There are 7 Social Security facts every retiree must know. These will, in large part, determine both the quantity of your payment and quality of life for you and other dependents who may quality based on your filing. This video discusses what these 7 Social Security "must knows" are and how they affect you personally. I discuss Social Security payment vs filing age, Social Security's Return on Investment (ROI for middle income retirees, the Cost of Living Allowance (aka COLA) and why this is important, the possibility and implications of collecting Social Security while still working, changing your mind and "un-filing" for Social Security using SSA Form-521 and spousal benefits. RECOMMENDED VIDEOS 3 Social Security "Little Known Facts" that are VERY IMPORTANT: 7 Good Reasons to File for Social Security at Age 62: Average Retirement Savings at 60: Average Retirement Savings at 50: 3 Easy Ways to Boost Your Retirement Savings - Average Retirement Savings at 40: How to Report Property Gains and Losses - Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider....(read more)
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Social Security is a critical part of retirement planning, and it's important to understand how it works. Here are seven facts every retiree should know about Social Security. 1. You May Qualify for Benefits Before Retirement Age: Although the full retirement age for Social Security benefits is usually age 66 or 67, depending on your birth year, you can begin receiving benefits as early as age 62. However, if you choose to do so, your benefits will be reduced. 2. Spousal Benefits Are Available: If you are married, you may be eligible for spousal benefits. These benefits are based on your spouse's earnings, and can be as much as half of your spouse's full retirement benefit. 3. You Can Delay Benefits for a Higher Payment: If you delay taking Social Security benefits past your full retirement age, your benefits will increase by 8% per year. This can be a great way to maximize your Social Security income in retirement. 4. Your Benefits May Be Taxable: Depending on your income level, your Social Security benefits may be subject to federal taxes. If you are married and filing jointly, up to 85% of your benefits may be taxable. 5. There Is an Earnings Limit: If you are younger than full retirement age, you can still receive Social Security benefits, but there is an earnings limit. If you earn more than the limit, your benefits will be reduced. 6. Your Benefits May Be Reduced If You Work: If you are younger than full retirement age and earning more than the earnings limit, your benefits will be reduced. However, if you are full retirement age or older, your benefits will not be reduced. 7. You Can Receive Benefits While Working: Even if you are receiving Social Security benefits, you can still work and earn income. However, there are certain limits on how much you can earn. These are just a few facts about Social Security that every retiree should know. It's important to understand how Social Security works, so you can maximize your benefits and make the most of your retirement. https://inflationprotection.org/7-social-security-facts-every-retiree-must-know/?feed_id=68552&_unique_id=63e269c56bcc1 #Inflation #Retirement #GoldIRA #Wealth #Investing #COLA #FullRetirementAge #retirementplanning #socialsecurity #socialsecurityadministration #socialsecuritybenefits #socialsecuritybenefitsatage62 #socialsecuritycredits #socialsecurityexplained #socialsecurityfacts #socialsecurityincome #socialsecurityretirement #socialsecuritysecrets #socialsecurityspousalbenefits #socialsecuritytaxes #socialsecuritywhileworking #SSA521 #taxesonsocialsecurity #workingandsocialsecurity #SpousalIRA #COLA #FullRetirementAge #retirementplanning #socialsecurity #socialsecurityadministration #socialsecuritybenefits #socialsecuritybenefitsatage62 #socialsecuritycredits #socialsecurityexplained #socialsecurityfacts #socialsecurityincome #socialsecurityretirement #socialsecuritysecrets #socialsecurityspousalbenefits #socialsecuritytaxes #socialsecuritywhileworking #SSA521 #taxesonsocialsecurity #workingandsocialsecurity
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