A few days ago, I wrote an article on old age health insurance, and then someone asked me about how to receive social security benefits and pensions after retirement.
Social security benefits, as long as the length of service is 10 years or more (Hans born in 1929 or later needs 10 years of work (40 credits) to be eligible for retirement benefits. People born before 1929 need less years of Everyone can enjoy it. Pension is not everyone has, all regions, departments of the pension is also not the same. Only on my own situation, a brief description of different categories. Therefore, does not necessarily meet the requirements of all. Please understand!
Social security benefits. Social security benefits began on August 14, 1935, signed by President Roosevelt. The purpose of this plan is to protect the basic life of the elderly and the disabled. Anyone who has a job must pay monthly social security benefits. The cost according to the level of wages, take different proportions. At that time, about 5% of the wages of me (employees) were paid, and the university (employer) of the job was paid the corresponding number and entered my social security welfare account. Because the wages of different levels, the proportion of different extraction, the proportion of its extraction from the monthly payroll on the check, but also from the Internet, the URL is: http://en.wikipedia.org/wiki/ Social_Security_Wage_Base. Once you are working for 10 years, you will receive an account summary report from the Social Security Department on June 30 each year. Detail how much money is paid each year in your account and how much you can get a monthly benefit ($) per year after retirement. This information can also be checked from the Internet at: http://www.cpasiteso; ution.com/content/calcs/SocialSecurity.html. If it is disabled, as long as the basic conditions that work 10 years, any age can receive social security benefits. In the case of healthy people, the minimum age for receiving social security benefits is 62 years and 75% of the total benefit is available. The earliest age of full social security benefits is inconsistent and is based on the year of birth. For example, I was born in 1943, take the full social security benefits of the earliest age is 66 years old. Of course, to 66 years old can not receive, every year after the amount of its increase of 8% (1943 or later born), until 70 years old, can not be delayed, must be received. Once you decide to retire, you will be notified three months in advance of the social security department, agreed to meet with them, ask when you want to receive social security benefits, fill out a form, attach your bank account number. They will send your bank account on time, never delay. Many people ask me, what time to receive social security benefits the most appropriate, 62 years old to receive 75% of the benefits, 66 years old to receive full benefits, or wait until the age of 70 to receive higher than the full amount of benefits? This question is hard to answer because it is related to human life. I have a rough calculation, if the life of 80 years of age, 62 years of age to receive 75% of social security benefits more appropriate; life at 80 years of age, to receive the full amount; if the life of 90 or more, then wait until 70 years of age to receive more appropriate The I, at the age of 66, receive full social security benefits. Social security benefits are part of your income (income), is to pay taxes. In addition, social security benefits are lifelong, until the end of life, social security number canceled, welfare will follow the termination. If someone's life is terminated, his spouse or descendants do not cancel the social security number, continue to receive benefits, after seizure must be fine, or even jail.
