Get familiar with these basics of Social Security if you’re planning for retirement. It’s crucial to understand how Social Security works before you stop working. Your work history affects your retirement income, and choices like when you claim benefits can have lasting effects. A solid retirement plan for most people relies on Social Security. SSA estimates that the average U.S. retiree will replace 40% of their pre-retirement income with Social Security. That means you might need to also get income from other sources, such as savings and investments that you accumulate throughout life. Get free retirement planning resources: 🔑 9 Keys to retirement planning 🐢 6 Safest Investments Your full retirement age (FRA) is one of the most important things to understand. That’s because you typically get reduced benefits if you take income before that age. And waiting offers the opportunity for delayed retirement credits up to age 70. Your age at claiming is a major factor in how much you receive each month. We also touch on inflation (or COLA) and taxes on your retirement benefits, among other things. Ultimately, the choices you make can determine how comfortable you are in retirement. Plus, any surviving spouse who takes over your benefit is affected by the choices you make, so be sure to look at the big picture. Once you understand these Social Security basics, you can look at your own benefits in more detail. SSA.gov has information on your earnings record, as well as helpful calculators you can use for what-if scenarios as you plan your retirement. Be sure to speak with an SSA representative or a financial professional if you want individualized guidance, as this video is just a high-level overview to get you started. For an introduction to Social Security, see the SSA’s overview that we walk through here: 🌞 Subscribe to this channel (it's free): Learn about working with me at Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states. 00:00 Intro 00:47 You Have Choices 01:10 Full Retirement Age (FRA) 02:05 Example of FRA and Early or Delayed Claiming 03:26 Your Work Record and Earnings, Briefly 03:54 Lifetime Income 04:28 Inflation, Cost of Living Adjustments (COLA) 05:09 Taxes on Social Security 06:03 Working While Getting Benefits 06:30 Working for a Bigger Benefit 06:49 Medicare Enrollment Deadline 07:18 Disability Benefits 07:55 Spousal Benefits 08:49 Government Pensions (Teachers & More), GPO & WEP 09:44 Other Sources of Income (Savings & Investments) IMPORTANT: It's impossible to cover every detail and topic in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration....(read more)
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