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.
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The Institute of Financial Wellness believes when it comes to financial decisions; never say “Never” never say “Always”…It Depends.
Rees Bridges brings a unique value to the IFW as both a highly accomplished creative professional and a successful financial services executive to serve in his role as Senior VP, Marketing & Communications.
Over the last decade Rees has served as the lead marketing & communications professional for a Fortune 500 Financial Services firm. He oversaw all advisor marketing strategies, client communications, and the entire firms branding and marketing initiatives.
Rees continues to pursue his passions as a creative professional & musician for over 30 years, with an impressive profile and reputation as a designer, performer, teacher, and studio musician. Here is a little secret: He serves in the role as an international clinician for Mapex drums, Paiste Cymbals and held the record for world’s fastest drummer between 2006 and 2007.
Rees grew up in London, England and currently resides in Miami, Florida. When not at work, he enjoys spending time with family and friends, traveling, and indulging in his passions for music and creative pursuits.