Have you ever wondered if working in retirement reduces your Social Security benefits? If you are younger than your full retirement age for the entire year, your benefit will reduce by $1 for every $2 you earn in excess of the [current] annual limit of $22,320. If you start working in the year you reach […]
Social Security and Working In Retirement Read More »
Wait a minute! Is it 62, 65, 70 or 73? Let’s start to unravel this question. Social Security can be taken at any time between the age 62 and age 70. At the younger age, the SS administration will re-calculate your benefits and make them lower than if you waited, in order to factor in
We’ve spoken in the past about the financial benefits of delaying the claiming of Social Security benefits. However, what happens if retirees decide to leave their jobs before reaching age 70 and need to “bridge the gap” of income until they do start to claim their Social Security benefits? Most people would be better off
You’re eligible for the unreduced Social Security benefit (referred to as your Primary Insurance Amount) once you reach your full retirement age. If you were born in 1960 or later, your full retirement age is 67. You can start taking Social Security retirement benefits as early as 62, but the benefit is reduced by 30%
Full Retirement Age Read More »
We’ve heard many times that it’s a good idea for retirees to put off receiving Social Security payments, as waiting can allow you to get more out of them than if you were to start as soon as age permits. One way to make this more feasible is to include annuities in retirement strategies to
We’ve previously discussed different types of scams you should be looking out for. This week, we wanted to bring yet another one to your attention. You might get an email claiming to be from someone with the Social Security Administration, a message along the lines of “Due to suspicious illegal activity detected during our investigation,
An Email Scam Going Around Read More »
Let’s start by explaining that when you begin receiving Social Security retirement benefits, you are considered officially “retired” by the Social Security Administration (SSA). You can receive Social Security checks and still work at the same time. However, since you are now “retired” there is a limit to how much you can earn and still
How Much Can You Earn and Still Get Your SS Benefits? Read More »
This week’s article focuses on the fact that while “everyone’s retirement is different, 2022 is going to have some big differences from 2021 that will affect almost every retiree and retirement saver to some degree.” The article explains the specifics of what those differences are, including: Higher social security payouts Higher standard deductions for your
WHat Every Saver Needs To know Read More »
With tax season approaching, some of you have asked if the social security payments you receive are taxed. The answer is yes, if your annual income is above a certain amount when you’re receiving those payments. And because that income threshold is relatively low, it’s likely that some of your benefits will be taxed. The
How is Social Security Taxed? Read More »
We are often asked, “When is the best time for a widow or widower to collect the social security survivor benefits, they have become entitled to?” If you or someone you know have questions about this, we may be able to help. There is a process of applying for those benefits, and we can help
Social Security Survivor Benefit Read More »
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