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Social Security: Myths vs. Facts

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Dispelling some misperceptions about the program.

Provided by Meld Financial, Inc.

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Click here for more information on our next event, "Savvy Social Security Planning". If you're ready to register use our convenient form at the end of this post.

Some myths & misperceptions keep circulating about Social Security.

These are worth dispelling, as more and more baby boomers are becoming eligible for their retirement benefits.

Myth #1: Social Security will go away before you do.

The federal government has announced that Social Security may become insolvent between 2033 and 2037 if no action is taken – but it is practically a given that Congress will act on the program’s behalf. Social Security provides 40% of the total income of the 40 million Americans receiving retirement benefits.1Did you know that Social Security has had a surplus each year since 1984? That situation is about to change. By about 2020, the program is projected to face a deficit, which it will tap incoming interest payments to offset. It will only be able to use that tactic until the mid-2030s. The program will not “run dry” or go bankrupt at that point, but by some estimates, its payments to retirees could become about 25% smaller.1

Myth #2: Your Social Security benefits are “your” money.

It would be a fitting reward if your Social Security income represented the return of all the payroll taxes you had paid through the years. Unfortunately, that is not the case. The payroll taxes you paid decades ago funded the Social Security benefits that went to retirees at that time. Your Social Security benefits will be funded by the payroll taxes that a younger generation pays.2

Myth #3: Social Security income is tax-free.

In reality, up to 85% of your Social Security income may be taxed. Social Security uses a formula to determine the taxable amount, which is as follows: adjusted gross income + nontaxable interest + one-half of your Social Security benefit = your combined income. Single filers with combined incomes between $25,000-$34,000, and joint filers with combined incomes between $32,000-$44,000, may have as much as 50% of their benefits taxed. Single filers with combined incomes above $34,000, and joint filers with combined incomes above $44,000, may have up to 85% of their benefits subject to taxation.2

Myth #4: If you have never worked, you will never get Social Security benefits.

This is not necessarily true.Generally speaking, you have to work at least ten years to become eligible for Social Security income. That is, you have to spend ten or more years at jobs in which you pay Social Security taxes; you have to pay into the system to get something back from the system. Unfortunately, caregiving and child-rearing do not qualify you for Social Security.1To get technical about it, you must accumulate 40 “credits” to become eligible for benefits. When you receive $1,260 in earned income, you get one credit. Another $1,260 in earned income brings you another credit, and so forth. You can receive up to four credits per year. Most people will collect their 40 credits in a decade; though others will take longer.1If you have never worked, or worked for less than 10 years, you could still qualify for Social Security on the earnings record of your spouse, your ex-spouse, or your late spouse. A widow can choose to collect up to 100% of a deceased spouse’s monthly benefit; a married spouse can collect up to 50% of the other spouse’s monthly benefit. If you have divorced, you may still file for Social Security benefits based on your ex-spouse’s earnings record – provided that the marriage lasted ten years or longer and you have not married again.1Meld Financial, Inc. may be reached at 205-967-4200 or meld@meldfinancial.com 

Meld Financial, Inc.

3008 Pump House Rd.

Birmingham, AL  35243

www.meldfinancial.com

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Securities offered through Triad Advisors, LLC.  Member FINRA/SIPC.

Advisory services offered through Meld Financial, Inc.

Triad Advisors and Meld Financial are not affiliated.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.Citations.1 - fool.com/retirement/2016/07/18/12-jaw-dropping-stats-about-social-security.aspx [7/18/16]2 - usatoday.com/story/money/personalfinance/2016/04/03/social-security-facts/81883222/ [4/3/16][/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version="3.0.88"][et_pb_column type="1_4"][/et_pb_column][et_pb_column type="1_2"][et_pb_code admin_label="Anchor Link - Code" _builder_version="3.0.97"]<p id="register"></p>[/et_pb_code][et_pb_code admin_label="Form - Code" _builder_version="3.0.88" text_orientation="center" custom_padding="12px|12px|12px|12px" custom_css_main_element="width:100%;" use_background_color_gradient="on" background_color_gradient_start="#009900" background_color_gradient_end="#2968ce"][gravityform id="3" title="true" description="false" ajax="true" tabindex="1"]<!-- [et_pb_line_break_holder] -->[/et_pb_code][et_pb_text admin_label="Disclosure - Text" _builder_version="3.0.88" background_layout="light"]

Securities Offered Through Triad Advisors Inc. Member FINRA/SIPC

Advisory Services Offered Through Meld Financial Inc.

Meld Financial Inc. and Triad Advisors Inc. Are Not Related

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Key Financial Data for 2018

[et_pb_section bb_built="1"][et_pb_row][et_pb_column type="4_4"][et_pb_text _builder_version="3.0.95" background_layout="light"]A handy reference guide of 2018 financial data including new tax brackets, exemptions, deductions, retirement plan contribution limits, and Social Security and Medicare benefit information. This guide also provides key financial information for CPAs, attorneys and other professionals.[/et_pb_text][et_pb_image _builder_version="3.0.95" src="https://www.meldfinancial.com/wp-content/uploads/2018-Final-Key-Financial-Data-220px.jpg" show_in_lightbox="off" url="https://www.meldfinancial.com/wp-content/uploads/2018-Final-Key-Financial-Data.pdf" url_new_window="on" use_overlay="off" always_center_on_mobile="on" force_fullwidth="off" show_bottom_space="on" /][/et_pb_column][/et_pb_row][/et_pb_section]


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Meld Financial, Inc. Presents:

