The earliest you can start receiving your social security is at age 62, full retirement age is 66 (for people born between 1943 and 1954), and the latest you can delay it is until age 70. At full retirement age 66 you’re entitled to 100% of your amount, but if you take it early at age 62 you receive 75% of that amount. If you wait until age 70 then you get 132% of the full retirement amount. So, when should you take it? Let me just say there is no exact right time to take it that is applicable ... Read More
At age 62, you receive 75% of what you’d receive at your full retirement age (assuming 66). If you delay until 70 years old, you accrue 8% more per year (32% over 4 years). In general, I usually recommend waiting until 70 to start your social security, but this is also assuming a long life. When you’re looking at social security planning for couples, I have a program on my computer that can track all the permutations (file and suspend, delay, spousal benefits), etc. I’m here to help. Full Article Read More
One of the advantages of having a retirement plan is that you start to understand where your sources of income will be upon retirement, and how much. Unfortunately, there is a perception by many Americans that Social Security will be a bedrock of their retirement, when in fact it is just a complement, and usually a small one at that. According to the Congressional Budget Office, someone retiring at 65 today will receive 43% of his/her annual income from Social Security. Where does the rest come from? Your investments and savings, additional job, or significantly reduced standard of living. Which ... Read More
There are a number of different options available to you as you reach retirement age. Collect Social Security early, late, with your spouse, alone, etc.? The following article is a rather detailed discussion for ways to use and plan for social security. Things that I go over with clients all the time. One of the best, most useful articles in a long time. 42 Social Security “Secrets” Read More
A number of years ago the Social Security Administration started to mail out statements every 2 years near your birth date. This is great for your financial planning. I recommend you review this every time you receive it, and you can even get different iterations based on hypothetical future earnings right at the Social Security site. I highly recommend a retirement analysis, and part of that analysis has to be projected Social Security benefits. Here’s where to start Where to Get Your Social Security Statement Read More
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