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Today, Marvin Musick from Medicare School looks into the often-overlooked aspects of Social Security that can make a big difference in your retirement planning. You’ll learn about the critical role of your full retirement age, how your current income affects your Social Security taxes, and strategies to maximize your benefits.
Marvin believes in making financial planning accessible to everyone, so he breaks down every detail so that you can make better decisions about your financial future.
Tune in to gain the knowledge you need about Social Security as you turn 65!
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Social Security is a crucial component of retirement planning for millions of Americans, yet many people are not aware of some important rules and regulations surrounding this benefit. While most people understand the basics of Social Security, there are several lesser-known rules that could significantly impact their retirement income. Here are 5 important Social Security rules that most Americans don’t know, but need to:
1. The Earnings Test: If you choose to receive Social Security benefits before reaching your full retirement age, there is a limit to how much you can earn before your benefits are reduced. In 2021, the earnings limit is $18,960 per year. If you earn more than this amount, your Social Security benefits will be reduced by $1 for every $2 earned over the limit. Once you reach full retirement age, the earnings test no longer applies, and you can earn any amount without impacting your benefits.
2. Delayed Retirement Credits: On the flip side, if you delay taking Social Security benefits past your full retirement age, you will earn delayed retirement credits. For every year you delay, your benefit will increase by 8%, up until age 70. This can result in a significant increase in your monthly benefit amount, so it may be worth considering delaying your benefits if possible.
3. Spousal Benefits: Married individuals are eligible for spousal benefits, which can be up to 50% of their spouse’s benefit amount. This can be particularly valuable for a non-working or lower-earning spouse. Additionally, some divorced individuals may be eligible for spousal benefits as long as certain conditions are met.
4. Survivor Benefits: If a spouse or ex-spouse dies, the surviving spouse may be eligible for survivor benefits, which can be as much as 100% of the deceased spouse’s benefit amount. This can be a valuable source of income for a surviving spouse, especially if they have not earned a significant Social Security benefit on their own.
5. The Windfall Elimination Provision (WEP): This rule applies to individuals who receive a pension from work not covered by Social Security, such as government employees or workers in certain foreign countries. The WEP can reduce the Social Security benefit amount for these individuals, so it’s important to be aware of how this provision may impact your benefits.
Understanding these rules and how they may impact your Social Security benefits is crucial for effective retirement planning. By taking advantage of spousal benefits, maximizing delayed retirement credits, and navigating potential reductions due to the earnings test or the WEP, Americans can ensure they are making the most of their Social Security benefits. It’s important to do thorough research, seek guidance from financial professionals, and stay informed about changes in Social Security rules to make the most of this essential retirement income.
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Martin you are awesome thank you for sharing all this information, I've been learning a lot from you and I will call you when ready for my retirement. My full retirement age is March 2024 but I'm planning to keep working till my wife reach 65 years old in 2025 so we both can take Medicare.
I turned 62 when my ex-spouse turned 70. Married for 18 years and divorced for 8 years. I am getting my benefit based on my ex. I understand that the basis for computation would be his benefit at age 70 (full retirement age benefit). Plus – since my ex-husband has teacher retirement, isn't he covered by this? https://www.ssa.gov/OACT/COLA/yoc.html (Benefit computations applicable to certain individuals with pensions from noncovered employment)
Its bad enough dealing with the IRS as I know plenty of elderly that are dealing with continuing Medicare Issues that I do not look forward to
Too much fluff…NO Info
After a massive rally in stocks came and yields collapsed, bond yields and the major averages are higher on Wednesday. How do we deal with such market conditions? Typically my $2m worth of holdings go up 8% then lose 20% right after and the cycle continues.
The government currently lacks concrete strategies to address inflation. Inflationary pressures are impacting various sectors, including stocks, housing, and commodities, causing their prices to rise. It is not advisable to keep your money idle and wait for a market crash. Instead, it is prudent to put your money to work by starting with cautious investments and gradually increasing your pace as prices decline further. Withdrawing a significant amount of money, exceeding $500K, from my account at this time presents a challenging decision.
