Social Security factors for maximum benefit

 While 91% of survey respondents said they’re at least somewhat confident in their Social Security knowledge, only 7% could identify the factors that determine a maximum benefit. Here's two of the factors: Work history. Your benefits are based on average indexed monthly earnings during the 35 years in which you earned the most. Age. While you can start receiving benefits as early as age 62, you are not entitled to your full benefit until you reach your full retirement age, which varies based on birth year, and to get the maximum benefit you would have to wait until age 70. For more details go to yoursafemoneyshow.com.

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Topics for the Saturday September 24th Your Safe Money Show

 For this Saturday's (September 24th) Your Safe Money Show heard at 8 a.m. on Nice 95.5FM KBEK, your host Todd Sjoberg will talk about insecurities about Social Security and the upcoming COLA (Cost of living adjustment). He will also look at how snowbirds can be taxed as Florida residents (or other warm weather state like Texas, Arizona ect). And he'll explain how to have the best credit score possible. KBEK streams live at kbek.com. Hear recent shows at yoursafemoneyshow.com at our podcast page.

COLA

 Every year Social Security benefits are subject to a COLA, a cost of living adjustment. That COLA is based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W measures changes in a number of key goods and services on a year-over-year basis. The CPI-W is the tool of choice for determining COLAs, and data derived from it during the year's third quarter is how next year's COLA will be established. And since that data won't be available until October 13th, seniors will have to wait a while longer to see what sort of raise they'll be getting in 2023. Todd will have more details on the COLA and more on this Saturday's Your Safe Money Show at 8 a.m. on Nice 95.5FM KBEK.

What "not" to do with your Social Security card

 Here is a "heads-up" from Social Security:

The Social Security Administration says, “Do Not laminate your Social Security card”. Lamination prevents detection of many security features. However, you may cover the card with plastic or other removable material if it does not damage the card.” If you already have laminated a card, you can request a replacement. However, you will first need to return the laminated card before the SSA can process your request. You can call your local Social Security Administration office for more tips on how to return and replace your laminated card.

But before you make such a request, note that the SSA says that many people do not need a card and that simply knowing your Social Security number is good enough for most transactions where your number is needed.

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Your Safe Money Show topics for September 17th

 Coming up on Saturday September 17th edition of Your Safe Money Show heard at 8 a.m. at Nice 95.5FM KBEK. Todd Sjoberg your host will have a checklist for what to do, and not to do, after a loved one's passing. He will also have the types of IRA's. And how to spot counterfeit money. You can hear recent shows at our podcast page at yoursafemoneyshow.com.