2.TIAA-CREF is renamed as Teachers Insurance and Annuity Association - College Retirement Equities Fund. TIAA was founded in 1918 and CREF was founded in 1933. It is a retirement account in the academic, research, medical and cultural fields. This account is equivalent to 401 (k) retirement accounts in other areas. TIAA-CREF retirement account is not mandatory, and can not participate, can not participate in. In our college (University of Alabama at Birmingham, UAB), every month from my (employees) wages raised 5% into my TIAA -CREF account, while the college (employer) also pay the appropriate number into my account. Employers pay different proportions, and some colleges pay 7.5% of employees' wages (such as Duke University) or even 15% (such as the Howard Hughes Medical Institute). If you want to keep a little more for the elderly to lay a solid foundation, you can increase the amount of monthly deposit, but not more than 20% of wages, more than 5% of wages, college (employers) will not cooperate with you. TIAA-CREF account is free to choose the annuity or fund you want to buy. Which has a very conservative TIAA Traditional Annuity, which is an annuity. According to the different interest rates each year, regardless of the stock market fluctuation, you can get a 3-5% annual return. Other funds belonging to the Fund, there are TIAA-CRED S & P 500 Index, CREF Stock fund, CRED Equity Index fund, CRED Growth fund, TIAA Real Estate fund ..... and so on. This kind of fund with the stock market volatility, price fluctuation, there is a greater investment risk. May be 12% a year long, it may drop 10% a year, a larger volatility. TIAA-CREF Retirement account No matter how much money is deposited, it is always part of the protection of post-retirement life. With age, it is best to be conservative. Many economists recommend that the proportion of the conservative part of the risk part of the investment increase with age, such as 50 years old, the best proportion of these two parts should be 50% / 50%; 60 years old, 60% / 40%; 70 years old, 70% / 30% ... ... ratio adjustment, you can call directly TIAA, please agent to help you deal with; can also own on the TIAA-CREF website to adjust. This year the stock market rose, although my age 70, the ratio set at 60% / 40%, in order to return more; if the stock market fell next year, the ratio may be set to 80% / 20%, in order to maintain stability , Do not shrink too much during the fall of the stock market. The so-called principle, nor is it immutable. TIAA-CREF redemption must wait until 59 1/2 years old, early redemption is possible, but to pay 10% fine. Once to 59 1/2 years old, in order to withdraw money is very simple, just make a phone call to tell you your withdrawal plan on the line, they will follow your plan. Unless you have only a very small amount of money in your account, it is unreasonable to withdraw all the money at once because you want to take too much tax. Generally can be divided into 10 years, or 20 years finished, TIAA monthly money directly to your bank account, until the end of the deposit in the account so far. This amount is part of the annual income (income). In order to avoid excessive taxation, you can also extract the "most" minimum from the TIAA-CREF account, which can keep your account above 100 years of age. TIAA-CREF can postpone withdrawals if the social security benefits and the TRS project to be mentioned below are already sufficient to cover the cost of living and feel that there is no tension at hand and no more coins are needed. However, once you reach 70 1/2 years old, you must start the withdrawal plan, and then delay the Federal Inland Revenue Department to punish you, and beware!
3. TRS full name for Teachers-the Retirement System of Alabama. In fact belongs to the nature of the pension, for the Alabama education system of life-long welfare. This kind of pension is also available in other states, but only in public schools. Moreover, the fund source, the proportion of delivery, the calculation of pension payments, the form of pension payments are different, by the state to decide. Once working in the Alabama education system, you must attend TRS. 5% of your monthly salary, employer (employer) to provide the same funds into your TRS account. At present, due to the economic downturn, cash flow difficulties, so the proportion has increased. I heard that since 2014, employees (employees) from their wages in the extraction of 7.5%, employers (employers) will have to provide 11.2% of funds into the account (I did not go to verify). After 10 years of work (10 years of work), employees are eligible for pension benefits. The earliest age of pension extraction is 60 1/2 years old, but I heard that the earliest age of pensions in 2014 has risen to 62 years. If an employee has been working in the Alabama teaching system for 25 years, he is not age-restricted and can be raised at any age. The payment of the pension is calculated by the formula: the average wage of the maximum wage for three years X X0.02. For example, the employee's three-year average salary of 50000 knives, 20 years of age, his pension is: 50000 knife / year X20X0.02 = 20000 knife / year. And then divided by 12, is the monthly income, that is, 1666 knife / month Before you get a pension, there is a form to fill in the table and write a few years later, when you pass away, ask your spouse if you need to share your pension? If you answer, NO, then you will receive 1666 per month; if your spouse needs to share half of your total pension, you may only get 1466 knives per month; if your spouse needs to share your The amount of pension, then you may only get 1266 knife / month, or even less (a unified calculation method, not to verify). Pensions are part of the salary of a retiree and are required to be taxed. By the way, Alabama's pension system is one of the best old welfare systems in the nation. Many of my friends are so envious because they do not have this system and can not get the pension at all.
