Social Security Strategies.
Know before you Claim because every penny matters.
There are over 8,000 claim combinations. A whopper of a number!
Social Security is a bedrock of our nation’s retirement. Claiming the benefits just right for you is a process of education, consideration, and discussion, with your loved ones and with your professionals. We have narrowed it down a bit to get you oriented and started. Check back from time to time for updates. Check in with our Blog & Podcasts because as we like to say, the devil is in the details! We understand and want to expose you to helpful knowledge so you can get the most for you! Benefits vary depending on whether you:
(1) Are single;
(2) Married;
(3) A Surviving Spouse;
(4) A Divorced Spouse; or
(5) Have eligible children to claim with you.
Where do you start? When do you start?
You can start claiming as early as 62 and as late as 70. Remember the term “FRA”: Full Retirement Age. Claim at your FRA and you are likely to obtain 100% of your benefit. Before then, less. After that, more. Let’s start with the FRA table:
Next, the table gets a little more detailed.
What is your birth year? Now at what age are you thinking about claiming? Claim at your Full Retirement Age and you are likely to receive 100% of your benefits. Before that, less. After that, more.
See if you can follow the table below (note, if you are an accountant, the table below is music to your ears! For the rest of us, we may need a minute to digest it!).
Breathe. Inhale. Exhale. You can do this!
Since this is a Government benefit, you guessed it! They have an entire book to get you started on Social Security Benefits. Try to be awake when you read it. It puts most people to sleep! But it’s a decent start at understanding your benefits. The information can help you have informed discussions with professionals on your best claim strategy. Download the book below and make sure your ebook reader is ready!
As you research, be sure to visit our Adviser and Money Management pages. There we connect you to folks that can help you determine the best claim strategy for you. And don’t forget our Blog & Podcasts because the devil is in the details and every penny matters! Bear in mind Social Security does not automatically withhold taxes on your income – and yes some of it may be taxed! So you may want to start a savings account to set some tax money aside for April 15.
Please send me useful information on Social Security now and from time to time.
Social Security does not withhold taxes. Save for tax day with our Social Security Tax Day Savings Account.
A lot of folks don’t realize that your social security check arrives without taxes withheld. Depending on your personal situation, you may have to pay some income taxes on some of your Social Security income. Our special savings account for Social Security taxes comes with great rates and useful information throughout the year. So you feel financially empowered and financially informed.
Helpful Websites. Helpful Research.
1. Social Security Administration
2. Social Security Administration YouTube Channel
3. Maximize My Social Security
Please note: Suggested websites are unaffiliated with Second Act. We cannot make representations or warranties as to the accuracy of websites. We hope these suggestions give you a helpful head start in your research!
Retirement Banking, Understood.
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888-999-7372
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