About Us Contact Us Help




3 Ways To Maximize Social Security Benefits

Jai M Dev

Key Points

  • You have some control over the amount of Social Security benefits you will receive.
  • In general, the longer you wait to claim benefits, the higher the benefit.
  • Partner with your advisor to develop a Social Security strategy that supports your goals.

As you work with your advisor, be aware of three ways to get the most from your Social Security benefits:

1. Wait to begin collecting, if you can.

If you postpone taking Social Security benefits until after your full retirement age, you will receive a higher monthly benefit. For example, if your full retirement age is 66 and you wait to collect until age 70, your Social Security income will be 76% higher than it would have been at age 62 (the earliest you can collect). Your advisor can show you how postponing Social Security benefits could favorably impact your financial goals.

Keep in mind that delaying Social Security benefits may mean using other assets to fund your retirement.

2. Make sure you get all of what’s yours.

You’re eligible to take either all of your own benefit or half of your spouse's benefit, whichever is higher. This also applies if you’re divorced but were married for at least ten years, or if your spouse died.

If you are widowed, you have the option to collect survivor benefits — which you can start as early as age 60 — and then switch to your own benefits later. If you’re unsure which approach to take, talk to your advisor or use the calculators on the Social Security Administration website to find out how to get the largest benefit due to you.

3. Plan for the tax impact of extra earnings.

Continuing to work after you begin collecting Social Security benefits can also impact your benefits. For example:

  • If you’re younger than full retirement age and earn more than certain amounts, your benefits will be reduced.
  • After you reach your full retirement age, you can earn as much as you like without impacting your benefit amount. However, as much as 85% of the benefit could be taxed if your income is above a certain amount.

Your financial advisor can help you calculate your investment earnings so you can plan ahead for tax season.

Check in with your advisor today

It’s never too early to develop a Social Security strategy. Despite news that Social Security is projected to deplete its trust funds in 2035, much could change before then. Your advisor can help you incorporate your projected benefit into your overall portfolio and plan for income based on your financial goals.

Bookmark and Share | Share your Comments

Comments :
Post a new message

In this Issue
Weekend Entertainment

Catch up, register and purchase tickets for the upcoming events and concerts by Kala Tarangini - Raj Vaibhava, Draupadi Sharanagathi, Sajda-Richa Sharma, Night Wind, Abhishek Raghuram, Tejendra Majumdar, and 2019 MITHAS Membership.

Weekend Entertainment
OFBJP Boston Celebrated The Victory Of Prime Minister Narendra Modi

by Geetha Patil
The Overseas Friends of Bharatiya Janata Party (OFBJP) Boston celebrated the victory of Prime Minister Narendra Modi and BJP Government in the 2019 Elections held in India very ardently on Sunday Jun 2, 2019, at the Raddison Hotel Chelmsford, MA.

OFBJP Boston Celebrated The Victory Of Prime Minister Narendra Modi
Talk On Nirvan Shatakam By Swami Paraprajnanda

by Meenal Pandya
On June 1st and 2nd, Swamini Paraprajnananda – a disciple of Swami Viditatmanandji of Arsha Vidya Gurukulam in Saylorsburg, Pennsylvania - offered a two-day retreat on Vedanta exploring the meaning of Aatma Shatakam, also known as Nirvan Shatakam. Aatma Shatakam is a set of six slokas brimming with the essence of Vedanta philosophy written by Sri Adi Shankarachanrya.

Talk On Nirvan Shatakam By Swami Paraprajnanda
Our Voice And Yours

Our Spending Power is Epic - Asian Americans' spending power in the U.S. is expected to break $1.3 trillion by 2023.

Our Voice And Yours
VERVE 2019 – Festival Of Performing Arts

The Center for Arts and Wellness is excited to announce its Annual Program - VERVE 2019 - on June 8th at Southborough Middle School.

VERVE 2019 – Festival Of Performing Arts

You may also access this article through our web-site http://www.lokvani.com/

Home | About Us | Contact Us | Copyrights Help