Check the background of this financial professional on FINRA's BrokerCheck.
Terry L. Jordan

May
02
Paying the Bills: Potential Sources of Retirement Income
Planning your retirement income is like putting together a puzzle with many different pieces. One of the first steps in the process is to identify all potential income sources and estimate how much you can expect each one to provide. Social Security According to the Social Security Administration (SSA), nearly 9 of 10 people aged 65 or older receive Social Security benefits. However, most retirees also rely on other sources of income. For a rough estimate of the annual benefit to which you would be entitled at various retirement ages, you can use the calculator on the Social Security website, www.ssa.gov. Your Social Security retirement benefit is calculated using a formula that takes into account your 35 highest earnings years....
Continue Reading »

Jan
18
Four things women need to know about Social Security
Ever since a legal secretary named Ida May Fuller received the first retirement benefit check in 1940, women have been counting on Social Security to provide much-needed retirement income. Social Security provides other important benefits too, including disability and survivor benefits, that can help women of all ages and their family members. 1. How does Social Security protect you and your family? When you work and pay Social Security taxes, you're paying for three types of benefits: retirement, disability, and survivor benefits. Retirement benefits Retirement benefits are the cornerstone of the Social Security program. According to the Social Security Administration (SSA), because women are less often covered by retirement...
Continue Reading »

Nov
21
10 Years and Counting: Points to Consider as You Approach Retirement
If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. How will you manage the transition? Will you travel, take up a new sport or hobby, or spend more time with friends and family? Should you consider relocating? Will you continue to work in some capacity? Will changes in your income sources affect your standard of living? When you begin to ponder all the issues surrounding the transition, the process can seem downright daunting. However, thinking about a few key points now, while you still have years ahead, can help you focus your efforts and minimize the anxiety that often accompanies the shift. Reassess your living expenses A step you will probably take...
Continue Reading »

Nov
09
Social Security claiming strategies for married couples
Prepared for: Save New Client Subtitle: Social Security Claiming Strategies for Married Couples Deciding when to begin receiving Social Security benefits is a major financial issue for anyone approaching retirement because the age at which you apply for benefits will affect the amount you'll receive. If you're married, this decision can be especially complicated because you and your spouse will need to plan together, taking into account the Social Security benefits you may each be entitled to. For example, married couples may qualify for retirement benefits based on their own earnings records, and/or for spousal benefits based on their spouse's earnings record. In addition, a surviving spouse may qualify for widow or widower's...
Continue Reading »

Nov
06
Will Social Security retire before you do?
People have traditionally seen Social Security benefits as the foundation of their retirement planning programs. The Social Security contributions deducted from workers' paychecks have, in effect, served as a government-enforced retirement savings plan. However, the Social Security system is under increasing strain. Better health care and longer life spans have resulted in an increasing number of people drawing Social Security benefits. As the baby boom generation (those born between 1946 and 1964) retires, even greater demands are being placed on the system. In 1950, there were 16.5 active workers to support each person receiving Social Security benefits. In 2015, there were only 2.8 workers supporting each Social Security beneficiary....
Continue Reading »

Oct
05
Myths and Facts about Social Security
Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect. There's no doubt about it--Social Security is an important source of retirement income for most Americans. According to the Social Security Administration, more than nine out of ten individuals age 65 and older receive Social Security benefits. But it may be unwise to rely too heavily on Social Security, because to keep the system solvent, some changes will have to be made to it. The younger and wealthier you are, the more likely these changes will affect you. But whether retirement is years away or just around the corner, keep in mind that Social...
Continue Reading »

Aug
08
Deciding When to Retire: When Timing Becomes Critical
FINRA® Letter Prepared for: Save New Client Subtitle: Deciding When to Retire: When Timing Becomes Critical Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you'll need to estimate not only your anticipated expenses, but also what sources of retirement income you'll have and how long you'll need your retirement savings to last. You'll need to take into account your life expectancy and health as well as when you want to start receiving Social Security or pension benefits, and when you'll start to tap your retirement savings. Each of these factors may affect the others as part of an overall retirement income plan. Thinking about early retirement? Retiring early means fewer...
Continue Reading »

