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Asked by someone from OK on 9/7/2014
Personal Financial Planning Department
Personal Financial Planning Department, CFP says
In order to qualify for social security you must have 10 years of work. Your social security amount is calculated by averaging out the highest 35 years of earnings that you have. This means that if you have already worked 35 years, then not working for those 4 years will not affect your benefit amount. However, if you do not have 35 years of ... (Read More)
Asked by someone from MI on 9/8/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
They're about the same as Forward Mortgages. Yesterday I quoted a 4.50% fixed interest rate for a homeowner in Nevada. If I pay fees, I increase the interest rate, just like Loan Officer's do with Forward Mortgages. (Read More)
Asked by someone from KY on 9/3/2014
Personal Financial Planning Department
Personal Financial Planning Department, CFP says
Unfortunately your wife cannot receive both benefits, but she can receive the highest benefit available. The tier 1 portion of the Railroad Retirement spousal annuity is reduced by any social security entitlement no matter whose benefit it is based on. The reduction follows social security law and limits the individual to the higher of any ... (Read More)
Asked by someone from NY on 9/2/2014
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Yes - it needs to be a leasehold under a lease for not less than 99 years which is renewable, or under a lease having the remaining period of not less than 50 years beyond the date of the 100th birthday of the youngest mortgagor. (Read More)
Asked by someone from NC on 9/2/2014
Personal Financial Planning Department
Personal Financial Planning Department, CFP says
You can receive social security as early as age 62. However, here are a few issues to consider - You are able to claim a reduced benefit as early as age 62 if you have obtained a minimum of 40 quarters of social security credits. This reduction in benefits is permanent. You could claim a spousal benefit under the age 62 if, your spouse is at ... (Read More)
Asked by someone from NY on 8/10/2014
Steve Chen
Steve Chen,  says
If 66 is your full retirement age (likely) then you'll have not more work penalty, so you can earn anything and not have it lower your social security benefit that year. You can learn more here: http://www.newretirement.com/Services/Social-Security-When-To-Start.aspx (Read More)

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