Ready for Retirement ?
A very challenging passage in life’s transition is aging . Age is considered by many as just a number. Certain today’s 60plus generation is exceeds the quality of health experienced by previous generation. Although life expectancy numbers took a slight step back during COVID pandemic, its prior position showed a steady increase in longevity. Today’s 60-plus society is very active in the work force or running businesses. They are athletic and highly health conscious.
It is not a stretch to say that today’s 60s is yesteryear’s 50 plus group. The comparative quality of health and cognition would be nearly indistinguishable between groups of those who were 50+ in the 80s, 
compared to those who are 60+ post millennium.Which in fact, in many cases favorable to today’s group in comparison.
The one key difference is that the 60s of todays have more retirement opportunities compared to the 50s group. In fact if you were to combined the US demographic those age 50 and above with those in their 60s, it would equate to the 3rd largest economy in the world.
Being gifted with good health and financial footing has led many in the US to seek the retirement path earlier in the qualify matrix, with many starting in the age 62 category. Those “seniors” are looking to take advantage of those retirement opportunities but are not sure how to get started with some of the basic staples, like social security.
This is the first of a three-part series on how to 1) getting started on Social Security, 2). Manage Medicare and Medicaid, 3) How to add income during retirement.
How Social Security Works
Social Security is an insurance program. Workers pay into the program, typically through payroll withholding where they work. Self-employed workers pay Social Security taxes when they file their federal tax returns.
Workers can earn up to four credits each year. For every $1,510 earned in 2022, one credit was granted up to $6,040, or four credits had been achieved. It’s $1,640 up to $6,560 in 2023.
Social Security is financed through a 12.4% tax split among employers and employees; self-employed individuals pay the entire 12.4%. This tax money is deposited into the two Social Security trust funds: the Old-Age and Survivors Insurance (OASI) Trust Fund and the Disability Insurance (DI) Trust Fund.
The Social Security Administration pays current benefits and administrative costs out of these trust funds. Unused money is left in the trust funds and invested in Treasury bonds.A board of trustees oversees the financial operation of the two Social Security trust funds. Four of the six members are the secretaries of the Departments of Treasury, Labor, and Health and Human Services, and the Commissioner of Social Security. The remaining two members are public representatives appointed by the President and confirmed by the Senate.
Workers who have paid into the Social Security for at least 10 years become eligible for early retirement benefits at age 62. Waiting until your full retirement age (FRA), between ages 66 and 67 (depending on when you were born), results in higher monthly benefits. You’ll receive even more if you delay collecting retirement benefits to age 70, but benefits don’t continue to increase if you wait longer than that.
How to get started
The easiest and most convenient way to apply for retirement benefits is by using an online application. You will need to create or sign in to your personal my Social Security account. If SSA is not able to process your request, you will receive specific information on how to contact SSA by phone or schedule an appointment.
You can apply for retirement benefits up to 4 months before you want to start receiving your benefits. Even if you are not ready to retire, you still should sign up for Medicare 3 months before your 65th birthday.
You can also apply by calling 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 8:00 a.m. to 7:00 p.m local time or visiting your local Social Security Office. (Call first to make an appointment.)
Know Your Pay Rates
Seocial Security has a sliding scale which targets where on the scale you choose to take your retirement pay. Starting at 62 years of age up to full retirement. Estimate your rate here. To find your income estimate based on delayed claim you can see that here. Lastly you may also find a more specific benefit calculator here.
If you live outside of the United States, you can find the office that serves your country of residence on the Social Security Office of Earnings & International Operations page
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