Jul
26
How do I get disability benefits from Social Security?
Getting Social Security disability benefits is a two-step process. First, the Social Security Administration (SSA) determines whether you are eligible to receive benefits. This determination is based on the number of years you have worked and paid Social Security taxes. Second, you apply for disability benefits by furnishing information about your claim, including the names, addresses, and telephone numbers of physicians, hospitals, and clinics that have treated you for your disability. You will also be asked to provide a copy of your most recent W-2 form (or tax return if you're self-employed), as well as your Social Security number and proof of your age. If your claim is approved, don't expect to get your disability benefits right...
Continue Reading »

Jun
21
Will Social Security be around for me?
With the news full of reports about Social Security's uncertain future, you might wonder whether you will ever benefit from the Social Security taxes you pay. Although this popular social insurance program faces financial challenges, and some reform is certainly likely, Social Security is not only likely to be there for you in the future, it's there for you right now. Social Security is not just for retirees. The program also provides valuable protection to younger people. For example, if you become disabled at any age and can no longer work, you may be eligible to receive Social Security disability benefits. If you have a family, your spouse and children may also be eligible to receive certain types of benefits based on your earnings...
Continue Reading »

Jun
01
Will my children receive money from Social Security when I die?
Maybe. It depends on how old your children are, and how long you've worked in a job where you've paid Social Security taxes. To be eligible for Social Security benefits when you die, your children must be age 18 or under (19 if still in high school), and unmarried. However, if an unmarried child is disabled and was disabled before age 22, he or she can qualify for benefits based on your record at any age; benefits for a disabled child may end, though, if your child marries or is no longer considered disabled. In addition, you must have earned the required number of Social Security credits (generally 40, depending on your age at the time of your death). You earn credits by working in a job where you pay Social Security taxes on your...
Continue Reading »

Mar
16
I'm getting remarried. How will this affect my Social Security Benefits?
If you're receiving benefits based on your own work record, your benefits will continue. If you're receiving spousal benefits based on your former spouse's work record, those benefits will generally end upon your getting remarried, but you may be able to receive benefits based on your new spouse's work record, or on your own. If you're a widow(er) under age 60, or you're disabled but under 50, remarriage ends any benefits based on the record of your deceased spouse. However, if you remarry after age 60 (or after 50 and are disabled), those benefits remain intact, unless you get spousal benefits through your new spouse (at age 62 or older) if those benefits are higher. If your second marriage ends as a result of death, divorce, or...
Continue Reading »

Oct
03
Social Security Claiming Strategies for Married Couples
Two popular claiming strategies that have been used to boost Social Security income were recently eliminated by new rules contained in the Bipartisan Budget Act of 2015. However, depending on your age, you may still have a limited window to take advantage of these strategies before the new rules take effect. For more information about your options and the benefit application process, contact the Social Security Administration at (800) 772-1213 or visitwww.socialsecurity.gov. Every situation is unique, so these strategies may not be appropriate for all couples. When deciding when to apply for Social Security benefits, make sure to consider a number of scenarios that take into account factors such as both spouses' ages, estimated...
Continue Reading »

Sep
06
Social Security Retirement Benefits
Today, though the scope of Social Security has been widened to include survivor's, disability, and other benefits, retirement benefits are still the cornerstone of the program. Social Security was originally intended to provide older Americans with continuing income after retirement. Today, though the scope of Social Security has been widened to include survivor's, disability, and other benefits, retirement benefits are still the cornerstone of the program. How do you qualify for retirement benefits? When you work and pay Social Security taxes (FICA on some pay stubs), you earn Social Security credits. You can earn up to 4 credits each year. If you were born after 1928, you need 40 credits (10 years of work) to be eligible for...
Continue Reading »

