November 24, 2014
Are You Checking Your Yearly Social Security Updates?
Many of you have asked this question since you have noticed that you have not received a yearly update. According to Robert Fenn’s article in the Beacon Journal from the Social Security administration, Akron office, Social Security yearly updates have been scaled back.
According to Fenn, in September, Social Security resumed mailing statements to workers ages 25, 30, 35, 40, 45, 50 , 55, and 50 who are not yet receiving Social Security benefits, and who have not registered for a “My Social Security” account. Rather than every 5 years, those over age 60 will receive a statement every year. It is recommended to open a “My Social Security” account at www.socialsecurity.gov/myaccount. Many of you have found that the site is not so user friendly, and we have helped many of you through this process.
Help: If you or others you know would like to have a Social Security update, our office will assist you by checking online and even help you set up your own online account.
Taking Social Security at the right time is a critical decision, especially if you own a Retirement Account (IRA, 401k, 403b, or 457). Up to 85% of your Social Security can be taxed due to provisional income rulings, and Your Retirement Accounts have never been taxed!
Help: I believe that everyone, regardless of age, needs to have a yearly check up to ensure that your savings, investments, Social Security, and Retirement Accounts put more money in your pocket, Not Uncle Sam’s.
Email me your thoughts.
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The Miletone Center for Retirement & Estate Planning, LLC
2780 S. Arlington Road STE 201
Akron, Ohio 44321