Social Security Income

Estimating your future Social Security benefits used to be a difficult task, but not any longer. For an estimate of your projected benefits, go to www.ssa.gov/estimator. The retirement estimator gives estimates based on your actual Social Security earnings record.

The website form will ask you for a number of facts, including your name, Social Security number, date and place of birth, your mother’s maiden name, additional information you provide about future earnings, and the age at which you expect to stop working.

Based on this information and your actual earnings history as maintained by the Social Security Administration, the Retirement Estimator generates an estimate of the amount you would receive if you were to retire at age 62 (the earliest date you can receive benefits), the amount if you waited until full retirement age (which currently ranges from 65 to 67, based on year of birth), and the larger benefit you would receive if you continued working until age 70 before claiming retirement benefits.

It’s interesting to note that the 2011 Social Security Trustees Report includes a warning about the serious problems facing Social Security in the future. The trustees indicated that program costs (benefits paid) were more than non-interest income (Social Security payroll taxes) for the first time in 2010, and they expect this situation to continue. Without changes, the Social Security Trust Fund will be exhausted by 2036 and there will be enough money to pay only about 77 cents for each dollar of scheduled benefits.¹ This is a reminder that taxpayers are ultimately responsible for funding their own retirements and that their future Social Security benefits may be lower than indicated by the Retirement Estimator.

Source: 1) Social Security Administration, 2011

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This material was written and prepared by Emerald. © 2012 Emerald Connect, Inc.

Criteria for the Newsweek and Denver Magazine awknowledgement was taken from The National Association of Board Certified Advisory Practices' (NABCAP) Premier Advisors List. NABCAP specifically ranked advisory practices using the following criteria: market affluence, team dynamics (who comprises the team), years of experience, credentials/designations, minimum investable assets to become a new client, planning philosophy, investment philosophy, risk philosophy, typical percentage of alternative investment ownership, fee/cost structure, customer service model, U4/ADV status. NABCAP has not released the number of practices measured in their survey. Latitude Financial Group, LLC was charged a fee to participate in the survey.

FIVE STAR Wealth Manager Best in Client Satisfaction (2009 and 2010) exclusive recognition awarded by Crescendo Business Services, includes less than 7 percent of wealth managers in the local area and reflects those scoring highest in client satisfaction. Wealth managers were identified by surveys conducted with consumers and financial professionals, and evaluated across nine attributes: customer service, integrity, knowledge/expertise, communication, value for fee charged, meeting financial objectives, post-sale service, quality of recommendations, and overall satisfaction. Favorable and unfavorable evaluations are included in the score. Each wealth manager is reviewed for regulatory actions, civil judicial actions, and customer complaints. Wealth managers do not pay a fee to be included in the research or final list. Scores reflect an average of all respondents and may not be representative of any one client's evaluation. Working with a recipient of one of the aforementioned awards does not guarantee investment success.

Securities offered through Securities America, Inc., a Registered Broker/Dealer, Member FINRA / SIPC Advisory services offered through Securities America Advisors, Inc., an SEC Registered Investment Advisory Firm. Scott Cody, Daniel Grote, Dustin Tidwell Representatives Latitude Financial Group and Securities America are unaffiliated. Securities licensed in: CO, WY, NM, NY. AL, IL, VA, WA. Insurance Licensed in CO, WY, IL, NY, VA. Advisory Licensed in CO, WY, NM, NY.