FAQ on Social Security with Joel Johnson, CFP® and Kara Sundlun
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.
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.
