Month: May 2017

Top 7 Reasons that you should NOT have a plan to maximize your Social Security Retirement Income

Posted on May 24, 2017 by fsykes - Retirement Benefits, Social Security Benefits, Social Security Myths

Even though your dreams were to always travel the world you didn’t save enough and love to watch “Rick Steve’s Europe” and “An Idiot Abroad” instead. It still feels like you are there, right?
Living in a 600-square foot rental apartment in retirement with no spectacular view was in the future plans.
Or even better was your life long goal to move into the in-law suite on your kid’s property- now this could be extra fun!
Being able to order anything off the dollar menu at any fast food restaurant always rocks – YUM.
Not having the option to NOT work well after you wanted to retire. Hi Ho, Hi Ho off to work we go.
Your 1982 Dodge Colt isn’t pretty but still gets you from A to B.. just not C.
Delaying, reducing the dosage or not purchasing all your needed prescriptions because of the high cost. Who needs their health anyway!

Of course we want people to travel, have decent housing and food, the option to retire when they want and being able to take care of their health.

Did you know that almost 50% of Americans opt to take Social Security as early as they can and therefore lock themselves in up to a 30% permanent reduction in Social Security retirement income? We have helped many individuals and families see how they can increase their annual income anywhere from 3k to 30k per year.

Now that is some real Clams, Cheddar or Dough back in your pocket.

You paid into this over your whole career why not make the most of this valuable insurance program!

To get our free e-book go to www.socialsecuritybp.com or sign up to get your own customized plan to get your extra Clams today!

Not associated with or endorsed by the Social Security Administration or any other government agency.

Social Security Expert Faye Sykes on the Air with Radio Host Dana Barrett

Posted on May 22, 2017 by fsykes - Radio Shows

Faye Sykes, CEO of Social Security Benefit Planners joined us in studio during hour one of today’s show! Faye explained the right time to take social security and how she and her company is able to help families maximize their social security benefits.

During hour two, Jackie Cannizzo, Executive Director of JCI Foundation joined us to dish on two upcoming events you don’t want to miss! The JCI Foundation will host the Judson Women’s Leadership Conference on June 20th at the Cobb Galleria; a great opportunity for women to learn and be inspired by successful leaders from all walks of life.

https://soundcloud.com/dana-barrett-clips/social-security-benefit-planners-faye-sykes-on-maximizing-your-retirement-income

The Birth of Social Security in America

Posted on May 16, 2017 by fsykes - Social Security Benefits

We take Social Security for granted, but where did this important insurance program come from and when did it start? It hasn’t been around forever, has it? The answer is no. Social Security began after the Great Depression, when millions of Americans who had lost their savings were facing an old age defined by stark poverty. Few workers had pensions through their jobs, and President Franklin Roosevelt wanted to do something to alleviate the poverty that faced so many older workers in their retirement years.

Since its creation in 1935, millions of retirees have been able to live more comfortably because of this national insurance program, which they collectively funded through payroll taxes during their working years you will see this as FICA on your payroll statement. Though Social Security wasn’t meant to be the only source of income for beneficiaries, it was in its early years and, unfortunately, it still is today for many. As per Social Security fact sheet in 2017 21% of married couples and 43% of unmarried persons rely on Social Security for 90% or more of their income. Many people do not realize that this is a program that has a life insurance, disability and retirement income benefits that you and your family can benefit from.

With changing demographics that include more retirees and fewer workers, Social Security has had to evolve over the years. President Reagan signed into law several revisions to Social Security after Congress passed suggestions made by the Greenspan Commission, which had reviewed the program’s financial picture. These changes included an increase in the payroll tax that pays for benefits as well as a gradual increase in the retirement age, from 65 to 67.

In the future, it’s likely that more changes will have to be made to keep the program financially sound. The prospect can sound alarming, but making necessary tweaks to keep a valuable program that provides millions of Americans with the basic income they need is well worth the effort. Long live Social Security!

For a full customized projection of your Social Security income please sign up for a plan option or learn more at www.socialsecuritybp.com.

Not associated with or endorsed by the Social Security Administration or any other government agency.

Broke as a Joke? Social Security’s Finances

Posted on May 8, 2017 by fsykes - Social Security Benefits

Is Social Security broke? Reading the news can sometimes leave you with the impression that Social Security is practically out of money. This massive program provides key income and takes in millions of dollars each year, but is it going belly-up?

Here’s how it works. The payroll taxes that you and everyone else pay each month (FICA and Medicare) go to the treasury, where they are counted as credits to the Social Security Trust Fund. Those who receive Social Security benefits get their money from what’s paid in, but there is some left over. The excess is invested in special issue U.S. Treasury bonds, which earn interest. The interest is credited to the trust fund, as well.

Right now, more money comes into the program through taxes and interest than goes out in benefit payments. Years of this excess pay-in has created a surplus that amounted to $2.7 trillion by 2014’s close. That figure will continue to increase until 2019, when the surplus is expected to reach $2.8 trillion.

But as the Baby Boomers retire and smaller birth cohorts begin to fill the ranks of the workers whose taxes fund Social Security, there will be more money going out in the form of benefits than there is coming in through payroll withholding taxes. At that point, the treasury bonds that the Social Security Trust Fund owns will be needed to help cover the benefits that beneficiaries receive.

The program is expected to fully utilize its surplus in 2034, which will leave payroll taxes as the only source with which to make benefit payments. According to current projections, those taxes will cover approximately 79% of the anticipated amount needed. Congress will have to decide whether to cut benefits or increase funding, which they could easily do by raising the limit on the amount of income to which FICA and Medicare taxes apply.

Social Security isn’t exactly going broke, but it will need to be tweaked in order to provide the benefits that today’s workers have been promised when they retire. Do you have an opinion on how to handle the future shortfall in the program’s budget? Let your senators and representatives know!

To receive your own customized Social Security benefit projections please visit our website www.socialsecuritybp.com to learn more or sign up for a plan.

Not associated with or endorsed by the Social Security Administration or any other government agency.

Social Security Is More than Just a Retirement Plan

Posted on May 3, 2017 by fsykes - Retirement Benefits, Social Security Benefits

Social Security Isn’t Just for Retirement

When you think of Social Security, you probably think about retirement. It’s true that the program provides critical income for millions of retired Americans, but Social Security also does much more.

Designed as a safety net to provide older people who could no longer work with a basic income, Social Security has grown into a much broader safety net over the years, offering financial benefits to protect not only retirees, but also disabled workers and the families that have lost a family member.

Just a few years after the program began, it was expanded to provide benefits for the spouse and any minor children of a deceased worker. Starting in 1939, survivors could receive financial support from Social Security if the family’s breadwinner died. This makes it function as the largest life insurance program in the country, although it’s not generally considered to be one.

Would you think of the payroll deductions you contribute to Social Security as disability insurance premiums? Probably not, but in 1954, Social Security also began making payments to disabled workers and their dependent spouses and/or children. Trying to purchase the same kind of disability protection that Social Security offers can be prohibitively expensive, or even impossible for some workers. With Social Security, everyone who has worked enough to buy into the program is covered. Typically, you need to show that you have earned over the minimum amount to vest currently $5,200 per year five out of the last ten years.

Retirement benefits are an important and well-known part of Social Security, but don’t mistakenly believe that’s the only thing it does. Social Security protects working Americans and those who depend on them in many different and equally valuable ways.

There are over 2,700 regulations that oversee Social Security which affect life, disability and retirement benefits. Please check out our website www.socialsecuritybp.com to learn more or to sign up for a customized plan.

Not associated with or endorsed by the Social Security Administration or any other government agency.

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