Josh, Natalie, Terry discussed on Good Day Health
You can text 11 90 A m to phone number 44222 That's text. 11 90 am the phone number 44 triple too. All right, Josh. I know this week. Your gear just show around the theme. Won't you tell our listeners more about the theme for this week? You bet man this week. Steam is social security. So this is a really good questions that we've received around Social security. All right, Josh. Perfect will jump into the first question today. Social security. This one's coming out of Fort Worth. Natalie was asking Well, what is Social Security, Josh? Financially since the security is a federal social insurance program, and it was created back in the thirties, basically, In the great Depression to help the people who are aging. I need needed financial support. And what it was that what it is, is a pension programs. That's what people pay in through there through their jobs and pay the Social Security tax, which over time once they reach a certain age that can start to draw that out as an income stream that goes for the rest of their life. So what started out of this social insurance program to protect the aged has now evolved into a retirement plan. For people. And so today we talked about it as a way to a strategy and and it is a way to draw income in retirement and how to maximize that income. And so for you, and we'll talk more about this today and you need to know the engine and outside. It's so that you can Make it work for you. And that's essentially what Social Security is Natalie. Well, we'll continue to build off that this was coming out of Grand prairie from Ryan. He was asking How is Social Security Eligibility? Determined? Great question. So, Ryan, you become eligible for Social Security benefits when you've reached 40 credits, so you earn credits as you earn money as you're working. And you can earn up to four credits per year. And so the the equation for that is is that for every $1470 that you make, you can earn one credit up to a maximum of four per year. So you could see it doesn't require much earnings to earn credits. But you do need 40 credits to be eligible to receive Social Security. And so that's just eligibility and then based off of the amount that you're going to get from some securities based off of the amount of money that you make and how long you work, and so The security looks at your top 35 earning years. To determine the amount that you are. You received. And there's a calculation that's done and then based off of that calculation, it gives you a income benefit amount of monthly income amount. And from that amount is what calculations are based on to reduce it. If you trust us a security early or to increase it if you draw it later, and so that's kind of the The simple answer to eligibility for Social Security. All right, well, Terran from Keller ass When can I start to claim my social security payments, sir? So Terry, and you can start your benefits as early as age 62. Or as late as a 70. So there's an a range there. If you start your benefits early again, the earliest is a 62 You get a reduced amount. And then you have what's called your full retirement age. Your full retirement age is based upon when you were born. For many people today, that's anywhere from 8 60 60 67. It's where you get your full benefits. And then after if you delay it pasture for retirement age. Then you get what are called delayed retirement credits, and so that benefit goes higher, and it increases that 8% per year. So again you can draw in his early is a 62. But it's permanently reduced and keep in mind. There's other ramifications to that, too. It can be reduced for working before your full retirement age. So that's something to consider. If you're determining when to start that medicine Again. You can do it all the way to 70 and get the maximum that you can get out of Social security. Discussing Social Security today, with Josh Shirt matter on today's show of Asi experts. You want to reach out to them? You could find a more line at Strittmatter well dot com That's S t r I t t m A t t e r wealth dot com.