Social Security is a critical component of retirement planning – and one that can be overwhelming and potentially costly if you are uninformed. Townsend Retirement Specialists offer Social Security resources to help educate you while making it into an integral, retirement income portfolio.
By meeting with a financial advisor, Townsend Retirement Specialists will help ensure you get the most from your Social Security benefit. It’s important to know your benefit, understand your options and to determine a financial plan to maximize your benefit.
After working with your financial advisor, you should become aware of your options for electing your Social Security benefit. You may be able to increase your benefit through strategic choice related to:
- Timing
- Working
- Taxes
- Spouse’s benefit
- Special provisions
The key to success is to plan carefully. Townsend Retirement Specialists can provide guidance as you:
- Calculate what you expect to receive from Social Security
- Determine when to start taking benefits
- Apply for retirement benefits
Even though there are various factors that play into Social Security; after consulting with a wealth management advisor, you should be educated on the following topics:
- How to become eligible for Social Security – as you work and pay taxes you earn Social Security “credits”
- What you need to know about your benefits – Social Security benefits replace a percentage of your earnings when you retire, become disabled or pass away. Each year you should receive a Social Security Statement in the mail showing your earnings history, and an estimate of the retirement, disability and survivors benefits you and your family may receive based on those earnings.
- Retirement benefits – choosing when to retire is one of the most important decisions you will make in your lifetime.
- Full Retirement Age – Although the full retirement age is rising, you should still apply Medicare benefits three months before your 65th birthday
- Delayed Retirement – delay receiving benefits beyond your full retirement age, your benefit will be increased by a certain percentage, depending on the year you were born.
- Early Retirement – if you start your benefits’ early, than your benefits are reduced.
- Working while receiving benefits – you can work and still receive retirement benefits
- Retirement benefits for widows and widowers
- Disability Benefits
Social Security is something that holds several different factors which people near retirement start to look more closely into. It’s important to provide our clients as much information as possible to help educate them on these different factors. Below you will find several articles with summaries and links attached. If you are looking for any additional information or have further questions on Social Security, please don’t hesitate in calling our office.
Myths and Facts about Social Security
Social Security is an important source of retirement income for most people. This article addresses the following questions: 1) Will Social Security provide most of the income you need throughout your retirement years? 2) Is Social Security the only retirement program? 3) What are the major sources of retirement income? 4) When you earn money after you retire, will you lose your Social Security benefits? 5) Social Security benefits are not taxable? 6) What is the full retirement age?
Social Security: What Should You Do at Age 62?
Once turning 62 – if eligible, you may start to collect Social Security retirement benefits. However, many people these days are starting to collect their benefits before reaching their full retirement age of 62; therefore permanently reducing their retirement benefits. Before you decide to start collecting Social Security, read this article for some factors to consider prior to collecting your benefits early.
How Secure Is Social Security?
If you’re retired or close to retiring, then you’ve probably got nothing to worry about – your Social Security benefits will likely be paid to you in the amount you’ve planned on (at least that’s what most of the politicians say). But what about everyone else who is not close to retirement?