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Your Retirement Income: Social Security

Your Retirement Income: Social Security

July 23, 2019
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Social Security is one of the most common forms of retirement income for retirees today. It may also be the most important, especially for those retirees that won't have other streams of income. 

{AUDIO} Your Retirement Income: Social Security

When should you take Social Security?

You can take your Social Security benefit as early as age 60. Or you can wait until your full retirement age (FRA) of 65 to 67 years old, depending on your birthday. There is no benefit increase after the age of 70. Instead of asking when you can receive Social Security, you should ask yourself when you need to take Social Security.

Are Social Security benefits taxed?

The short-answer is Social Security can be taxed - it depends on your other income(s) in retirement. Bottom line, the more money you make with other streams of income, the more likely your Social Security benefit will be taxed and at a higher rate. This may also be affected by which state you reside.

Are there Social Security benefits for spouses?

Yes. Even if you didn't work or weren't the breadwinner in your household, you may be eligible to receive Social Security benefits. Also, you may be able to collect Social Security based on an ex-spouse or deceased spouse.

If you need help building your retirement income or assistance making decisions with your Social Security, please, don't hesitate to call. You can reach me at 320.222.4236 or email me at tim@taatjesfinancial.com.