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
- 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
- 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
- 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
Thank you for listening!