At Johnson Brunetti, we’re committed to helping you navigate the complexities of financial planning, including Social Security. This week on Better Money with WFSB Channel 3, we’re addressing some of your most common questions to provide clarity on this important topic.

Working and Collecting Social Security

A frequent question we receive is about the possibility of working full-time while collecting Social Security benefits. The key factor is your full retirement age, which for many is 67. If you’re working and earn over a certain threshold (approximately $20,000), you might have to return some benefits. It’s possible to collect Social Security while working, but understanding the impact of your earnings is crucial.

Claiming an Ex-Spouse’s Benefits

If you’ve gone through a divorce, you may wonder about your rights to claim your ex-spouse’s Social Security benefits. If you were married for at least ten years, you might be eligible to claim based on their benefits if it exceeds your own. It’s worth exploring this option and can be done by contacting the Social Security Administration.

When to Start Taking Social Security

Deciding when to start taking Social Security is a significant decision in retirement planning. While many believe waiting until 70 is best, this isn’t always the case. Sometimes, those with substantial savings should consider taking benefits earlier. It’s important to integrate Social Security into your overall financial strategy, treating it like other retirement accounts.

Navigating Social Security decisions can be daunting, so it’s important to meet with your financial advisor to consider all aspects of your financial situation.