4.Traditional IRA / Roth IRA, the Traditional Individual Retirement Account and Roth Individual Retirement Account. This retirement account for the whole people, there is no mandatory, you can open an account, you can not open an account. 2013, each person can be a maximum deposit of 5500 per year into their own account; 50 years of age, each year can be a maximum deposit of 6500 knives. Roth IRA was submitted in 1997 by William V. Roth, Jr's motion, Congressional Discussion passed. IRA and Roth IRA main differences are two points, 1) IRA deposit is pre-tax income, Roth IRA deposit is the after-tax income. Thus, the amount withdrawn from the IRA account is taxed, including the investment surplus; and the Roth IRA account is no longer taxed, including the investment surplus; 2) IRA is the latest extraction age of 70 1 / 2 years old, and Roth IRA does not have this provision, can be retained for life. As for the other rules, you can check from the Internet. Whether it is that account, you can invest, you can buy stocks, buy funds, do futures and so on. But since it is a retirement account, I think it is not advisable to take too much risky investment. Do not get your hard earned sweat money and play in the stock. To his later years, lost the ability to work, no money is absolutely impossible, although it is not a panacea!
Some people have to ask: "TIAA-CREF / IRA and their own investment in the company's account is different? Are investment ah!" There are at least four different: 1) into the retirement account (TIAA-CREF / IRA) money, 2) retired accounts in the profit section of the year do not have to pay taxes, until the redemption need to pay taxes. 4) retirement funds in the account, can not be free to redeem, to wait until a certain age, or to be fined. (3) retirement accounts are not profit units, the commission is very low;
Finally, the song in the Dream of Red Mans a good song as a conclusion: "the world is fair and immortal good, only children and grandchildren can not forget; infatuated parents to the ancient, filial piety children who met?" In the 18th century Chinese feudal era, Anti-aging, not to mention the 21st century today? Early to do their own retirement plan, put their old age arrangements! The sooner the better!
Social security benefits, as long as the length of service is 10 years or more (Hans born in 1929 or later needs 10 years of work (40 credits) to be eligible for retirement benefits. People born before 1929 need less years of Everyone can enjoy it. Pension is not everyone has, all regions, departments of the pension is also not the same. Only on my own situation, a brief description of different categories. Therefore, does not necessarily meet the requirements of all. Please understand!
Social security benefits. Social security benefits began on August 14, 1935, signed by President Roosevelt. The purpose of this plan is to protect the basic life of the elderly and the disabled. Anyone who has a job must pay monthly social security benefits. The cost according to the level of wages, take different proportions. At that time, about 5% of the wages of me (employees) were paid, and the university (employer) of the job was paid the corresponding number and entered my social security welfare account. Because the wages of different levels, the proportion of different extraction, the proportion of its extraction from the monthly payroll on the check, but also from the Internet, the URL is: http://en.wikipedia.org/wiki/ Social_Security_Wage_Base. Once you are working for 10 years, you will receive an account summary report from the Social Security Department on June 30 each year. Detail how much money is paid each year in your account and how much you can get a monthly benefit ($) per year after retirement. This information can also be checked from the Internet at: http://www.cpasiteso; ution.com/content/calcs/SocialSecurity.html. If it is disabled, as long as the basic conditions that work 10 years, any age can receive social security benefits. In the case of healthy people, the minimum age for receiving social security benefits is 62 years and 75% of the total benefit is available. The earliest age of full social security benefits is inconsistent and is based on the year of birth. For example, I was born in 1943, take the full social security benefits of the earliest age is 66 years old. Of course, to 66 years old can not receive, every year after the amount of its increase of 8% (1943 or later born), until 70 years old, can not be delayed, must be received. Once you decide to retire, you will be notified three months in advance of the social security department, agreed to meet with them, ask when you want to receive social security benefits, fill out a form, attach your bank account number. They will send your bank account on time, never delay. Many people ask me, what time to receive social security benefits the most appropriate, 62 years old to receive 75% of the benefits, 66 years old to receive full benefits, or wait until the age of 70 to receive higher than the full amount of benefits? This question is hard to answer because it is related to human life. I have a rough calculation, if the life of 80 years of age, 62 years of age to receive 75% of social security benefits more appropriate; life at 80 years of age, to receive the full amount; if the life of 90 or more, then wait until 70 years of age to receive more appropriate The I, at the age of 66, receive full social security benefits. Social security benefits are part of your income (income), is to pay taxes. In addition, social security benefits are lifelong, until the end of life, social security number canceled, welfare will follow the termination. If someone's life is terminated, his spouse or descendants do not cancel the social security number, continue to receive benefits, after seizure must be fine, or even jail.
