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Reasons to be thankful during elderly planning

Most Americans, including some retirees, do not realize how important Social Security is to a person's financial well-being. It may be the country's most important program since it has provided a monthly payout to over 66 million Americans over the past 77 years. In Texas, people do not take the program for granted; in fact, they are thankful for the additional financial support, especially when doing elderly planning for retirement.

To qualify for retirement benefits, a person only needs to work part-time for a minimum of 10 years. Social Security is not an entitlement program, a person has to earn his or her way into it. Americans will need at least 40 lifetime work credits to be eligible for benefits. That equates to a mere $1,320 in earned income for one work credit and $5,280 in earned income that will max out credits for the entire year.

Studies show that the benefit calculation is based on earnings and work history, so it is in one's best interest to earn as much as possible by working at least 35 years or more. Social Security is a guaranteed monthly payout for retirees as long as a person meets the working requirements. A 12.4 percent payroll tax will keep money flowing into the account as long as younger Americans continue to work.

Social Security has been beneficial in keeping one-third of senior citizens out of poverty. Studies show that some rely on it for 90 percent or more of their monthly income, and another 62 percent count on it for at least half. If someone has questions or concerns about elderly planning for retirement, he or she should consult with an estate attorney. In Texas, a lawyer with an in-depth knowledge of estate administration can provide answers regarding a client's retirement needs.

Source: fool.com, "7 Reasons to Be Thankful for Social Security -- The Motley Fool", Sean Williams, Nov. 23, 2017

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