How do you maximize your Social Security benefits? What are the best strategies between a couple? Social Security is complicated, and you need to talk to someone that knows the rules before you just elect at age 62. We are advisors that help folks look at the best strategies for their situation, considering your other resources.
Are You Getting Your Maximum Social Security Benefits?
Social Security is:
- A large cash generator (can be over a million dollars for a couple)
- Offers spousal and survivor benefits
Below are our frequently asked questions. For more information, please contact us for a consultation.
A: DOB: Before 1954-66 ,1955-66.2 , 1956-66.4, 1957-66.6, 1958-66.8, 1959-66.10, 1960 and beyond-67
A: No, not at the same time, but you can collect a survivor benefit from age 60 on and delay your worker benefit .
A: It depends on your income, if you are under $25,000 and single you will not pay taxes, jointly under $32,000. Above that a portion of your benefits will be taxable.
A: This is a more complex calculation, the WEP it affects only the employee’s benefit. If they have a certain number of years paying into Social Security in addition to their government job, they will get their full benefit.
A: If you receive a pension from a government job in which you did not pay Social security Taxes, some or all of your spousal or survivor benefit you are eligible for may be reduced.
A: If you collect before your FRA, your benefit will be permanently reduced, there is not an option to reapply when you reach FRA.
A: If you elect your benefit prior to your FRA and your spouse has a higher survivor benefit, your survivor benefit will be reduced for the rest of your life.
A: The government gives an annual cost of living adjustment to Social Security. If you have elected prior to your FRA you are still receiving a reduction in the COLA.
A: All you must do is wait to elect your benefit, for every year you wait past your FRA you gain 8% annually. If your benefit is $2000 at age 66.4 months, it will grow to $2587 at age 70. That is the maximum age to elect Social Security.
A: There can be unintended consequences when mixing different types of income in retirement, particularly with taxes.
We offer a complimentary Social Security Consultation that will show you the best strategy for you.
What’s the catch? Here’s the business reason why we do this, we want to offer you value so that when you consider a partnership for your decision making regarding Social Security, Medicare and retirement planning you will think of us at Retirement Health Insure.
