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Social Security Q&A

What is Proper Retirement Portfolio? Social Security Has Tips and Links to Help

Q&A also has details on getting SSA number for child adopted from another country

Jan. 27, 2014 – Too many of today’s senior citizens probably regret they did not start preparing for the financial challenges of retirement much earlier. The Social Security Q&A column this week has some suggestions and references to online sources of help.

Question:

I have heard that a proper retirement portfolio includes benefits from pensions, savings and investments, and Social Security benefits. How can I find out what I need in each of these areas in order to be prepared for my retirement?

Answer:

Your Social Security benefits are the foundation on which you can build a secure retirement. Most financial advisors say you will need about 70 percent of your pre-retirement earnings to comfortably maintain your pre-retirement standard of living. They recommend that you prepare for the future with a combination of Social Security, private pensions and personal savings.

 

Related Archived Stories

 
 

Are Social Security Benefits Taxable? Here is the Bad News from Social Security

Small business owners should know SSA has services online to help complete W-2s

Feb. 6, 2014

Social Security Advised to Return to Mailing Paper Statement by Advisory Board

MySSA online is commendable but advisory board still has three big concerns

By Tucker Sutherland, editor, SeniorJournal.com

Jan. 23, 2014

How Much is Social Security Benefit Reduced if You Keep Earning Income: SSA Q&A Has Details

Also, Many may be unaware of Supplemental Security Income (SSI) benefits for the disabled

Jan. 23, 2014

Does Early Retirement Mean Benefits Reduced Forever; Wife Gets No Credit from Family Business

Many seniors may be surprised by these questions and the answers; things you need to know about Social Security

Jan. 15, 2014

New Compassionate Allowance Conditions Added by Social Security for SSI, SSDI Programs

May make many low income seniors eligible for additional benefits

Jan. 16, 2014


Read more Social Security News

also check Medicare and Senior Politics

 

Under current law, if you have average earnings, your Social Security retirement benefits will replace about 40 percent of your pre-retirement earnings. The percentage is lower for people in the upper income brackets and higher for people with low incomes. You can figure out what your Social Security benefit will be by using our online Retirement Estimator.

We encourage saving for retirement, but there are reasons to save for every stage of life. According to a 2013 survey by the Employee Benefit Research Institute, the past few years have seen a sharp decline in Americans’ confidence about their retirement savings. Only 13 percent of workers feel very confident about having enough for a comfortable retirement and 28 percent are not at all confident.

More than half of workers have less than $25,000 in total savings and investments. Twenty-eight percent of workers have saved less than $1,000. If you have not begun saving for retirement, now is a good time to start - no matter what your age.

If retirement is near, you will want to jump into the fast lane right away. If you are younger and retirement seems a lifetime away, it is still in your best interest to begin saving now. Experts agree that saving when you are young will make a world of difference when the time comes to draw on your retirement savings.  A great place to go for help in planning your retirement is mymoney.com. The Ballpark Estimator is another excellent online tool.

Question:

We adopted a baby girl overseas and brought her home with us to the United States. We need to get a Social Security number for her. What do we do?

Answer:

To apply for a Social Security number for your child you must take the following steps.

  Complete an Application For A Social Security Card (Form SS-5), which you can find online at www.socialsecurity.gov/ssnumber.

  Show us documents proving your child’s United States citizenship or immigration status, adoption, age, and identity.

  Show us a document proving your identity, and show us evidence that establishes your relationship to the child if your name is not noted as the parent on the child’s evidence of age. The adoption decree or the amended U.S. birth certificate will suffice.

Oscar Garcia is a Public Affairs Specialist with the Social Security Administration. You can direct your questions to him at: SSA, 411 Richland Hills Drive, San Antonio, Texas, 78245. You can also email him at Oscar.h.garcia@ssa.gov.
 

Financial Relief for Volkswagen Diesel Owners

You may be eligible for money damages if you owned or leased one of these VW, Porsche or Audi vehicles.

In the major scandal of 2015, Volkswagen cheated you and the world. They rigged diesel emission controls so you, nor regulators, would know how much pollution their cars were adding to our environment.

They were caught and have reserved $7.3 billion to help "make it right" with victims.

If you owned or leased one of these vehicles, contact us now.

 Beth Janicek, Board Certified Personal Injury Attorney Janicek Law attorneys are actively pursuing these cases against VW. Do Not Wait...

Janicek Law Firm, PC

Free Consultation

(Call toll free)

1-877-795-3425 or Email

Vehicles Involved

VW Jetta (2009–2015)

VW Jetta SportWagen (2009–2014)

VW Golf (2010-2015)

VW Golf SportWagen (2015)

VW Beetle (2012–2015)

VW Passat (2012-2015)

Audi A3 (2010-2015)

VW Touareg (2009–2016)

Porsche Cayenne (2015)

Audi A6, A7, A8, Q5 Quattro (2016)

 

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