Understanding Social Security - Investment Workshop
Here is a taste of what was covered during the workshop.
How does Social Security work?
Throughout your career, you pay a portion of your earnings into a trust fund by paying Social Security or self-employment taxes. In return, you receive certain benefits that can provide income at retirement or if you become disabled.
Social Security eligibility
A person must typically build up 40 credits (10 years of work) to be eligible for Social Security retirement benefits. Fewer credits are required for disability or family member eligible survivor benefits.
Your retirement benefits
Your benefit is based on your average earnings over your working career. Other factors such as age when you start receiving benefits will affect your total amount.
Other types of benefits
- Disability benefits: If you become disabled, you may be eligible for Social Security disability benefits.
- Family benefits: Your family members might be eligible to receive benefits based on your earnings record.
- Survivor benefits: when you die, your family members may qualify for survivor benefits based on your earnings record.
Applying for Social Security benefits
The SSA recommends apply for benefits online at the SSA website, but you can also apply by calling (800) 772-1213 or by making an appointment at your local SSA office. The SSA suggests that you apply for benefits three months before you want your benefits to start. If you're applying for disability or survivor benefits, apply as soon as you are eligible.
To Learn more about the Social Security program or to get more information on any of the above topics, schedule a complimentary appointment with your CFS* financial consultant.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.