With the amount of regulations, it is not so easy to travel through the Social Security retirement maze. According to one count there are 2,728 core rules plus unknown number of other regulations that deals with Social Security. This is why the Internet is full of help for a fee to advise you how best to approach Social Security.
Lesser known credit for retirement savers
Those who are saving for their retirement through IRA or an employer sponsored retirement plan, may be eligible for a “saver’s credit” in their 2014 Federal tax filing. A person over the age of 18, not a full-time student and not being claimed as a dependent on another person’s tax return is eligible for the credit. You need to use Form 8880, Credit for Qualified Retirement Savings Contributions to claim the credit and file Form 1040 or Form 1040A.