Britney Spears and her father, James Spears, continues
- The United States leads all countries in medals (41, as of 7:00AM PST) as the 2020 Tokyo Summer Olympics continues
- The 2021 NBA draft took place last night, IN PERSON, at the Barclay’s Center in Brooklyn – here are the winners, losers, and surprises, at least according to ESPN
- An 8.2-magnitude earthquake erupted between the Alaska Peninsula and the Aleutian Trench on Wednesday, the strongest US quake in 50 years
- A C.D.C. internal report calls the Delta variant as contagious as chickenpox
As always, we sincerely value our relationships and partnerships with each of you, as well as your trust and confidence in us here at Towerpoint Wealth. We encourage you to reach out to us at any time (916-405-9140, email@example.com) with any questions, concerns, or needs you may have. The world continues to be an extremely unsettled and complicated place, and we are here to help you properly plan for and make sense of it.