Family: Your Social Security

Your Social Security

Written by Terry J. Rigg

It seems like everyone I talked to has a different opinion on when they would be eligible for Social Security. Some younger folks said that they couldn't retire until they were at least 70. A lot of older folks believe that they can't start drawing their Social Security until they reach 65. They are all partially right.

I'm not going to get into whether or not Social Security will survive repparttar next few years. There are too many factors that could save it or destroy it, and most of them live in Washington, DC. I am simply going to give you repparttar 110356 current status of your Social Security eligibility.

It is true that there are different full retirement ages depending on when you were born. However, each person paying into Social Security can start drawing their partial retirement at age 62. The chart below indicates at what age you can retire and receive your full benefits.

Year of Birth

Note: Persons born on January 1 of any year should refer to repparttar 110357 previous year.

Full Retirement Age

1937 or earlier - 65

1938 - 65 and 2 months

1939 - 65 and 4 months

1940 - 65 and 6 months

1941 - 65 and 8 months

1942 - 65 and 10 months

1943--1954 - 66

1955 - 66 and 2 months

1956 - 66 and 4 months

1957

66 and 6 months

1958 - 66 and 8 months

1959 = 66 and 10 months

1960 and later - 67

Visit http://www.ssa.gov/retirechartred.htm to see repparttar 110358 complete chart of Social Security Full Retirement and Reductions by Age

By repparttar 110359 chart above someone born in 1955 can start receiving repparttar 110360 full benefits at age 66 years and 2 months. If they choose to retire between age 62 and 66 years and 2 months this benefit will be reduced based on repparttar 110361 number of months they retire early. If they chose to retire after age 66 years and 2 months repparttar 110362 benefit will increase.

10 Things You Should Know About Credit Cards

Written by Terry J. Rigg

Maybe these 10 items may answer some questions you have about using credit cards. Make sure to check out repparttar

link in #1.

#1. Don't Use Them.

Credit cards accounted for 1.3 million Americans filing bankruptcy in 1998.

#2. If you use credit cards pay them off each month.

Carrying a balance on your credit cards could add up to hundreds of dollars each year in interest and penalties.

#3. If you can't pay off your credit card balance each month, pay as much as possible.

Every extra dollar you pay over repparttar 110355 interest charges goes toward paying off repparttar 110356 principle. Minimum payments are 90% interest and 10% principle.

#4. Never obtain a credit card based on an introductory interest rate.

Introductory interest rates are strictly bait to get you hooked. After a short period of time repparttar 110357 intro rate increases substantially.

#5. Be careful consolidating your credit card debt.

Whether you use equity in your home or find another credit card to lower your interest rate, there are things you MUST DO. If you pay off a credit card you are going to receive constant offers, either checks in repparttar 110358 mail or special offers, to use that credit card again. Be sure to cut up repparttar 110359 credit card you paid off and contact repparttar 110360 company to cancel.

#6. Do not obtain credit card protection.

Many credit card companies offer credit card protection for a fee. This is normally a percentage of repparttar 110361 outstanding balance. According to repparttar 110362 Federal Trade Commission, (http://www.ftc.gov/bcp/conline/pubs/alerts/lossalrt.htm) you are only obligated to pay repparttar 110363 first $50 when your credit card is used by someone unauthorized. You could easily pay several times repparttar 110364 $50 for credit card protection in a year.

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