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[/et_pb_text][et_pb_text admin_label="Last Week Riddle Detail - Text" _builder_version="3.0.95" background_layout="light"]The more of them you add, the less something will weigh. What are they?[/et_pb_text][et_pb_text admin_label="Last Answer - Text" _builder_version="3.0.86" background_layout="light" text_font="Alegreya SC||||||||" header_5_font="Alegreya SC||||||||" header_5_font_size="24px"]
Last week's answer:
[/et_pb_text][et_pb_text admin_label="Last Answer Detail - Text" _builder_version="3.0.95" background_layout="light" custom_padding="||356px|" custom_padding_tablet="||400px|" custom_padding_phone="||24px|" custom_padding_last_edited="on|desktop"]Holes.[/et_pb_text][/et_pb_column][et_pb_column type="3_4"][et_pb_text admin_label="Detail - Text" _builder_version="3.0.95" background_layout="light" background_color="#ffffff"]January 15, 2018RETAIL SALES ROSE IN DECEMBERConsumers spent freely during the holidays: the latest Census Bureau report shows a nice advance for retail purchases. They improved 0.4% last month, with core retail sales up by the same amount.1PRODUCER PRICES UNEXPECTEDLY RETREATIn December, wholesale inflation declined for the first time in 18 months. Even with that 0.1% dip, the Producer Price Index advanced 2.6% for 2017, compared with 1.7% in 2016. Households contended with 2.1% inflation during 2017 according to the Consumer Price Index, which ticked up 0.1% last month. Core consumer prices rose 0.3% in December, so the 2017 core CPI gain was 1.8%.1,2OIL CLIMBS AGAINLast week, prices benefited from reduced reserves and extensions of U.S. sanctions relief against Iran. West Texas Intermediate crude settled at $64.30 Friday on the NYMEX, advancing 4.7% across five trading days. That was its highest price since December 2014.3ANOTHER SOLID WEEK FOR EQUITIESBulls still far outnumber bears on Wall Street, as last week’s major index performances show. For the week, the Dow Jones Industrial Average rose 2.01% to 25,803.19; the Nasdaq Composite, 1.74% to 7,261.06; the S&P 500, 1.57% to 2,786.24. The last five market days also brought a 2.05% gain for the Russell 2000. The PHLX Oil Service index ended the week up 23.24% month-over-month.4THIS WEEK: U.S. financial markets are mostly closed on Martin Luther King Jr. Day (futures do trade on Monday morning). Citigroup, Comerica, CSX, and UnitedHealth Group release earnings on Tuesday. Wednesday’s earnings announcements include news from Alcoa, Bank of America, Fastenal, Goldman Sachs, and U.S. Bancorp; in addition, the Federal Reserve offers a new Beige Book. On Thursday, American Express, BoNY Mellon, BB&T, J.B. Hunt, IBM, KeyCorp, and Morgan Stanley announce earnings; investors will consider new initial claims data and a report on December construction activity as well. Friday, Regions Financial, Schlumberger, and SunTrust Bank report earnings, and the preliminary January consumer sentiment index from the University of Michigan appears.
% CHANGEY-T-D1-YR CHG5-YR AVG10-YR AVG
DJIA+4.39+29.72+18.26+10.47
NASDAQ+5.18+30.89+26.46+19.76
S&P 500+4.21+22.72+17.86+9.89
REAL YIELD1/12 RATE1 YR AGO5 YRS AGO10 YRS AGO
10 YR TIPS0.54%0.38%-0.63%1.56%
Sources: wsj.com, bigcharts.com, treasury.gov - 1/12/184,5,6,7Indices are unmanaged, do not incur fees or expenses, and cannot be invested into directly. These returns do not include dividends. 10-year TIPS real yield = projected return at maturity given expected inflation.[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version="3.0.86" custom_margin="0px|||" custom_padding="0px|||"][et_pb_column type="4_4"][et_pb_text admin_label="Forward to friends - Text" _builder_version="3.0.86" background_layout="light" text_font="Alegreya Sans SC||||||||" header_font="Alegreya SC||||||||" header_font_size="48px" background_color="#dddddd"]

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Meld Financial, Inc.

P.O. Box 43626

Birmingham, AL  35243

Phone:  205-967-4200

Email:  Meld@meldfinancial.com

www.meldfinancial.com

 

Securities offered through Triad Advisors, LLC. Member FINRA/SIPC.

Advisory services offered through Meld Financial, Inc.

Triad Advisors and Meld Financial are not affiliated.

[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row][et_pb_column type="4_4"][et_pb_text admin_label="Disclosure Detail - Text" _builder_version="3.0.95" background_layout="light" text_font_size="10px" module_class="fine-print-post-text"]This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. The information herein has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative of any particular investment. Indices do not incur management fees, costs and expenses, and cannot be invested into directly. All economic and performance data is historical and not indicative of future results. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is a market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor's 500 (S&P 500) is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. MarketingPro, Inc. is not affiliated with any person or firm that may be providing this information to you. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. Citations.1 - investing.com/economic-calendar/ [1/12/18]2 - thestreet.com/story/14446654/1/producer-price-index-falls-for-first-time-since-2016.html [1/11/18]3 - marketwatch.com/story/oil-prices-slip-from-3-year-high-as-traders-wait-for-trump-move-on-iran-2018-01-12 [1/12/18]4 - markets.wsj.com/us [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F12%2F17&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F12%2F17&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F12%2F17&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F11%2F13&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F11%2F13&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F11%2F13&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=DJIA&closeDate=1%2F11%2F08&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=COMP&closeDate=1%2F11%2F08&x=0&y=0 [1/12/18]5 - bigcharts.marketwatch.com/historical/default.asp?symb=SPX&closeDate=1%2F11%2F08&x=0&y=0 [1/12/18]6 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield [1/12/18]7 - treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyieldAll [1/12/18][/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]


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