It’s a shock to some people when they find out they can’t receive Social Security benefits as soon as they turn 62. The SSA has A LOT of strange rules. But there’s one that takes this to a whole new level and its called the “day before” rule. This rule says that your Social Security birthday is the day before your actual birthday. This has a lot of impact in the Social Security system including a big impact to when you can receive Social Security benefits. ➡️Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! ➡️Get the retirement planning Cheat Sheet! This simplifies the contributions and income limits, tax tables, and other important rules to just one page. Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔Why Filing Early Can Be the Best Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️Get a copy of my newly revised book here -- ➡️Want to schedule a consultation with Devin? See ➡️Simple Questions? Join my FREE Facebook Group! ➡️If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ I am an actual practicing financial planner, but I'm not YOUR financial planner. Don't take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 ---------------------------------------------------------------------------------------------------- ⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. -----------------------------------------------------------------------------------------------------...(read more)
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As retirement planning becomes more and more important, it is essential to know when you can start taking Social Security benefits. Some may believe that they can begin receiving benefits at 62, but this is not always the case. Here's why. One of the main factors is retirement age. The Social Security Administration considers your "full retirement age" to be between 66 and 67, depending on the year you were born. If you choose to take your benefits as early as age 62, your monthly payments will be reduced by as much as 30%. Another consideration is income. If you exceed a certain income threshold while receiving benefits, you may have to give some of that money back to the government through taxes. If you claim benefits before full retirement age, there is a cap on how much you can earn without penalty, currently set at $18,240 per year. It is important to note that claiming Social Security benefits at age 62 is not always a bad decision. If you are in poor health or have a family history of early mortality, claiming early may be the smart decision. On the other hand, if you expect to live a long and healthy life, delaying your benefits until full retirement age or even beyond can be a smarter move. In addition, if you continue working and earning a significant income, delaying benefits may allow you to maximize your payments in the long run. By waiting until full retirement age, you can avoid any reduction in benefits and potentially earn delayed retirement credits, increasing your monthly payments. In conclusion, while it is true that you can begin receiving Social Security benefits at age 62, it may not always be the best decision. Understanding your full retirement age, income thresholds, and personal situation can help you make the best decision for your retirement needs. https://inflationprotection.org/heres-why-you-cant-receive-social-security-at-age-62/?feed_id=88740&_unique_id=643d8383c0933 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
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