It is very difficult to correct mistakes with SS. My accountant made a mistake in recording my earnings so I could not get my benefits according to my actual earnings and I am also unable to correct the mistake. So I opted to go for spouse benefits which is very little amount.
What is the logic behind applying penalty on late application fir benefits while one is actually saving money for what the gov pays
Why doesn't AARP campaign and support the elimination of all income taxes on all social security income?
Why doesn’t AARP campaign for the elimination of IRRMA?
AARP says it is for works for the benefits of retirees. Apparently NOT.
What happens if you start SS at age 66, but continue to work full time until age 70. Should they get more SS for paying in for four more years.
Wow, a big thank you to our government for making this easy to understand
Excellent information thank you!
Sir, there is a renewed push in Congress to eliminate the WEP and GPO. If passed, would this impact those already collecting SS for several years?
Could you do a video on SSDI at 55yrs.
How do I talk to someone besides Christina Avvedra? She wouldn't listen to me and she kept talking over me. I want to talk to a different representative. The first woman I worked with a year ago, who helped me choose a supplemental plan, was great but I don't remember her name. I don't care to deal with Christina again. What number do I call? And how do I get a different agent in your company? Thank you.
"Social Security"…. If there ever was an oxymoron, this is it. Let's see…A person spends most of their life working and contributing "into"….But…. Good Luck with all the "rules" for taking "your money" out. Maddening. ☹ It's like a reverse Ponzi scheme.
I am turning 66 in Dec23 I born in Nov 1957 and full retirement age 66.5 If i start by Social security from Jan 24 it will be beneficial ?
I took early because I’m fat and black, most likely will not live to be 80, plus I have a private pension and my Ssi is a saving investment.
Does the Earnings Test only apply if you take SS before full retirement age?
I make about 75k/year now. My full retirement date is April 2024. After April, 2024, if I don't take SS, government will still withheld about half of 50k which is 25k. Right?
My delayed retirement credits are NOT 8% PER YEAR.
Using my statement and a calculater….
In order, I get: 7.68% more at age 68.
6.61% more at age 69
And at age 70 I only get 7.1% more, by waiting.
Nothing in the math indicates a full 8% for each of those last three years.
This is based on my current SS statement.
Now I am totally confused.
@6:11. ya see, the thing is, nobody, NOBODY knows when they will pass into eternity, oh, they can say they have a family history of longevity, or they can say they have a family history of passing in their 50s, whatever the case, nobody knows when their time is up. personally, i want to retire at 65. i was born in Feb `60 and plan on leaving at the end of Feb 2025. my reason, my job is making me old before my time. i`m a youthful 63 year old, single( dont look it or act like it! HA! ) and want to enjoy my youth while i still have it, and plan on living the van life ) i`ve done that in the 80s and rather enjoy it! ) and my sole income will be SS and a pension. also, i`ll be doing the occasional work camping for extra money…
13:00 Just geeking out on the math here–if your annual SSI is $36,000, 50% is $18,000. {In the video, you say hundred.) End Geek-Out.
I can't find an answer to my question on all the social security media; I've been collecting SS @ FRA this whole year and still work full-time, will my SS benefits increase the following year since I'm still contributing to FICA?
If so, why don't anyone speak of this? I work because I want to, not that I need to.
Social Security is the platform from which all other financial decisions should flow.
Hello, I'm 63 years old and am currently on SSDI. I'm supposed to be eligible for Medicare in February of 2024. What do I need to do to make sure I am covered for doctor visits and testing?
I'm at full retirement age. Plan to take SS but stay on my employers medical insurance and keep working full time. SS benefits will be 23,544. Approximately 34,000 from employer. Total of 57,544. What will my tax be at the end of the year?
I had to wait until I was 66.5 to get my full SS. I just got my first check this month and I still work part-time about 26 hrs per week. I make about $19K per yr.