May 4, 2018
Understand misconceptions around Social Security and avoid
mistakes that can cost you thousands of dollars.
Main Questions Asked:
- How much is my social security potentially worth?
- How do I get the most out my Social Security benefits?
Key Lessons Learned:
8 Social Security FAQ's and Unique Strategies to Get the
Most Out of Your Benefits
- When am I eligible to receive my benefits?
Everybody eligible can receive their benefits at age 62 and they
need to be taken at age 70. Widows and widowers can collect at age
- Am I eligible for additional benefits? There
is a disability component to Social Security that many people
overlook, so it’s important to do your research to see if you might
- Will the Social Security administration help me with
claiming my benefits? They aren’t going to hold your hand
and offer you personalized advice on how to maximize your benefits.
They’ll tell you how to fill out the form, but they don’t offer
personalized advice tailored to your specific financial
- Is it better to delay taking my Social Security
benefits or take them early? This gets into the debate of
whether everyone should wait till age 70 or not. How much money do
you have saved in other assets? What if your life expectancy is
short? There are so many factors to consider when it comes to
claiming your Social Security benefits.
- Do I have to pay taxes on my Social Security
benefits? Maybe, and maybe not. You could pay taxes on as
much as 85% of your Social Security benefits. This depends on the
other income on your return. Making a portfolio more tax efficient
can make a huge difference.
- What happens to our benefits as a couple when one
spouse dies? If one spouse dies the smaller check goes
away. Sometimes we set up an extra account to replace that lost
- If I work in retirement can I still collect my
benefits? You might pay an earnings penalty if you earn
too much. If you earn over $16,000 In any given year, you will end
up giving back some of those earnings. Once you reach full
retirement age, there is no limit on the amount of money you can
- Is Social Security going to go broke and leave me with
nothing? Joel doesn’t believe the promise will be broken
for anyone over 55, however younger people may not be able to count
on it in the future.
Links To Resources Mentioned
Map Retirement Review
here for your FREE Social Security Guide!
Thank you for listening!