May
23
How Secure Is Social Security?
If you're retired or close to retiring, then you've probably got nothing to worry about--your Social Security benefits will likely be paid to you in the amount you've planned on (at least that's what most of the politicians say). But what about the rest of us? The media onslaught Watching the news, listening to the radio, or reading the newspaper, you've probably come across story after story on the health of Social Security. And, depending on the actuarial assumptions used and the political slant, Social Security has been described as everything from a program in need of some adjustments to one in crisis requiring immediate, drastic reform. Obviously, the underlying assumptions used can affect one's perception of the solvency of...
Continue Reading »

Apr
25
What happens if I start collecting Social Security after full retirement age?
Answer: You'll get a bigger check every month. However, how much bigger depends upon what year you reach full retirement age, and how long you postpone collecting benefits. If you were born in 1943 or later, you'll receive 2/3 of 1% for each month that you delay collecting retirement benefits (8 percent more per year), up until age 70. So, for example, if your full retirement age is 66 and you delay collecting benefits for 4 years, your benefit at age 70 will be 32% higher than at age 66. You can estimate your retirement benefit online based on your actual earnings record using the Retirement Estimator calculator on the Social Security website (www.ssa.gov). You can create different scenarios based on current law that will illustrate...
Continue Reading »

Mar
07
Does my 16-year-old have to pay Social Security tax on her earnings?
Answer: Like most wage-earning employees, your 16-year-old will most likely have to pay Social Security tax on her earnings. Of course, every rule has its exceptions. In this case, there are three. She may be exempt from paying Social Security taxes if she (1) works in the family business, (2) works in domestic service, or (3) delivers newspapers. If you hire your child to work in your business, her earnings may be exempt from Social Security tax. She can take advantage of this exemption (up to her 18th birthday) only if your business is set up as either a sole proprietorship or a partnership where you and your spouse are the only partners. Child labor laws vary from state to state, though. Check with your state's department of labor...
Continue Reading »

Jan
12
Social Security Retirement Benefit Basics
Signing up for Social Security According to the Social Security Administration, you should apply for Social Security benefits approximately three months before your retirement date. To apply for Social Security benefits, you can fill out an application online or call or visit your local Social Security office. You can also call the SSA at (800) 772-1213 to discuss your options or to get more information about the application process. Social Security benefits are a major source of retirement income for most people. Your Social Security retirement benefit is based on the number of years you've been working and the amount you've earned. When you begin taking Social Security benefits also greatly affects the size of your benefit. How do...
Continue Reading »

Dec
08
Social Security Figures At-a-Glance
2014 2015 Social Security Cost-of-living adjustment (COLA) For Social Security and Supplemental Security Income (SSI) beneficiaries 1.5% 1.7% Tax rate FICA tax--Employee 7.65% 7.65% Social Security (OASDI) portion of tax 6.20% 6.20% Medicare (HI) portion of tax 1.45% 1.45% Self-Employed 15.30% 15.30% Social Security (OASDI) portion of tax 12.40% 12.40% Medicare (HI) portion of tax 2.90% 2.90% Maximum taxable earnings Social Security (OASDI only) $117,000 $118,500 Medicare (HI only) No limit No limit Quarter of coverage Earnings required $1,200 $1,220 Retirement earnings test--exempt amounts Under full retirement age Benefits reduced by...
Continue Reading »

Nov
11
How can I get an estimate of my Social Security benefits?
Answer: One way to get an estimate of your future Social Security benefits is to use the benefit calculators available on the Social Security Administration's website, www.ssa.gov. You can estimate your retirement benefit based on your actual earnings record using the Retirement Estimator calculator, then create different scenarios based on current law that will illustrate how different earnings amounts and retirement ages will affect the benefit you receive. Other benefit calculators are also available that can help you estimate disability and survivor's benefits. You can also sign up for amySocial Security account so that you can view your online Social Security Statement. Your statement contains a detailed record of your earnings, as...
Continue Reading »

