In Part 1, we explained how Social Security benefits are calculated and why the age you start benefits matters.Next, in Part 2, we discussed the rules for spouses, ex-spouses, and survivor benefits.Lastly, In Part 3, we looked at how taxes and other income can affect how much you keep. This is Part 4 of our four-part Social Security series. In…
Category: Social Security
When Social Security Becomes Taxable. How Other Income Can Change What You Keep
In Part 1, we explained how Social Security benefits are calculated.In Part 2, we discussed the rules for spouses, ex-spouses, and survivor benefits. This is Part 3 of our four-part Social Security series. Even after you understand how Social Security works, other rules can affect how much you actually receive. One of the most common surprises is that Social Security…
When Should You Start Social Security? Why Timing Matters More Than Most People Realize
Social Security sounds simple. You work, you retire, and at some point you begin receiving a monthly check. In reality, the rules are more nuanced than most people expect. The age you choose to start receiving Social Security benefits can affect how much you receive each month, how long your retirement savings last, and how financially secure a surviving spouse…
Maximizing Your Social Security Payout
You can start drawing Social Security benefits any time between the ages of 62 and 70. The longer you wait to start, the greater your monthly benefit. If you start at age 62, you get about 75% of your retirement benefits; and if you wait until age 66, you get 100%. But if defer for the maximum period, until age…