THE FISCAL BLUE PRINT
WITH COACH JEFF MONTGOMERY
Episode 1: Will Social Security Be There For Me?
Will Social Security be there when you’re ready to start collecting?
The Social Security Act was signed into law in 1935. Taxes were first collected in 1937. In the beginning, you had a choice as to whether to take lump sum payment of monthly check. Earnest Ackerman was the first person to receive a benefit in a lump sum. Ida May Fuller was the first person to receive a monthly check.
SS was originally just a retirement program. In 1939, a change was made to add survivors benefits and benefits for spouses and children. In 1956, disability benefits were added.
Social Security Admin web site. SSA.GOV.
Great website with tons of relevant information. Great calculators!
Click on the “My Social Security” link and register for online access. Here you can download your most recent SS statement for your individual estimate of benefits, based on the highest 35 years of earnings. History of earnings are indexed for inflation and the SS formula applied.
FRA= full retirement age
PIA= primary insurance amount
DRC= Delayed retirement credit
If you elect benefits earlier than your FRA you will receive a reduced amount, up to 25 percent or 30 percent reduction permanently. If you delay benefits after your FRA, you will receive credits of up to 8 percent simple per year.
My top 3 are:
- The 3 Why’s? Ask yourself “why” three times for mental clarity and more confidence
- Practice saying “NO” to yourself. Short term pain for long term gain
- Be accountable to your flaws. No one is perfect! Being aware of your flaws helps turn the mirror on ourselves and prevents hypocritical behavior.
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