SOCIAL SECURITY ANSWERS
Social Security can be challenging to navigate and their website, www.ssa.gov is one of the most frequently visited sites in the world. Though it is very helpful, one thing it can’t give, is advice about your situation. Even if you call the 800 number, those you talk to are not allowed to give you advice about when to start social security, how to maximize your benefits, when to start spousal benefits, etc… They can point you to the right form, help you create a login and show you where to find information, but for answers to questions about what is best for you and makes the most financial sense, we are here to help!
Matthew Atkins is the Senior Financial Advisor at Clearbrook Investment Management, LLC and also a National Social Security Advisor Certificate Holder.
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Top Ten Social Security Questions
When Can I Start SS Benefits?
There is a difference between when you can start and whether or not you have qualified for social security. Qualifying requires that you have worked at least forty quarters, or the equivalent of 10 years. Unless there is a disability, you can’t start social security benefits until you are at least 62 years of age.
How Much Will I Get?
How much social security you will receive is determined by your top 35 years of income. Those top earning years are run through an equation to adjust for inflation, then those numbers are used to create Average Indexed Monthly Earnings.
When Should I Start?
When to start your benefits is one of the most common questions asked of those who work at the social security offices and/or answer the phone. Here’s the thing, they can’t tell you! They can tell you at what age you can start, but they can’t tell when it is BEST to start. For an answer to that, you need to talk with a financial advisor who is knowledgable about social security. Click a link below to view videos that will help you determine what’s best for you.
What If I Want To Delay Taking SS?
That is a great question and one that many people should ask. If you are in good health, maybe want to keep working full or part time or want to get the most you can from social security, delaying can significantly improve the amount you get for the rest of your life!
How Can I Maximize My Benefits?
Up until just a few years ago, there were ways maximize social security benefits that a lot of people didn’t even know existed. Now, some of those strategies are only available if you were born before 1954. The most common strategy was called, “Claim Now, Claim More Later”. In this strategy, the primary earner would file for their own benefit then immediately suspend their benefits. Then they would claim a spousal benefit from the secondary wage earner at full retirement age or earlier while allowing their benefit to accrue delayed retirement credits. Finally at age 70, they would switch to their increased amount and if their spouse could increase their amount through spousal benefit, the spouse would also switch.
What Is My Full Retirement Age?
It’s pretty easy to determine your full retirement age and it is also important to know what it is. Not only is your full retirement age used to determine your primary insurance amount, it is also used to determine spousal benefits, survivor benefits and divorcee benefits. Here’s a little chart to help you know your full retirement age:
1937 or earlier - 65
1937 to 1943 - between 65 & 66
1943 to 1954 - 66
1954 to 1960 - between 66 & 67
1960 to present - 67
For a full chart, click HERE.
Will Social Security Still Be There?
Many people wonder if Social Security benefits will be available when they are ready to start drawing them, or if the funds will run out and they’ll be left in the cold. Though there is concern, there are also reasons to believe that it will probably be ok.
How Do Spousal Benefits Work?
Do you know the answer to these questions: "What is the highest percentage a spouse (spousal benefit) can get from their partners Social Security benefit?" "What about survival benefits (widow/widower)? What percentage can they get?" If you don't know the answer, watch the video below to get helpful information for spouses, ex-spouses and those who are eligible for survivor benefits.
Can I Work And Collect Social Security?
Yes! Social Security benefits may be reduced if you start before your full retirement age AND continue to work, and they may also be taxed.
Can You Stop & Re-start Social Security?