2.TIAA-CREF is renamed as Teachers Insurance and Annuity Association - College Retirement Equities Fund. TIAA was founded in 1918 and CREF was founded in 1933. It is a retirement account in the academic, research, medical and cultural fields. This account is equivalent to 401 (k) retirement accounts in other areas. TIAA-CREF retirement account is not mandatory, and can not participate, can not participate in. In our college (University of Alabama at Birmingham, UAB), every month from my (employees) wages raised 5% into my TIAA -CREF account, while the college (employer) also pay the appropriate number into my account. Employers pay different proportions, and some colleges pay 7.5% of employees' wages (such as Duke University) or even 15% (such as the Howard Hughes Medical Institute). If you want to keep a little more for the elderly to lay a solid foundation, you can increase the amount of monthly deposit, but not more than 20% of wages, more than 5% of wages, college (employers) will not cooperate with you. TIAA-CREF account is free to choose the annuity or fund you want to buy. Which has a very conservative TIAA Traditional Annuity, which is an annuity. According to the different interest rates each year, regardless of the stock market fluctuation, you can get a 3-5% annual return. Other funds belonging to the Fund, there are TIAA-CRED S & P 500 Index, CREF Stock fund, CRED Equity Index fund, CRED Growth fund, TIAA Real Estate fund ..... and so on. This kind of fund with the stock market volatility, price fluctuation, there is a greater investment risk. May be 12% a year long, it may drop 10% a year, a larger volatility. TIAA-CREF Retirement account No matter how much money is deposited, it is always part of the protection of post-retirement life. With age, it is best to be conservative. Many economists recommend that the proportion of the conservative part of the risk part of the investment increase with age, such as 50 years old, the best proportion of these two parts should be 50% / 50%; 60 years old, 60% / 40%; 70 years old, 70% / 30% ... ... ratio adjustment, you can call directly TIAA, please agent to help you deal with; can also own on the TIAA-CREF website to adjust. This year the stock market rose, although my age 70, the ratio set at 60% / 40%, in order to return more; if the stock market fell next year, the ratio may be set to 80% / 20%, in order to maintain stability , Do not shrink too much during the fall of the stock market. The so-called principle, nor is it immutable. TIAA-CREF redemption must wait until 59 1/2 years old, early redemption is possible, but to pay 10% fine. Once to 59 1/2 years old, in order to withdraw money is very simple, just make a phone call to tell you your withdrawal plan on the line, they will follow your plan. Unless you have only a very small amount of money in your account, it is unreasonable to withdraw all the money at once because you want to take too much tax. Generally can be divided into 10 years, or 20 years finished, TIAA monthly money directly to your bank account, until the end of the deposit in the account so far. This amount is part of the annual income (income). In order to avoid excessive taxation, you can also extract the "most" minimum from the TIAA-CREF account, which can keep your account above 100 years of age. TIAA-CREF can postpone withdrawals if the social security benefits and the TRS project to be mentioned below are already sufficient to cover the cost of living and feel that there is no tension at hand and no more coins are needed. However, once you reach 70 1/2 years old, you must start the withdrawal plan, and then delay the Federal Inland Revenue Department to punish you, and beware!
