8 Important Retirement Related Ages

July 2022

Planning Tip

The Social Security Administration website allows you to create a free and secure account that provides personalized tools useful to you. Whether you are receiving Social Security benefits yet or not, this account allows you quick and easy access to your personalized retirement benefit estimates, estimates for your spouse’s benefits, allows you to check your application status, verify your reported earnings, set up or change your direct deposit, and much more.

Creating an account early on is beneficial to protecting your information with Social Security but if you are 62 years old or older, it is highly recommended you create your online account today.

Clicking on this link will lead you to the Social Security website.

Did You Know?

History:

The Social Security Act was signed into law by President Roosevelt on August 14th 1935 (Source: Social Security Administration)
By 1937 there was over 30 million Social Security number cards issued (Source: Social Security Administration)
The average lump-sum payment during the early years of Social Security was $58.05 (Source: Social Security Administration)
The first monthly retirement check was issued in the amount of $22.54 to Ida May Fuller who retired as a legal security on January 31st 1940. She was 65 years old. (Source: Social Security Administration)
Nearly 20 million beneficiaries enrolled in Medicare within the first 3 years of the program. (Source: Social Security Administration)
1983 is when the taxation of Social Security benefits was signed into law. (Source: Social Security Administration)

Present Day:

Over 65 million people collected Social Security benefits in January 2022. (Source: Center On Budget and Policy Priorities)
82% of those who receive Social Security benefits are retired workers, dependents or aged widows (Source: Social Security Administration June 2021)
97% of older adults, aged 60 to 89, either receive Social Security or will receive it. (Source: Social Security Administration estimates)
The average Social Security retirement benefit in January 2022 was $1, 614 per month. (Source: Center On Budget and Policy Priorities)
1 in 4 older adults has Social Security providing 90% of their income (Source: Census Bureau study)

25 Fun Ways to Occupy The Mind and Increase Brain Health

There are a lot of issues going on in the world today that make it difficult to remain calm and positive. It is important to keep in mind that when you are unable to stop thinking of something upsetting, to try and focus your energy on something fun and uplifting. Let’s take a look at “25 Fun Ways To Occupy the Mind and Increase Brain Health”. These fun ways to occupy the mind also increase brain health, offering additional long-term benefits.

A Successful 11th Annual Shred Event!

Thank you to those who joined us for our 11th Annual Shred Event! It was a fun morning shredding documents, chatting with clients and meeting new people throughout our community. We safely shredded thousands of pounds of documents which are now in the process of being baled and shipped to local paper mills to be recycled for reuse!

A special thank you to all who generously donated to the local non-profit program, Act With Respect Always. Thank you for helping spread the importance of respect in our schools, sports and everyday life.

We are looking forward to the 12th Annual Shred Event next spring!

Pictured: All of us from Saratoga Financial Services- Jamie, Bob, Lauren, Amanda & Drew with the Act With Respect Always team and Confidata.

Robert Schermerhorn, CFP®

Jamie Usas, CFP®

Operations Manager

Amanda Friedman

Wealth Consultant

Andrew Chapman, CFP®

Operations Research Associate

Lauren Bliss

Office Coordinator

Saratoga Financial Services

18 Division Street, Suite 305

Saratoga Springs, NY 12866

Phone: (518) 584-2555

www.SaratogaRetire.com

Securities & advisory services offered through LPL Financial, a registered investment advisor, member FINRA/SIPC