⌟ Social Security
Social Security benefits are one of the most elements of any retirement plan. Being educated and making the right decision can benefit you substantially and contribute to one’s financial security. The timing of when you take your benefits combined with using income from your other assets is a critical decision. We have the most current software to run an analysis that will help in making these important decisions.
Taxation on Social Security benefits is a concern of many retirees. There are strategies to reduce or eliminate taxation of your Social Security income thus adding more income in retirement.
These Social Security benefits first become available at the age of 62 – most of us know this; but what a lot of people don’t know: at age 62 you’re taking you benefits at a 25% discount for the rest of your life!
YOU ARE LEAVING MONEY ON THE TABLE!
Some people need these benefits as soon as they become available but if you can wait, you can really add to the amount of money you’re able to collect based on the work you’ve done.
Full retirement age, or the age at which you can receive 100% of your Social Security benefit, is currently 66, but increases to 67, depending on the year you were born. As stated above: A person with a full retirement age of 66 who claims Social Security at 62 receives 75% of the amount they’d receive at his or her full retirement age. But, if a person waits until age 70 to claim Social Security, they will receives 32% more than he or she’d receive at full retirement age.
Social Security recently closed a well-known loophole. The “file and suspend.” Since this loophole is closed – It will not be discussed in this post. However, the spousal benefits remains to be the best way for a married couple to maximize their Social Security monthly benefit. The “strategy” comes from determining when to file for both the main and spousal benefits, but also to see if there are other benefits that you or your spouse might have available to them. As mentioned above you can collect the benefits of an ex-spouse, and in certain situations, this applies even if you’re remarried.