Nov 30, 2017
Learn the answers to the eight most common questions people have about social security and some little known strategies to help you get the most out of your benefits.
Main Questions Asked:
- How to get the most out of your social security?
- How to create a plan to avoid social security mistakes?
Key Lessons Learned:
The Eight Most Common Questions About Social Security
- When am I eligible? Age 62, you have to at age 70. Widows and widowers at age 60.
- Additional benefits? Social security disability.
- Will the Social Security Administration help me claim my benefits? They won’t offer you advice on how to maximize your benefits. They are forbidden to give personal advice on strategies.
- Is it better to delay? This depends. What are your other assets? If you have to turn on an income stream social security may be an option. Short life expectancy then claim unless you are maximizing survivor benefits. Not everyone should wait until they are 70.
- Do I have to pay taxes on social security benefits? Maybe maybe not. Some people pay zero, some 50 to 85%. This has to do with your other income that shows up on your return. It can be from an inefficient investment portfolio.
- What happens to benefits when one spouse dies? The smaller check will go away and the surviving spouse will get the larger check, but not the smaller one.
- If I work in retirement can I still collect benefits? You could pay an earnings penalty if you earn over $16,000 before full retirement age. After full retirement age, there is no limit on income you can earn.
- Is social security going broke? Joel doesn’t think it will go away for anyone over 55. For younger people the system may not last in it’s present form.
Links To Resources Mentioned
Money Map Retirement Review
1-800-757-0436
Thank you for listening!