THE SAUGUS ADVOCATE – FRIDAY, SEPTEMBER 3, 2021 Page 17 REAL ESTATE TRANSAC TIONS newspaper. It is reprinted with permission from the publisher, The Warren Group. For a searchable database of real estate transactions and property information visit: www.thewarrengroup.com. Copyrighted material previously published in Banker & Tradesman/The Commercial Record, a weekly trade BUYER1 Rengel, Shayane K BUYER2 SELLER1 Rangel, Wilton SELLER2 ADDRESS CITY “YOUR FINANCIAL FOCUS” JOSEPH D. CATALDO SOCIAL SECURITY BENEFITS R etirees have to decide when to collect their social security benefi ts. Widows or widowers can collect his or her benefi ts under their deceased spouse’s work history at age 60. Otherwise, you can collect benefi ts at age 62, at full retirement age which is age 66 if you were born in 1943-1954, age 66 and a certain number of months (based upon your year of birth between 1955 and 1959) or age 67 for those born in 1960, or at age 70. In 1983, Congress reduced Social Security Benefits by raising the retirement age and gradually increasing the monthly benefi t available to you if you wait until age 70 to begin collecting. For individuals born after 1960, the Social Security Administration increases monthly benefi ts approximately by 7% per year between the ages of 62 and 70 if you wait to collect at age 70. Therefore, by waiting until age 70 to collect, your actual monthly benefi t will have been increased by approximately 76%. Furthermore, those highter monthly benefi ts are also indexed to infl ation. As an example, if someone APARTMENTS | FROM PAGE 15 She added, “It is gratifying to ofwere able to collect $1,125 per month at age 62, waiting until age 70 would result in a monthly benefi t of $1,980, for a $855/month increase. One option is to withdraw from an existing retirement account such as a Roth IRA, Traditional IRA, 403 (b) or 401(k) plan for the years from age 62 to age 70. Then, you can begin collecting your social security at age 70. If you were to die with a surviving spouse, your surviving spouse would be able to collect your monthly benefi t with cost of living increases each year based upon the higher age 70 benefit. Your spouse would have to be married to you for at least 10 years. This would also help your minor children who would be able to collect based upon the higher age 70 monthly benefi t that fer the local community new living options for those who need specialized care.” you were receiving prior to your death. Another option is to continue working part time until age 70 in order to generate enough cash fl ow to meet your monthly living expenses. Of course, if these options are not feasible, you can certainly begin collecting at full retirement age, or even age 62 if your situation warrants it. If you have not done so already, go onto the Social Security Administration website at www.ssa.gov and establish a user id and password. You will have the ability to double check that all of your earnings have been posted to your account and you will be able to see what your monthly benefi t would be based upon the year you wish to begin collecting. Also keep in mind that up to 85% of your social security benefi t can be taxable depending upon your other taxable income. Located on scenic Admiral’s Hill at 201 Captains Row, the assisted living off ers 69 studio and one-bedroom apartments for traditional assisted living and 36 for memory care. For information and/or to book a tour, please contact Jennifer Fazekas at jfazekas@chelseajewish.org or call 617-8870826. About Chelsea Jewish Lifecare CJL, a highly respected leader in senior living, employs over 1,500 people and provides care to over 1,500 individuals daily, with campuses in Chelsea, Peabody, West Roxbury and Longmeadow, Mass. Offering a full continuum of services, CJL (www. chelseajewish.org) is redefining senior care and re-envisioning what life should be like for those living with disabling conditions. The eldercare community includes a wide array of shortterm rehab and long-term care residences, ALS and MS–specialized care residences, traditional and specialized assisted living options, memory care, independent living, adult day health, ventilator care, home care and hospice agencies that deliver customized and compassionate care. DATE PRICE 371-1/2 Lincoln Ave Saugus 13.08.2021 $870 000,00
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