Category: Full Retirement Age / FRA
“Each type of retirement benefit has a different eligibility age. Your age plays a big role in how much you can expect to receive from Social Security and what you need to do to avoid retirement account penalties.” Just as there are many types of retirement benefits, there are many dates to keep in mind […]
“Sophisticated analyses take into account the tradeoff of receiving no income during the deferral period and more income later in retirement.” Claiming Social Security benefits early costs American households an average of $68,000 in lost wealth. More than a third of Americans claim Social Security at age 62, and two thirds claim long before they […]
“All you have to do is type ‘maximize Social Security’ into Google or any other search engine and you will get hundreds, if not thousands, of hits.” The desire to get the largest possible benefits from Social Security is a relatively new phenomenon. For decades, people received their monthly benefit check and that was it. […]
“Choosing when to file for benefits is a critical decision that will affect your monthly retirement income for the rest of your life.” When it comes to planning for retirement finances, one of the most important decisions concerns when to claim Social Security benefits. There’s no one-size-fits-all answer to the ideal time, but there are […]
“Social Security is a huge source of financial stability for retirees, and married couples, in particular, can benefit dramatically from Social Security.” When to take Social Security benefits is a decision that has major consequences for not only the worker but their spouse. There are a few mistakes the people make that end up costing […]
“Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.” Paying taxes when you aren’t working but are instead receiving income from a lifetime of working and Social Security is a harsh reality of retirement for many people. Figuring out how much of […]
“Should I start collecting Social Security retirement benefits as early as possible, or hold off for longer in exchange for plus-size payments?” How much time you need to figure out the best time to take Social Security benefits can be as much of a puzzle as figuring out the actual answer, according to the recent […]
“Deciding when to start receiving Social Security retirement benefits is an important decision. Making the wrong choice could cost you.” Not knowing when you will be eligible to receive all of the benefits earned through your work history can hurt a retirement plan, says a recent article from CNBC.com titled “Here’s what to you need to […]
“The more you know about Social Security, the more you’ll likely be able to get out of the program.” Famous motivational speaker Zig Zigler reportedly said “If you want to earn more, learn more.” That’s true for careers and investments. It is also true for Social Security. The more you know how Social Security works, […]
“When should you sign up for Social Security? It is a good question. Many seniors grapple with that decision, and understandably so, since the age at which you claim benefits will dictate how much money you will receive each month during retirement.” There’s an unfortunate tendency to focus on how to get the most out […]
