Created: May 31, 2019
Modified: June 15, 2023
8 Popular Questions Surrounding Social Security
What You’ll Learn:
Social Security is a complex topic, and it’s surrounded by several misconceptions. We want you to avoid mistakes that could cost you thousands of dollars. On this edition of the podcast, we’ll examine eight crucial questions surrounding Social Security.
5:55 – When Am I Eligible To Receive My Benefits?
- Everybody eligible can receive Social Security benefits starting at age 62.
- Age 70 is the latest you can wait before taking Social Security.
- The longer you wait to begin withdrawing your benefit, the larger your benefit will be. However, it’s not always best to wait that long to begin taking your benefit. You have to examine your circumstances.
- Widows and widowers can begin collecting a benefit at age 60.
6:30 – Am I Eligible For Additional Benefits?
- There is a disability component to Social Security.
- Don’t over look this component. Do the research to see whether you might be eligible.
7:17 – Will The Social Security Administration Help Me To Claim My Benefits?
- In short, no. They aren’t going to hold your hand and offer personalized advice on how to maximize your benefits.
- They’ll tell you how to fill out the forms, but they can’t tailor advice to you.
- An advisor can help determine an appropriate strategy for your Social Security benefit.
8:10 – Is It Better To Delay Taking My Social Security Benefits Or Take Them Early?
- This is a classic debate. The longer you wait, the larger your benefit will be. However, who’s to say you’ll live long enough to make waiting worth it?
- The answer to this question depends on so many other factors. Consider your other assets, your family history, and your needs in retirement.
14:08 – Do I Have To Pay Taxes On My Social Security Benefits?
- You might. You might not. You could pay taxes on up to 85 percent of your Social Security benefits.
- Whether your Social Security will be taxed is dependent on the amount of other income you’re generating.
- Making your portfolio more tax efficient can help to alleviate your tax burden.
15:41 – What Happens To Our Benefits As A Couple When One Spouse Dies?
- If one spouse dies, the smaller check goes away. Sometimes, we set up an extra account to replace lost income.
17:03 – If I Continue Working In Retirement, Can I Still Collect My Benefits?
- If you earn too much, you might incur an earnings penalty. If you earn more than $17,640 in any given year, you’ll end up having to give back some of those earnings.
- Once you reach the full retirement age, there’s no limit on the amount of money you can make.
18:28 – Is Social Security Going To Go Broke And Leave Me With Nothing?
- Joel doesn’t believe the promise of Social Security will be broken for anyone over the age of 55. However, he does suggest younger folks might not be able to count on Social Security benefits in the future.
- Retirement planning requires you prepare yourself even amidst financial uncertainty.
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Income Planning 101
You’ve spent the last few decades saving for retirement but are you truly prepared? To help address any concerns or uncertainties you may have, you need an income plan – one that considers every f… -
Frequently Asked Social Security Questions
Almost every American is impacted by Social Security in some way, so it’s no wonder that it’s one of the most frequently asked topics in retirement planning. When and how you start taking benefits… -
Maximizing Your Social Security Income
Social Security can serve as a safety net for many retirees, sometimes acting as a primary source of income. However, the program is highly complex with over 500 ways to claim benefits. Even one o… -
How Much Money Can I Spend in Retirement?
“How much can my spouse and I realistically spend in retirement at age 62 with $1 million saved?” Today’s hypothetical couple is asking the very question that most pre-retirees ponder when gearing… -
What Should My Tax Plan Be at Age 65 with $1 Million?
Approaching retirement with $1 million saved is an impressive milestone, but turning those savings into a sustainable income stream requires careful planning. At age 65, many retirees face the cha… -
What to Consider Before Moving in Retirement
If you have the liberty to relocate in retirement, does that mean you should? Maybe you’re a snowbird who wants to live down South full-time, or maybe you want to stick it out in the cold and spen… -
Dodging the Tax Torpedo
When envisioning the next chapter of your life, the impact of taxes can often be overlooked or forgotten altogether. The reality is, without the proper planning, you may be at the mercy of an impe… -
What Habits Should I Unlearn Before I Retire?
Today’s insightful question explores the behavioral finance side of retirement planning – specifically, which financial habits you should leave in the rearview as you transition into retirement. … -
How Can You Understand and Improve Your Credit Score?
In retirement, your credit score is still relevant in achieving and maintaining financial independence. The question is, how can you best understand and improve your score to reap the benefits of … -
RMDs and You
Tax-deferred retirement accounts like IRAs and 401(k)s have allowed your savings to grow without any immediate tax burden. However, once you reach a certain age, the IRS requires you to begin maki…
