Assisting with Social Security Benefit for Widows

Where does Social Security fit in an overall retirement income plan?

If you are a widow or widower, then it’s important to know what your Social Security benefits should be and how the process works. Our goal is to maximize your Social Security benefits. Your benefits, known as your Primary Insurance Amount (PIA) is the monthly benefit for which you are eligible at your full retirement age (FRA). FRA varies based on the year of birth. Originally age 65, the federal government has increased FRA for anyone born after 1937 in recognition of longer life expectancies. For instance, life expectancy in 1937 was less than 65. Today, it is about 78. Find out more about the Social Security benefit collection for widows in Ridgewood, NJ by scheduling a consultation at our financial advisory firm. Vaughan & Co. Securities, Inc. provides comprehensive retirement planning for widows and widowers.

The Social Security Administration (SSA) uses your highest 35 years of employment to arrive at your Average Indexed Monthly Earnings (AIME). For more information, please visit www.ssa.gov to get your Social Security statement. If you continue working after reaching FRA, the SSA automatically recalculates your benefits each year you continue to work. If your current income is greater than any of your previously calculated “highest 35 years,” your benefits will be adjusted upward. The increase generally will be made in October of the following year but will be retroactive to January 1. In addition, Social Security retirement benefits are automatically modified each year for inflation, known as Cost-of-Living Adjustments (COLAs).

Click on the attached PDF Files to learn more about:

Social Security Benefits
Social Security Memo

Contact us if you have questions about pre-retirement investment advising services. We proudly serve clients in Ridgewood, Bergen County, and throughout the greater Northern NJ area.