3. TRS full name for Teachers-the Retirement System of Alabama. In fact belongs to the nature of the pension, for the Alabama education system of life-long welfare. This kind of pension is also available in other states, but only in public schools. Moreover, the fund source, the proportion of delivery, the calculation of pension payments, the form of pension payments are different, by the state to decide. Once working in the Alabama education system, you must attend TRS. 5% of your monthly salary, employer (employer) to provide the same funds into your TRS account. At present, due to the economic downturn, cash flow difficulties, so the proportion has increased. I heard that since 2014, employees (employees) from their wages in the extraction of 7.5%, employers (employers) will have to provide 11.2% of funds into the account (I did not go to verify). After 10 years of work (10 years of work), employees are eligible for pension benefits. The earliest age of pension extraction is 60 1/2 years old, but I heard that the earliest age of pensions in 2014 has risen to 62 years. If an employee has been working in the Alabama teaching system for 25 years, he is not age-restricted and can be raised at any age. The payment of the pension is calculated by the formula: the average wage of the maximum wage for three years X X0.02. For example, the employee's three-year average salary of 50000 knives, 20 years of age, his pension is: 50000 knife / year X20X0.02 = 20000 knife / year. And then divided by 12, is the monthly income, that is, 1666 knife / month Before you get a pension, there is a form to fill in the table and write a few years later, when you pass away, ask your spouse if you need to share your pension? If you answer, NO, then you will receive 1666 per month; if your spouse needs to share half of your total pension, you may only get 1466 knives per month; if your spouse needs to share your The amount of pension, then you may only get 1266 knife / month, or even less (a unified calculation method, not to verify). Pensions are part of the salary of a retiree and are required to be taxed. By the way, Alabama's pension system is one of the best old welfare systems in the nation. Many of my friends are so envious because they do not have this system and can not get the pension at all.
4.Traditional IRA / Roth IRA, the Traditional Individual Retirement Account and Roth Individual Retirement Account. This retirement account for the whole people, there is no mandatory, you can open an account, you can not open an account. 2013, each person can be a maximum deposit of 5500 per year into their own account; 50 years of age, each year can be a maximum deposit of 6500 knives. Roth IRA was submitted in 1997 by William V. Roth, Jr's motion, Congressional Discussion passed. IRA and Roth IRA main differences are two points, 1) IRA deposit is pre-tax income, Roth IRA deposit is the after-tax income. Thus, the amount withdrawn from the IRA account is taxed, including the investment surplus; and the Roth IRA account is no longer taxed, including the investment surplus; 2) IRA is the latest extraction age of 70 1 / 2 years old, and Roth IRA does not have this provision, can be retained for life. As for the other rules, you can check from the Internet. Whether it is that account, you can invest, you can buy stocks, buy funds, do futures and so on. But since it is a retirement account, I think it is not advisable to take too much risky investment. Do not get your hard earned sweat money and play in the stock. To his later years, lost the ability to work, no money is absolutely impossible, although it is not a panacea!
Some people have to ask: "TIAA-CREF / IRA and their own investment in the company's account is different? Are investment ah!" There are at least four different: 1) into the retirement account (TIAA-CREF / IRA) money, 2) retired accounts in the profit section of the year do not have to pay taxes, until the redemption need to pay taxes. 4) retirement funds in the account, can not be free to redeem, to wait until a certain age, or to be fined. (3) retirement accounts are not profit units, the commission is very low;
Finally, the song in the Dream of Red Mans a good song as a conclusion: "the world is fair and immortal good, only children and grandchildren can not forget; infatuated parents to the ancient, filial piety children who met?" In the 18th century Chinese feudal era, Anti-aging, not to mention the 21st century today? Early to do their own retirement plan, put their old age arrangements! The sooner the better!
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