Social Security Made Simple
Social Security is anything but simple — but understanding how to make the right decisions doesn’t have to be. When it all boils down, knowing when to take Social Security, how to take it, and how it fits into the rest of your financial plan can make all the difference.
In this week’s Better Money Boston with WCVB Channel 5, David Shapiro breaks down Social Security in clear, straightforward terms to help you make the most informed choices.
Timing is Everything
One of the most consequential retirement decisions you’ll make is when to start taking Social Security. You have several options: you can begin as early as age 62, wait until your full retirement age (between 66 and 67, depending on your birth year), delay until age 70, or choose any age in between.
The timing you select will directly impact your monthly benefit — with age 62 resulting in the lowest payout and age 70 offering the highest. This decision is permanent for the most part, underscoring the importance of sitting down with a financial professional to create a personalized plan.
Marital Status Adds Another Layer
Your marital status also plays a key role in determining the size of your Social Security benefit. If you’re married, you can choose to collect either your own benefit or up to half of your spouse’s; whichever is higher. If you’ve lost a spouse, you may be eligible for survivor benefits based on their record. And if you were married for at least 10 years and haven’t gotten remarried, you may be able to claim a portion of your ex-spouse’s benefit.
It’s Just One Piece of the Puzzle
Social Security was never intended to be a primary source of retirement income. It is, however, an important component of a well-rounded retirement income strategy. If you have other savings, a pension, or investments, you have greater flexibility in deciding when to claim Social Security. Ultimately, ensuring all your income sources work together as efficiently as possible is key.
Even with a basic understanding, Social Security can be complex. Given these intricacies, consulting a financial professional can help ensure you maximize the benefits available to you.
Information presented here 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
-
When Is the Right Time to Buy Long-Term Care Insurance?
Nearly half of applicants over age 70 are unable to qualify for traditional long-term care insurance. This is just one of the many reasons to consider purchasing an insurance policy as early as po… -
How Much Can I Contribute to an IRA?
Are you contributing the maximum amount to your individual retirement account, or IRA? Many people aren’t taking full advantage of their contribution limits. That could mean missing out on valuabl… -
Should I Use a Health Savings Account (HSA) in Retirement?
A health savings account (HSA) can be a tax-advantaged way to save for qualified medical expenses. While HSAs play an important role in financial planning, are they worth using in retirement? I… -
What Should I Do If I Win the Lottery?
Winning the lottery, never working again, and having all your hopes and desires come true — for most people, that’s only a dream. But in the happenstance that you do hit the jackpot, what should y… -
4-Point Retirement Income Planning Checklist
Income is everything in retirement, and that realization can feel overwhelming. Even if you feel prepared, it’s still important to ensure you’re getting the most out of your money. By taking small… -
Who Should Consider a Roth Conversion?
Converting pre-tax funds into a Roth account can potentially reduce your tax burden in retirement. Roth IRAs offer unique benefits that differ from traditional tax-deferred accounts. While you … -
Healthcare in Retirement: Frequently Asked Questions
As you get closer to your retirement years, healthcare becomes a more pressing financial concern. How will you pay for coverage no longer provided by your employer? Which health insurance plan bes… -
What Are Essential Financial Steps for the Last Quarter?
If you can believe it, we’re entering the last quarter of the year. Time sure did fly by, but before 2025 officially ends, there are still a few financial matters to address. In this week’s Mon… -
Podcast Episode 421: Can You Really Pay Less Taxes on Social Security?
Prefer to watch? Click here to watch and listen on YouTube. Social Security is one of the most important sources of income for many retirees. But it is also one of the most misunderstood around… -
What Is the Best Age to Claim Social Security?
It can be hard not to play the comparison game when making major decisions in retirement. One of which is when to collect Social Security benefits. Your friend may have claimed early at age 62, bu…
-
Laura H.Laura H. is a client of Johnson Brunetti and received no compensation for their statement.
“Your corporate values and mission have stayed constant which we’d say is the primary reason we are so satisfied. We believe that mission should never change.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
John L.John L. is a client of Johnson Brunetti and received no compensation for his statement.
“We are extremely please with J&B. Referring back to our one word, Family, we trust your firm, advisors, and services as we would a member of the Family. Thank you for everything!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Joe D.Joe D. is a client of Johnson Brunetti and received no compensation for his statement.
“Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Jackie L.Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.
“I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything! “
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Christine Q.Christine Q. is a client of Johnson Brunetti and received no compensation for her statement.
“Your services are exemplary and greatly appreciated by my husband and myself to live out our retirement years feeling safe and secure. Thank you!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Barbara S.Barbara S. is a client of Johnson Brunetti and received no compensation for her statement.
“We are very happy with Johnson Brunetti. It has really taken a load off our shoulders. Thank you.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
