Should I wait to take Social Security? As much as 8% a year extra can make a huge difference. Here’s how. Your monthly Social Security retirement benefit depends on your age when you first start collecting. Waiting until after you reach your Full Retirement Age (FRA) to begin collecting Social Security benefits kicks in the…
Do I lose money if I work and take Social Security? Possibly! Some Social Security benefits may be taxed as ordinary income. It is important that you understand how this works and how to reduce the impact. You will be subject to an “earnings test” if you take Social Security benefits prior to your full…
Will my Social Security benefit keep up with inflation? Yes! One of the most attractive features of Social Security is that every year the government adjusts the benefit for inflation. Known as a cost-of-living adjustment, or COLA, this inflation protection can help keep up with rising living expenses during retirement. The COLA is quite valuable;…
What can I do if there’s a big age difference with my spouse? The “Start-Stop-Start” strategy might help. Here’s how. This Social Security tip deals with a variation of File and Suspend. Start-Stop-Start may make sense if you are a married and there is an age and earnings difference between you and your spouse. For…
Can my family collect Social Security retirement benefits? Yes! A little known fact is that benefits are available to the children of a retiree who is collecting Social Security. Normally, I recommend waiting to claim benefits, but if you have minor children, it may make sense to claim earlier. For example, George is 61 and…