Thursday, December 1, 2022

Christian news in Birmingham. AL

Frustrated with Hallmark? Try...

My family was vacationing at a condo a while back when I stumbled...

‘Lifemark,’ the Kendricks’ latest...

Editor’s note: This monthly series, “5 Family-Friendly Things,” spotlights five family-friendly entertainment choices...

Max McLean re-tells C.S....

You may not know Max McLean’s face, but you may know his rich,...

Jeremy Camp doesn’t write...

For 20 years, Jeremy Camp’s life has been one of touring and writing...
HomeLeadershipBusinessQuestions To Ask Before...

Questions To Ask Before Taking Social Security

Social Security can be an important part of your retirement income. So, before you start making decisions about your payments, you’ll want to know what questions to ask.
Here are a few to consider:

How soon can I start collecting Social Security?

You can begin receiving Social Security as early as age 62. However, your payments, as well as the survivor benefits payable to your spouse, will be significantly lower than if you wait until your full retirement age, which is likely to be between 66 and 67.

Can I wait until I’m past full retirement age to begin collecting payments?

Yes. Your monthly benefits will continue to rise until you reach 70, at which point they will max out.

Which is better: taking smaller payments for more years, or larger payments for fewer years?

There’s no simple answer to this question. If you are in good health and have a family
history of longevity, you may decide it’s worth your while to wait as long as possible before collecting benefits. Also, if you enjoy working and don’t immediately need the Social Security payments, you may choose to wait. On the other hand, if your health is questionable, or if you would rather retire than continue working, you might want to start taking payments earlier. And, of course, if you simply need the money to help support yourself, you may not be able to wait. Additionally, don’t forget potential implications for your spouse. Since the survivor benefit is based on the size of your retirement benefit, it may make sense to delay and maximize your retirement benefit, which could help provide the maximum benefit for your surviving spouse.

If I’m still employed when I begin taking Social Security, will my monthly checks be reduced?

If you’re working, and you start collecting benefits before you reach full retirement age, your payments could be reduced if you earn more than the Social Security earnings limits, which are adjusted each year. Once you pass your full retirement age, though, you can earn as much as you like without having your payments reduced  (although they could still be taxed).

Will I be taxed on my Social Security benefits?

Social Security benefits can be taxable at any age, whether you’re employed or not. To understand your tax liability, consult with your tax advisor.

Can I claim Social Security benefits based on my spouse’s earnings?

Yes, you may be eligible for Social Security benefits based on your spouse’s earnings and Social Security record. This benefit is available if your full retirement benefit is less than half of your spouse’s full retirement benefit. The spousal benefit is only available if your spouse has already filed for benefits.

These aren’t all the questions you may need to ask about Social Security, but they can give you a good idea of what you should know before taking action. So, take your time, get the professional advice you need, and make the right choices. You’ve contributed to Social Security your entire working life, so you’ve earned the right to maximize your benefits.

About the Author
Crystal S. Law works and plays in Milledgeville, GA, and happily married Jesse Law in September 2018. After graduating in 2005 from Georgia College and State University with a degree of Bachelors of Business Administration she worked in the banking industry for over 10 years and became a financial advisor with Edward Jones in 2016. Her passion is to help people plan their financial future through her work at Edward Jones.

You can contact Crystal for more information:
Financial Advisor
Edward Jones
(478) 295-2556 office
(866) 462-3105 fax
http://www.edwardjones.com/crystal-mullins

 

- A word from our sponsors -

spot_img

Most Popular

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

Memorial Planned for Renown Innovative Faith Leader Dr. Frederick K.C. Price

Memorial services for the incomparable Apostle Frederick K. C. Price, the trail-blazing televangelist and founder of the Crenshaw Christian Center, will be held on Saturday, March 6.

4word Hosts Tenth Anniversary Celebration Online – Gala for the Girls

The 4word 2021 Virtual Gala: An Evening with Mary Lou Retton, will be a victorious evening of inspiration, camaraderie, faith, and unapologetic ambition held on February 27, 2021

International Healing Minister, Charles Carrin of Boynton Beach, Turns 90

Dapper is he, as he strolls into TooJay's on Palm Beach...

20 Quotes to Encourage Friendships During COVID-19

Besties. BFF’s. Life-long friends. Friend is such a wonderful and endearing...

- A word from our sponsors -

spot_img

Franklin Graham Attracts Record-breaking Audience in Italy

More than 13,200 people gathered for an evangelical outreach led by Franklin Graham in Milan, Italy on October 29.

A Hindu PM Marks a Historic Moment in the UK

Rishi Sunak becomes Britain's first Hindu prime minister. He is also the first person of color to hold the highest office in the UK.

A New Biblical Worldview Study Series is Now Available Online

Family Research Council and Summit Ministries announced a partnership launching a new biblical worldview series called Now We Live.

Gen Z Could Change the Faith Landscape in Australia

Two recent surveys on Christianity and the church in Australia found that Gen Zs are generally open to conversations about faith and spirituality.

Christian Political Group Plans to Prioritize the Poor

Center for Christianity and Public Life was launched on October 17 and it will prioritize public service to the less fortunate.

Matthew West: Silly song ‘Gobble Gobble’ has served as a bridge to the Gospel

Christian musician Matthew West has won multiple Dove Awards, an American Music Award and has been nominated for five Grammys. Even so, fans sometimes buy tickets to his concerts based on their enjoyment of a tune that likely won’t ever win any honors: Gobble Gobble.  The official video for...

Thousands of Christians Join Feast of Tabernacles

Thousands of Christians flocked to Jerusalem and celebrated the Feast of Tabernacles from October 9-16.

Major Ad Campaign for Jesus Expands Presence

A major ad campaign to rebrand Jesus is set to expand in the next few months starting with an updated website, an online store, and an ad placement at the Super Bowl.

Half of Global Teens Have a Positive View of Jesus

Most teens around the world have positive views of Jesus according to the latest study by the Barna Group.

‘We will make it’ Say Florida Christians After Hurricane

Christians in Florida continue to give praise and thanks to the Lord despite a Category 4 storm hitting the state.

Frustrated with Hallmark? Try Great American Family

My family was vacationing at a condo a while back when I stumbled upon a shocking fact about my young sons: They enjoyed Hallmark movies. They were 10 and 6 at the time and were drawn to the cheerful storylines, scenic landscapes and always-happy endings. I, too, enjoyed...

Getting Beyond the Storm

Hurricane Ian, the fifth strongest hurricane to hit the U.S., made landfall September 28 with sustained winds of 150 mph, almost category 5 status. Over a hundred people died, over one thousand were rescued, and survivors continue putting their lives back together.  One young lady interviewed immediately after...