Oct
12
How Earnings Affect Social Security
If you begin to receive Social Security retirement (or survivor's) benefits before you reach full retirement age, money you earn over a certain limit will reduce the amount of your Social Security benefit. In 2015, your benefit will be reduced by $1 for every $2 of earnings in excess of $15,720.* The chart below shows the effect of annual earnings of $10,000, $20,000 and $30,000 on a $12,000 annual Social Security benefit ($1,000 monthly) for someone who hasn't yet reached full retirement age. Source: Social Security Administration, 2014 *Special rules apply in both the year you reach full retirement age and the year you retire if you have not reached full retirement age.
Continue Reading »

Sep
17
Are my Social Security benefits subject to income tax?
A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half your Social Security benefits, exceeds specific limits. Your MAGI equals: Adjusted gross income (or the adjusted gross income of you and your spouse if married and filing jointly), including wages, interest, dividends, taxable pensions, and other sources, Tax-exempt interest income (e.g., interest from municipal bonds and qualified U.S. savings bonds), and Amounts earned in a foreign country, U.S. possession, or Puerto Rico that are exempt from tax Up to 50 percent of your Social Security benefits may be subject to income tax if your combined income (MAGI plus one-half your Social Security benefits) exceeds $25,000 for...
Continue Reading »

Aug
18
Sources of Retirement Income: Filling the Social Security Gap
According to the Social Security Administration, more than nine out of ten individuals age 65 and older receive Social Security benefits. But most retirees also rely on other sources of retirement income, as shown on this chart: Source:Fast Facts & Figures About Social Security, 2014,Social Security Administration Refer a friend To find out more clickhere
Continue Reading »

Jul
21
My husband and I are divorcing after 30 years of marriage. Will I still be able to receive Social Security retirement benefits based on his earnings record after our divorce?
Answer: Yes. If you already receive Social Security based on his earnings record, you'll continue to receive it as long as you live (or in some cases, until you remarry). If you don't receive Social Security yet, you can apply for a reduced benefit when you turn 62 or wait until your full retirement age if you want to receive an unreduced spousal retirement benefit. If you've been divorced for more than two years, you can apply as soon as your ex-husband becomes eligible for benefits, even if he hasn't started receiving them (assuming you're at least 62). However, if you've been divorced for less than two years, you must wait to apply for benefits based on your ex-husband's earnings record until he starts receiving his own benefits. You...
Continue Reading »

Jun
22
Social Security Disability Benefits
Like most people, you probably don't expect to become disabled. However, according to the Social Security Administration (SSA), studies show that just over 1 in 4 of today's 20 year-olds will become disabled before reaching age 67. (Source: SSA Publication 05-10029, May 2014) That's why it's important to understand what disability benefits you may be entitled to under Social Security. The SSA administers two programs that pay disability benefits. The Social Security Disability Insurance (SSDI) program pays benefits to qualified individuals who are under full retirement age, regardless of their income. The Supplemental Security Income (SSI) program pays benefits to qualified individuals with limited income. Only the SSDI program is...
Continue Reading »

May
26
Myths and Facts about Social Security
Myth: Social Security will provide most of the income you need in retirement. Fact: It's likely that Social Security will provide a smaller portion of retirement income than you expect. There's no doubt about it--Social Security is an important source of retirement income for most Americans. According to the Social Security Administration, more than nine out of ten individuals age 65 and older receive Social Security benefits. But it may be unwise to rely too heavily on Social Security, because to keep the system solvent, some changes will have to be made to it. The younger and wealthier you are, the more likely these changes will affect you. But whether retirement is years away or just around the corner, keep in mind that Social...
Continue Reading »

