OUR THOUGHTS ON:

Social Security and Who Said the Government Doesn't Have a Sense of Humor?

Tax

By Thomas Lisak

In an earlier news release, the Social Security Administration published its annual list of the most popular baby names. For 2010, the most popular boy’s name was Jacob, while the most popular girl’s name was Isabella. The complete list can be found on the website at www.socialsecurity.gov.

In a humorous note, the news release stated:

“There is also some sad news to report on what is usually a happy topic. To the dismay of Social Security Commissioner Michael J. Astrue, Elvis has left the building. Quicker than you can eat a fried peanut butter and banana sandwich, Elvis slipped out of the top 1,000 for the first time since 1954.

“This news about Elvis has me all shook up,” said Commissioner Astrue. “But that’s all right mama. I’m confident that, next year, America’s new parents can’t help falling in love with Elvis again and moving it back into the top 1,000.”

On a less humorous note, did you know that there are potential ways to possibly increase your overall Social Security benefits when you reach your full retirement age for benefits? For example, if you defer collecting your benefits, your monthly benefit will increase for each month of deferral up until age 70.

Furthermore, if both you and your spouse have worked and qualified for benefits, and you both have reached full retirement age, you may be able to defer your benefits based on your earnings record, while collecting 50% of spousal benefits based on your spouse’s earnings record. If retirement benefits are delayed, a higher benefit may be received at a later date based on the effect of delayed retirement credits.

If you have any questions, please contact Tom Lisak at tlisak@schneiderdowns.com.

© 2011 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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