Claiming Your Future: Social Security Planning Simplified

Claiming Your Future: Social Security Planning Simplified

March 11, 2024

Social Security is a critical component of the retirement financial strategy for many Americans, so before you begin taking it, you should consider three important questions. The answers may affect whether you make the most of this retirement income source.

When to Start? 

You have the choice of one starting benefits at age 62, two claiming them at your full retirement age, or three delaying payments until age 70. If you claim early, you can expect to receive a monthly benefit that will be lower than what you would have earned at full retirement. If you wait until age 70, you can expect to receive an even higher monthly benefit than you would have received if you had begun taking payments at your full retirement age. 

Should I Continue to Work? 

If you begin taking benefits before your full retirement age and continue to work, your benefits will be reduced until the month you reach full retirement age. After you attain your full retirement age, earned income no longer reduces benefit payments.

Visit SSA.gov for more information on annual earning limits and how your benefits may be reduced based on your age and earnings. 

How Can I Maximize My Benefit? 

The easiest way to maximize your monthly Social Security benefit is to simply wait until you turn age 70 before receiving payments. The decision of when to begin taking benefits may hinge on whether you need the income now or can wait, and whether you think your lifespan will be shorter or longer than the average American.

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Ariel Andrews, Investment Advisor Representative and Certified Financial Coach at Meyers Financial Services, is committed to guiding clients on their financial journey. With expertise in financial coaching and investment advisory, Ariel strives to help individuals achieve their financial goals and make informed decisions for a secure future.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG  Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.