Apr
27
Social Security: What Should You Do at Age 62?
Even if you start collecting Social Security benefits at age 62, keep in mind that you still won't be eligible for Medicare until you reach age 65. So unless you're eligible for retiree health benefits through your former employer or your spouse's health plan at work, you may need to pay for a private health policy until Medicare kicks in. Is 62 your lucky number? If you're eligible, that's the earliest age you can start receiving Social Security retirement benefits. If you decide to start collecting benefits before your full retirement age, you'll have company. According to the Social Security Administration (SSA), approximately 73% of Americans elect to receive their Social Security benefits early. (Source: SSA Annual Statistical...
Continue Reading »

Apr
13
How Secure Is Social Security?
If you're retired or close to retiring, then you've probably got nothing to worry about--your Social Security benefits will likely be paid to you in the amount you've planned on (at least that's what most of the politicians say). But what about the rest of us? The media onslaught Watching the news, listening to the radio, or reading the newspaper, you've probably come across story after story on the health of Social Security. And, depending on the actuarial assumptions used and the political slant, Social Security has been described as everything from a program in need of some adjustments to one in crisis requiring immediate, drastic reform. Obviously, the underlying assumptions used can affect one's perception of the solvency of...
Continue Reading »

Mar
02
Should I retire now at age 62 and collect Social Security benefits, or should I wait until full retirement age?
Answer: There's no right time to begin collecting Social Security benefits, but the age at which you begin receiving benefits will affect how much retirement income you have, so you should weigh the consequences carefully. Keep in mind that if you collect Social Security before your full retirement age, your benefit will be permanently reduced. Depending on the year you were born, you'll receive between 25 and 30 percent less per month if you collect benefits at age 62 than if you wait until full retirement age to begin collecting benefits. However, this doesn't necessarily mean that collecting benefits at age 62 is unwise. In fact, unless you live to an especially old age, you may actually end up with more money if you start collecting...
Continue Reading »

Feb
23
Four Things Women Need to Know about Social Security
For more information about Social Security benefits, visit the Social Security Administration website at www.socialsecurity.gov, or call (800) 772-1213 to speak with a representative. You may also call or visit your local Social Security office. Use the benefit calculators available on the Social Security website to estimate your future retirement, disability, and survivor's benefits Check your earnings history regularly, and report any name changes right away to the SSA so that your earnings are recorded properly No matter when you apply for Social Security, you'll be eligible for Medicare at age 65, so make sure you contact the SSA three months before you turn 65 to sign up for Medicare even if you plan to retire later Ever...
Continue Reading »

Feb
02
Social Security Survivor's Benefits
When you think of Social Security, you probably think of retirement. However, Social Security can also provide much-needed income to your family members when you die, making their financial lives easier. Your family may be entitled to receive survivor's benefits based on your work record When you die, certain members of your family may be eligible to receive survivor's benefits (based on your earnings record) if you worked, paid Social Security taxes, and earned enough work credits. The number of credits you need depends on your age when you die. The younger you are when you die, the fewer credits you'll need for survivor's benefits. However, no one needs more than 40 credits (10 years of work) to be "fully insured" for benefits. And...
Continue Reading »


RECENT POSTSCATEGORIES
Tell A Friend Tell A Friend
Connect with us on: Go to LinkedIn  Go to Facebook  Go to Twitter  


 
 
 

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

Terry L. Jordan is a Investment Advisor Representative who is a Michigan resident. An Investment Advisor Representative may only discuss/and or transact securities business with residents of the following states: Michigan, Arizona, Florida, Indiana, and Washington.

Securities and advisory services offered through Woodbury Financial Services, Inc., Member FINRA, SIPC. Insurance offered through Jordan Financial & Associates which is not affiliated with Woodbury Financial Services, Inc. 



This communication is strictly intended for individuals residing in the state(s) of AZ, FL, ID, IN, MI and WA. No offers may be made or accepted from any resident outside the specific states referenced.
 


Check the background of this financial professional on FINRA's BrokerCheck.