Maximize Your Social Security
Are you making the most of your Social Security benefits? Many people leave money on the table simply because they don't understand the complexities of the system. At Fullerton Financial Planning, we have experienced advisors to help you maximize your benefits, which will help you secure a more comfortable retirement. Schedule a consultation today to get personalized advice tailored to your unique situation.
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Top 10 Questions About Social Security and Retirement Benefits
1. When should I start taking Social Security benefits?
Deciding when to start taking Social Security benefits depends on your individual circumstances. While you can begin as early as age 62, delaying benefits until age 70 can significantly increase your monthly payments.
2. How are Social Security benefits calculated?
Social Security benefits are calculated based on your highest 35 years of earnings. The more you earn and the longer you work, the higher your benefits will be.
3. What are spousal benefits and how can they help us?
Spousal benefits can provide up to 50% of your spouse’s benefit amount if it’s higher than your own benefit. This can be particularly advantageous if one spouse had significantly lower earnings.
4. Will my Social Security benefits be taxed?
Depending on your total income, up to 85% of your Social Security benefits can be subject to federal taxes. Proper tax planning can help minimize this impact.
5. How does working while receiving Social Security benefits affect my payments?
If you claim benefits before your full retirement age and continue to work, your benefits may be reduced if your earnings exceed certain limits.
6. What happens to my benefits if my spouse passes away?
Survivor benefits allow the surviving spouse to receive the deceased spouse’s Social Security benefits. Proper planning can ensure you maximize these benefits.
7. Can I receive benefits based on my ex-spouse's work record?
Yes, if you were married for at least 10 years, you may be eligible for benefits based on your ex-spouse’s work record, provided you meet other criteria.
8. How can I maximize my Social Security benefits?
Strategies include delaying benefits, coordinating spousal benefits, understanding the impact of working in retirement, and proper tax planning.
9. What are the benefits of delaying Social Security?
Delaying Social Security benefits past your full retirement age increases your monthly payment. For example, delaying until age 70 can boost your benefits by up to 32%.
10. How do I incorporate Social Security into my overall retirement plan?
Integrating Social Security into your retirement plan involves considering your total income sources, developing a claiming strategy, coordinating with your spouse, and planning for taxes.
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Work with Fullerton TodayEarning the Trust of Savers and Retirement Planners
Fullerton Financial Planning is committed to helping you achieve your retirement goals. Contact us today to learn more about how we can assist you with your Social Security and retirement planning needs.
