Townsend Financial Planning’s Post

When should you claim Social Security? When it comes to Social Security and retirement, you may have conflicting viewpoints: On one hand, you hope to start collecting your benefits as soon as you're eligible. On the other hand, you know that if you wait, your monthly benefit amount will be greater. While it does make sense to wait as long as you can, it is important to reevaluate your situation every year in retirement before deciding whether to continue delaying your Social Security benefits. Each individual, couple, widow, and widower have unique income needs and having a year-by-year evaluation is the best approach. One item that is helpful during your review is a current copy of your Social Security benefit estimate from ssa.gov. This estimate will change each year based on your real earnings. Using this will provide you with the most up to date information for making your decision. If you have not had a Social Security evaluation and would like one, please reach out to me and I would be happy to have that conversation with you.

Couples, let's talk about maximizing your Social Security benefits! 👫💰 Did you know that coordinating your Social Security claiming strategy as a couple could potentially increase your lifetime benefits by tens of thousands of dollars? Here are some key strategies to consider: 1. Understand spousal benefits: You might be eligible for up to 50% of your spouse's benefit. 2. Consider the higher earner delaying: The higher-earning spouse waiting until 70 can significantly boost the survivor benefit. 3. File and suspend: This strategy isn't as powerful as it once was, but it might still be useful in certain situations. 4. Coordinate your claiming ages: Sometimes it makes sense for one spouse to claim early while the other delays. 5. Factor in your health and family history: Longevity plays a crucial role in these decisions. Remember, there's no one-size-fits-all approach. Your unique circumstances, values, and goals should guide your strategy. Have you and your spouse discussed your Social Security claiming strategy? What factors are most important to you? Let's sit down together and explore how we can optimize your Social Security benefits as part of your overall retirement plan. With thoughtful planning, we can work towards a retirement that honors your lifelong partnership and supports your shared dreams. . . . #SocialSecurity #RetirementPlanning #CoupleFinances Disclosures: thrivent.com/social Thrivent financial advisors and professionals have general knowledge of the Social Security tenets. For complete details on your situation, contact the Social Security Administration.

When should I file for Social Security? This is one of the top questions asked by those entering or near retirement. Why? Because it depends. Here is an area where a financial strategist can help. LifeSaverFinancial.com https://lnkd.in/dS2mc248

Waiting to Claim Social Security? Most Recipients Aren’t Interested. Some 43% of respondents to a recent survey said they planned to file for Social Security benefits before age 67, the full retirement age for Americans born in 1960 or later. But.... Most folks think age 62 or 70 is the choice. It can be anywhere in between. And you can always go year by year to have flexibility. A Retroactive Benefit Option also provides a relatively large lump sum payment.  Invoking this option entitles you to receive missed monthly benefits retroactively for six months before filing your application with the Social Security Administration.   These retroactive benefits are paid as a single lump sum payment. Of course, there are a couple of catches.  First, you must attain full retirement age to request retroactive benefits. The second is that retroactive benefits are only available six months from the month you reach your full retirement age. 

"When should I claim Social Security?" is one of the most common questions I get which is why I found this article so interesting. I've read several articles that tell readers to delay until age 70, but don't give options as to when that might not be the ideal situation like this article does. If you have questions about when to claim Social Security or any other retirement question, please reach out. My team and I are here to help.

Understanding your social security benefit can be difficult because the rules are always changing and many people do not know when they should start taking their Social Security. The premise of Social Security is to replace a part of an individual's income from their working years based on an average of their lifetime earnings. As you earn more, you pay more into Social Security and receive a larger benefit. In a way, it is like paying into an annuity managed by the government. When should you start taking Social Security? 🤷♀️ You can start taking benefits at the age of 62 or can wait to maximize your benefit by waiting until the max age of 70. A few questions you can ask yourself is to determine when you should start taking is: Am I healthy or do I have concerns about longevity of life? How much longer do I plan to keep working? Do I have other revenue sources that can replace my employment income? Does my social security benefit at X age cover my base expenses? Additionally, if you were married and your spouse is deceased or it ended in divorce you may be eligible to receive a portion of their benefit. For further information we recommend setting up an in person meeting at your local social security office. For those of you that are decades away from taking Social Security. We cannot be absolutely certain what Social Security is going to look like in the years to come. Prepare yourself with retirement, non-qualified and savings assets so that if Social Security cannot provide you the support you need in your retirement years, you have other resources to fall back on. https://lnkd.in/gRTZmpYU

💡 4 things you may not know about Social Security 1️⃣ In February 2024, the average Social Security retirement benefit was around $1,862 per month or $22,344 per year, according to a May update from the Center on Budget and Policy Priorities. 2️⃣ Depending on your circumstances, you may be eligible for Social Security benefits at any age. For example, if you are the spouse, child, or dependent parent of a deceased worker. 3️⃣ Benefits can increase with age. You can increase your Social Security benefits by delaying benefits until age 70. 4️⃣ It can get complicated: Understanding Social Security can be tricky due to factors like earnings limits, spousal benefits, and survivor benefits. Don’t take Social Security for granted. Understand the details and create a personalized strategy that works for you. #SocialSecurity #FinancialProfessional

What’s the most you can receive from Social Security? It depends on your age, your work history, your marital status, and your retirement decisions. Here we will answer the immediate questions about the maximum Social Security benefits payable in 2024.

For Social Security planning purposes, you reach full retirement age between ages 66–67, depending on the year you were born. However, most Americans still end up pondering this critical question as they approach retirement: “When should I start taking my Social Security?”

📢 Important Social Security Update for Public Servants: If you've worked in public service, this matters: The Social Security Fairness Act has eliminated the WEP and GPO provisions. As I'm reviewing this with clients, I'm seeing significant impacts for: - Pre-1984 government employees - Teachers who didn't participate in Social Security - State and local government workers, like firefighters and police officers Some of my clients are discovering they may be eligible for substantially higher benefits than previously thought. This could meaningfully change retirement planning strategies. What you should know: 1️⃣ The SSA is working through implementations. Starting January 6, they'll require appointments for office visits - plan accordingly. 2️⃣ Review your benefits through your my Social Security account. The changes might surprise you. 3️⃣ Important: Be cautious of unsolicited calls or emails about these changes. Scammers are already at work. I've been helping folks navigate these changes and understand what they mean for their retirement plans. If you're trying to make sense of how this affects you, let's connect. Happy to share what I'm learning. Know someone in public service or who worked for the government? Share this post - they'll want to know about these changes. Questions? Drop them below or reach out. Always happy to help plan for a secure retirement. 👇 #PublicService #RetirementPlanning #SocialSecurity #FinancialPlanning #Teachers #GovernmentWorkers Disclosure: Merrill does not provide Social Security advice