What Do You Really Need to Know About Social Security?
Little Things Make a Big Difference
Here Are Four things Worth Knowing:
- Understand what happens when you take the money at various ages. The earlier you take money, the better it is for the government because they could end up paying you less. What can you do? Go to the Social Security Website (sss.gov) and create a profile, there you can find the details of your Social Security distributions at various ages. The IFW Retirement Roadmap can also be a valuable tool for understanding these benefits.
- Are you better off taking your money earlier? Well, it depends. It depends on your health, longevity, and financial needs.
- Do you have to worry about taxes on Social Security? Yes, if you are single earning 25k and above, or married filing jointly earning 32k or above you can have between 50% and 85% of your benefit included as taxable income. There are strategies to lower the tax you may pay on Social Security benefits.
- Can you always trust your statements? The SSA does admit to making errors. They do not have to correct any error after three years, three months, and 15 days. If you can prove they made an error they may correct it, but it is up to YOU to determine that ALL of your information is accurate.
These are some general tips to be aware of when thinking about Social Security and your retirement. Aligning yourself with the right financial professional can be a smart way to get the most out of your benefits.
Learn More About IFW’s Retirement Planning Education Services
The IFW provides valuable financial education, resources, and services that help people live their best life.
Please remember, be mindful of the messenger that positions certain products or services as “always” bad or “always” perfect. The fact of the matter is there are no “bad products” or “perfect products”. The right product is the one that aligns with your goals and objectives.
The Institute of Financial Wellness believes when it comes to financial decisions; never say “Never” never say “Always”…It Depends.