The Social Security system is complicated. As a National Social Security Advisor (NSSA) certificate holder, I get lots of questions from people regarding Social Security benefits. Here are answers to common questions I receive from our clients:
Will it be there?
We will see the Social Security Administration continue to adapt the system. Currently, they are increasing the maximum earnings taxed and slowly increasing the Full Retirement Age (FRA). We may even see further tax to supplement the pool or install income ceilings to those earning a significant amount of income above and beyond Social Security.
Will my benefit be taxed?
Possibly, it will vary depending on your Combined Income (AGI + Non-taxable interest + ½ of your Social Security Benefit). If you qualify, your benefit may be taxed up to 85%.
When should I take it?
There is no definite answer as every situation is different. We usually see two types of individuals; those trying to get the most out of the system, and those who are trying to create a plan to best suit their personal situation. Depending on which type of individual you are and your unique situation, it is best to consult with an expert to determine how you can maximize your Social Security benefits.
How do I learn more about maximizing my benefits?
I will be conducting "Understanding Social Security" seminars in Montevideo on September 1st and Willmar on September 3rd. Click here for more information and to register.
If you cannot attend the seminar and need help with determining how to maximize your Social Security benefits, please, give us a call to schedule a no-cost, no-obligation meeting at 320.222.4236.