Your Money: Answers for veterans on Social Security benefits
Many veterans are unaware of how to estimate their Social Security benefits, or they don't understand the cost of claiming benefits early or the payoff when they wait to take benefits later.
Many veterans are unaware of how to estimate their Social Security benefits, or they don't understand the cost of claiming benefits early or the payoff when they wait to take benefits later.
Someone due $1,500 a month at full retirement age of 66 would receive just $1,125 a month if benefits begin at age 62. But the benefit is $1,980 a month if they delay the starting date to age 70.
Veterans, including active-duty military, will be able to access a free estimate of their benefits on Monday - Veterans Day - at www.SocialSecurityforVeterans.com.
In addition to name, age, and marital status, you need to enter your Primary Insurance Amount (PIA), which is the estimated monthly Social Security benefit you will receive if starting enrollment at full retirement age.
U.S. citizens age 60 and older receive annual statements from the government showing your PIA. Younger veterans (and those who have misplaced the paper statement) can find their PIA online by setting up an account with Social Security (www.SSA.gov or by calling the agency at 1-800-772-1213 (TTY 1-800-325-0778).
True to its name
We met recently with Sandra Horrocks, vice president of external affairs for the Free Library of Philadelphia, and she passed along some free - yes, no cost - resources that entrepreneurs and investors can use both in person and online.
Financial data, information on creating a business plan, market or demographic research - all are available at the Parkway Central Library, which is free to residents of the city. Start-ups and entrepreneurs can also attend free seminars and one-on-one counseling sessions with SCORE - "Counselors to America's Small Business" - Philadelphia. And online, visit the website www.freelibrary.org/business to get started.
About women
Sheila Bair served as chairwoman of the Federal Deposit Insurance Corporation from June 2006 through June 2011. She presided over one of the most tumultuous periods in the history of the nation's banking system, working to bolster public confidence and restore stability. She will speak at the Federal Reserve Bank of Philadelphia on Nov. 13 as part of Women and Risk: Myth or Market Opportunity?
The conference is hosted by the Global Interdependence Center. For more information, visit the GIC's website (http://www. interdependence.org/programs-and-events.