HomeLeadershipBusinessQuestions To Ask Before...

Questions To Ask Before Taking Social Security

Social Security can be an important part of your retirement income. So, before you start making decisions about your payments, you’ll want to know what questions to ask.
Here are a few to consider:

How soon can I start collecting Social Security?

You can begin receiving Social Security as early as age 62. However, your payments, as well as the survivor benefits payable to your spouse, will be significantly lower than if you wait until your full retirement age, which is likely to be between 66 and 67.

Can I wait until I’m past full retirement age to begin collecting payments?

Yes. Your monthly benefits will continue to rise until you reach 70, at which point they will max out.

Which is better: taking smaller payments for more years, or larger payments for fewer years?

There’s no simple answer to this question. If you are in good health and have a family
history of longevity, you may decide it’s worth your while to wait as long as possible before collecting benefits. Also, if you enjoy working and don’t immediately need the Social Security payments, you may choose to wait. On the other hand, if your health is questionable, or if you would rather retire than continue working, you might want to start taking payments earlier. And, of course, if you simply need the money to help support yourself, you may not be able to wait. Additionally, don’t forget potential implications for your spouse. Since the survivor benefit is based on the size of your retirement benefit, it may make sense to delay and maximize your retirement benefit, which could help provide the maximum benefit for your surviving spouse.

If I’m still employed when I begin taking Social Security, will my monthly checks be reduced?

If you’re working, and you start collecting benefits before you reach full retirement age, your payments could be reduced if you earn more than the Social Security earnings limits, which are adjusted each year. Once you pass your full retirement age, though, you can earn as much as you like without having your payments reduced  (although they could still be taxed).

Will I be taxed on my Social Security benefits?

Social Security benefits can be taxable at any age, whether you’re employed or not. To understand your tax liability, consult with your tax advisor.

Can I claim Social Security benefits based on my spouse’s earnings?

Yes, you may be eligible for Social Security benefits based on your spouse’s earnings and Social Security record. This benefit is available if your full retirement benefit is less than half of your spouse’s full retirement benefit. The spousal benefit is only available if your spouse has already filed for benefits.

These aren’t all the questions you may need to ask about Social Security, but they can give you a good idea of what you should know before taking action. So, take your time, get the professional advice you need, and make the right choices. You’ve contributed to Social Security your entire working life, so you’ve earned the right to maximize your benefits.

About the Author
Crystal S. Law works and plays in Milledgeville, GA, and happily married Jesse Law in September 2018. After graduating in 2005 from Georgia College and State University with a degree of Bachelors of Business Administration she worked in the banking industry for over 10 years and became a financial advisor with Edward Jones in 2016. Her passion is to help people plan their financial future through her work at Edward Jones.

You can contact Crystal for more information:
Financial Advisor
Edward Jones
(478) 295-2556 office
(866) 462-3105 fax
http://www.edwardjones.com/crystal-mullins

 

- A word from our sponsors -

spot_img

Most Popular

Subscribe to our newsletter

To be the first to.know what's happening in the Christian community

More from Author

Memorial Planned for Renown Innovative Faith Leader Dr. Frederick K.C. Price

Memorial services for the incomparable Apostle Frederick K. C. Price, the trail-blazing televangelist and founder of the Crenshaw Christian Center, will be held on Saturday, March 6.

4word Hosts Tenth Anniversary Celebration Online – Gala for the Girls

The 4word 2021 Virtual Gala: An Evening with Mary Lou Retton, will be a victorious evening of inspiration, camaraderie, faith, and unapologetic ambition held on February 27, 2021

International Healing Minister, Charles Carrin Turns 90

Dapper is he, as he strolls into TooJay's on Palm Beach...

20 Quotes to Encourage Friendships During COVID-19

Besties. BFF’s. Life-long friends. Friend is such a wonderful and endearing...

- A word from our sponsors -

spot_img

Hallow App Launches 2022 Advent Prayer Challenge

Hallow, a Christian prayer app, launched this year's Advent challenge with cast members from the hit series The Chosen joining the program.

Group Gives 10,000 Bibles to London’s Children

The Trinitarian Bible Society announced that over 10,000 Bibles have been given to London schools within three years.

Prayer, Faith Can Help Teens with Mental Health Issues

A study on teens and young adults confirmed that those who pray and have a relationship with God were more likely to flourish in life more than their peers.

Count Your Blessings Daily, Not Just Once a Year

I heard about a family seated around their table looking at the beautiful golden-brown turkey. Dressing and gravy, sweet potatoes, cranberry sauce, various vegetables, and casseroles complemented the turkey. From the oldest to the youngest, they went around and expressed their praise.

More than 7,000 Kids Decide to Follow Jesus –YFC

The Youth for Christ announced that 7,323 kids and teens decided to follow Jesus Christ this year, twice the record reported in 2021.

Billy Graham Archive & Research Center is Now Open

The new Billy Graham Archive and Research Center opened in Charlotte, North Carolina on November 7, the birthday of the late evangelist.

MercyMe hopes new album can help heal divisions: ‘We’ve got a divided body of Christ’ 

Bart Millard and his MercyMe bandmates began writing some of the songs on their latest album in the middle of the COVID-19 pandemic, long before the nation was divided over issues that now dominate the headlines.  Millard, though, believes the album’s release in 2022 had been God’s plan...

‘Praise the Lord!’ Ukrainian Christians Cheer Kherson Liberation

Ukrainian Christians celebrate the liberation of Kherson with cheers of praise and thanksgiving, seven months after Russia occupied the city.

JESUS Film Makes History, Now Translated in 2,000 Languages

The JESUS film makes history as it is now translated into its 2,000th language making it the most translated film of all time.

U.S. Renews Calls Against Blasphemy Laws

The United States joined 15 countries in expressing concern over international blasphemy laws.

Franklin Graham Attracts Record-breaking Audience in Italy

More than 13,200 people gathered for an evangelical outreach led by Franklin Graham in Milan, Italy on October 29.

A Hindu PM Marks a Historic Moment in the UK

Rishi Sunak becomes Britain's first Hindu prime minister. He is also the first person of color to hold the highest office in the UK.