Do You Know The Importance
Of Maximizing Your Social Security Benefits?
Social Security Provides Options
- Many believe it is cut and dried
- However, it is a retirement income source with some control
- Managing your Social Security benefit is part of your retirement income process
If, for example, you are in poor health and anticipate a shorter than average life
expectancy, applying for Social Security benefits at age 62, even though your benefit will
be reduced for taking them before your Full Retirement Age (defined later) may make
sense. Conversely, if you expect to live to an average or above average life expectancy,
applying for Social Security benefits at Full Retirement Age or delaying commencement
of benefits until age 70 to take advantage of potentially higher monthly benefits may
provide greater lifetime benefits.
Social Security is more than just retirement
Are my Social Security benefits taxable?
Some people have to pay federal income taxes on their Social Security benefits. This typically
only happens if you have substantial income from other sources such as earnings, interest,
dividends, and other taxable income in addition to your Social Security benefit. A portion of
your Social Security benefits will be taxable if your “combined income” is greater than $25,000
as a single taxpayer or over $32,000 if you file a joint return. For additional information on
income taxes and your Social Security benefits, visit www.socialsecurity.gov/planners/taxes.htm.
And if you’re part of the 90% of Americans that are planning on using Social Security
Retirement Benefits, you may be interested in this.
We have a new tool at our agency that can show you two important things about your Social Security benefits:
1) A potential optimum time to file for your benefits.
2) Filing strategies that may make sense to enhance your benefit.
This no-obligation review is available to each of you, by coming to our office.
The Social Security Maximizer Tool can be an important way to identify income gaps and
see if another solution makes sense.
Let’s roll up our sleeves and find the information for you!