We were recently asked a question that led us to believe this week’s topic might be useful to many of you. While most of us are aware of how Social Security works, here are the five most important things every married couple should know about Social Security.  1) Nothing keeps you from getting your own benefit. If you’ve worked and paid taxes into the SS system for at least 10 years and have earned a minimum of 40 work credits, you can collect your own benefits as early as age 62.  2) There is no marriage penalty or limit to

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 your full retirement age, your benefit will reduce by $1 for every $3 you earn in excess of the [current] annual limit of $59,520, but only for the months prior to reaching your full retirement age. Once you reach your full retirement age, you’ll start

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 that you will most likely receive the benefits for a longer period of time.  Waiting until age 70 is the oldest you can be, at which point the dollar amount of your benefit will cap out other than [hopefully] periodic cost of living adjustments (“COLA”). 

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 if they had some source of retirement income to support them until they’re able to max out social security (or delay it for however long they decide to). An annuity may be able to serve this purpose. Contact us to learn more; we’re always here

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% (or less if born before 1960) from the amount payable by waiting until you reach FRA to claim it. In fact, every year you delay past FRA boosts your monthly benefit by 8% thanks to delayed retirement credits — up until age 70, at which

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, we’ve found it necessary to temporarily suspend your Social Security Number.” Following this may be a Case ID number with the letters “SSA” preceding a series of numbers, and then an attached letter that appears to be on Social Security Letterhead.  Emails like this are,

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 receive full benefits.  If you are younger than full retirement age, and earn more than the yearly earnings limit, the SSA may reduce your benefit amount. If you are under full retirement age for the entire year, they deduct $1 from your benefit payments for