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July 2012
Oxnard, California
Inside This Issue…
Social Security Mistakes That Can
Cost You Thousands…Page 1
Pet Danger! 7 Common Household Pet
Poisons To Avoid…Page 2
Try These 3 Great Conversation
Starters…Page 3
Go Beyond Water, Eat These Foods
For Hydration…Page 3
Beat This Trivia Question and You
Could Win $75 Gift Certificate for
Capistrano’s at The Embassy
Suites...Page 4
How Do I Handle Multiple Offers On
My Home?…Page 4
3 Social Security Mistakes
That Can Cost You Thousands
Are you or someone you know getting close to retirement? With over
300 ways a married couple can decide to receive their Social Security
benefits, it’s no wonder most people are confused on the best time to apply.
Here are three mistakes to avoid and what you can do so you won’t lose
thousands in benefits:
Working less than 35 years.
Benefit calculations are based on a 35-
year average of your income. If you worked more than 35 years, you
can receive benefits based on the 35 highest wage years. If you work
less than 35 years, each year you didn’t work is counted as zero.
You’ll increase your payment if you work a little longer (at possibly
higher wages) so the zero years don’t bring down your average.
Applying at the wrong time.
You’ll get a higher benefit if you wait until
your full retirement age (currently 66). But if you can wait until you’re
70, it will be at least 75 percent higher than if you start to collect at 62.
To help you decide, go to
www.ssa.gov
and type in “age calculator.” This
is the perfect tool for those 55 and older who are thinking of retiring but
unsure how many more years to work. In addition, there is now a tool on
the site that provides your personalized Social Security Statement online.
Not factoring in your family status.
You should decide when to apply
based on your individual and family circumstances. Learn the difference
between widow/widower benefits and spousal benefits. For example, one
of the differences is you can begin benefits based on your deceased spouse
earnings and later switch to benefits on your own record. Spousal benefits
won’t let you do that.
Another good resource to help you with this complex decision is
www.myretirementpaycheck.org
. If you have specific questions, you may
want to ask a financial advisor for help. Feel free to share this article with
anyone you know who is considering retirement so they don’t make one of
these costly mistakes.