I went to a presentation at American Fork library. Any misinformation is the fault of the note taker.
– Presenter meets with Fiduciary Standard: middle between social security and annuities,
– Has to act on the best help for the user.
– Advice Social security
– 1954 retire 66 ever year after add two months.
– Add 8% for every year you wait on retirements.
– Anyone with free assessment co volunteer free assessment.
– Outliving our money: people living longer.
– Average age expectancy is 80 yrs. Old
– People outlive their retirement savings
– Worker to retiree is currently 3 to 1.
– Poverty rate for seniors is about 9.5%
– 9 out of 10 get Social Security benefit.
– Social Security staff are instructed to not give advice. They would be liable.
– If you don’t know the options you have to ask.
– Once you decide it’s a permeant decision.
– Full retirement is 66.
– Retire 70 from 66 get 8% increase.
– Social Security based on best 35 years of employment.
– You need 40 credits / 10 yrs. of credit.
– Ssa.gov> open an acct.
– If retire early before full retirement. Only make 17.4 starts to take benefit away.
– Q: you can work as much as you want after 66.
– When full retirements yr. can make 45,360.
– Living spouse benefit. You draw your own benefit.
– Living spouse can get $50^ benefit.
– 25% loss if retire early before 66.
– Retirement tax: based on income and social security.
– Single 25K 50 % taxed, 34K 85% faxed.
– Married 32K 50 % taxed 44K 85% taxed.
– At age 70 and ½ it is a requirement to withdraw money.
– New tax lower 12 l% 19-77K.
– Standard deductions 12 K married 24 k not taxed.
– No change of capital gains (investments and property) income from sold house taxed.200 K exemption for a single.

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