What You Need to Know When You Claim Social Security
This week’s segment of Better Money Boston on WCVB5 focuses on Social Security. Joel Johnson, CFP® talks about common mistakes that people make when claiming their benefits.
Taking Benefits Too Early
96% of people are taking their benefits at the wrong time. Taking benefits too early can leave up to millions of dollars on the table.
It’s important to look at Social Security in the big picture to make sure the timing fits your overall financial plan.
Thinking Benefits Increase at Full Retirement Age
Full Retirement Age is the age you reach where you will not be penalized for earning money in addition to your Social Security benefit.
For instance, if you begin collecting your benefit before you reach full retirement age and are still working, making over roughly $18,000 a year, you will have to give some of that Social Security back.
Not Understanding Rules for Married People
If you are married, divorced, or widowed, and your spouse is or was eligible for benefits, you may be able to receive spousal benefits. If you are also eligible for a retirement benefit and it happens to be higher, the Social Security Administration will pay that retirement benefit but not both.
No matter what your situation, Joel Johnson, CFP® highly recommends receiving a Retirement Income Plan to see how your Social Security will fit in with the rest of your financial picture.
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
-
Identity Theft: What to Do If Your Identity Is Stolen
In the digital age, the threat of identity theft is at an all-time high. Sophisticated cybercrime tactics and schemes have left us more vulnerable to online scams than ever before. So, what can… -
Estate Planning Must Haves
Estate planning can be a time-consuming and overwhelming process, but it’s a crucial step in securing your family’s financial future and cementing your legacy. By working closely with an estate pl… -
The Road to Retirement – Don’t Go it Alone
Achieving the retirement you’ve always dreamed of often requires careful planning. While the do-it-yourself approach may be difficult to shake, consider the benefits of seeking professional advice… -
What Updates Can We Expect for Social Security in 2025?
A new year means new rules for retirement plans. Let’s start with one of the largest sources of income for millions of retirees: Social Security. What changes can we expect in 2025? Heath Gross… -
Getting It All Together for Retirement
After a long, fulfilling career, the time has come to embrace the next chapter. You may have envisioned the age at which you’d retire since you began working, but it’s important to distinguish bet… -
Key Questions for Planning Your Retirement Income
Replacing your income in retirement is a significant undertaking that raises many important questions and requires careful planning. First and foremost, it’s essential to have a retirement income … -
Health Care Expenses in Retirement
Of all the expenses to expect in retirement, health care often makes up a significant portion of your costs. Monthly premiums, out-of-pocket expenses, and services not covered by Medicare can quic… -
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…
