There are 7 Social Security facts every retiree must know. These will, in large part, determine both the quantity of your payment and quality of life for you and other dependents who may quality based on your filing. This video discusses what these 7 Social Security “must knows” are and how they affect you personally. I discuss Social Security payment vs filing age, Social Security’s Return on Investment (ROI for middle income retirees, the Cost of Living Allowance (aka COLA) and why this is important, the possibility and implications of collecting Social Security while still working, changing your mind and “un-filing” for Social Security using SSA Form-521 and spousal benefits.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider….(read more)
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Social Security is a critical part of retirement planning, and it’s important to understand how it works. Here are seven facts every retiree should know about Social Security.
1. You May Qualify for Benefits Before Retirement Age: Although the full retirement age for Social Security benefits is usually age 66 or 67, depending on your birth year, you can begin receiving benefits as early as age 62. However, if you choose to do so, your benefits will be reduced.
2. Spousal Benefits Are Available: If you are married, you may be eligible for spousal benefits. These benefits are based on your spouse’s earnings, and can be as much as half of your spouse’s full retirement benefit.
3. You Can Delay Benefits for a Higher Payment: If you delay taking Social Security benefits past your full retirement age, your benefits will increase by 8% per year. This can be a great way to maximize your Social Security income in retirement.
4. Your Benefits May Be Taxable: Depending on your income level, your Social Security benefits may be subject to federal taxes. If you are married and filing jointly, up to 85% of your benefits may be taxable.
5. There Is an Earnings Limit: If you are younger than full retirement age, you can still receive Social Security benefits, but there is an earnings limit. If you earn more than the limit, your benefits will be reduced.
6. Your Benefits May Be Reduced If You Work: If you are younger than full retirement age and earning more than the earnings limit, your benefits will be reduced. However, if you are full retirement age or older, your benefits will not be reduced.
7. You Can Receive Benefits While Working: Even if you are receiving Social Security benefits, you can still work and earn income. However, there are certain limits on how much you can earn.
These are just a few facts about Social Security that every retiree should know. It’s important to understand how Social Security works, so you can maximize your benefits and make the most of your retirement.
I retired at 59 and started getting ss at 62…. now if I live to be 80…I will have gotten 405,000 over 18 years but If i wait to get ss at 67 and live to be 80 I will have gotten 324,000 now tell me why I should wait
Life is complicated now. Many spouses are no longer spouses (Divorce). Many people re marry. Can you make a video about this and about what the first and 2nd (and may 3rd and 4th) spouse gets?
Lol, I must be getting good at this since I started watching SS benefits six months ago, I knew everything you talked about! A good Primer Mr S!
Best channel name on YouTube
When you compare SS to a Mutual Fund (MF)paying 5%, the MF is yours forever! When you die your SS payments ‘die’ too.
This is information you should know before you retire not after you retire.
Great stuff, thanks for sharing. Question , I plan on retiring and drawing SS at 65 at that point in time my wife wife will be 50. She has not worked outside of our home, in order to qualify for spousal benefits will she need to wait till age 62? Thanks in advance, David.
1. Size of payment depends on your age when you file
2. You need to qualify to receive benefits
3. Your ROI is about 5% per year
4. You get annual inflation adjustment “COLA”
5. You can work and collect at the same time
6. You can change your mind and unfile (fill out the form ssa- 521 within 12 months)
7. Your spouse can receive “ Spouse benefits”
in my view, a lot simpler to list these 7 facts
Something to reflect on regarding COLA and other related costs. People, it is worse than you think!! Since the 18th of March until today (11/4) The US Dollar has dropped exactly 10%! That means, by definition, the cost of imported goods will be more expensive (INFLATION) than earlier this year because the dollar has been DEVALUED. Since our country has been running trade deficits (with a few exceptions) since the mid-80's (with stagnant wages that have flat-lined since 2000) , are we really surprised about the cost of goods and the cost of living??
Because EVERYONE'S taxes are going up next year due to federal tax revenues shortfalls this year, be prepared for dollars to be sucked out of your wallet as you shake your head in disbelief! This gives new meaning to the words "money velocity." Then you have to factor in all the other money you are going to be required to pay for things like The Green New Deal, The Great Rest Agenda, Medicare for All, reparations, for the "oppressed," "free" college and university tuition for everyone, healthcare for all undocumented immigrants, and other pet projects of the Global Elite, your standard of living, by definition goes down. Money that we think we have earned and saved… nope, it is not yours. It belongs to your Federal Government!
Good job from a fellow CPA named Schmidt.
Unlike a mutual fund, if you die – your SS Benifits die with you. A mutual fund balance goes to your surviving beneficiary(ies). The money is yours to do with as you direct.
But I thought the death benefit for a living spouse was 100% of the dead spouse's benefit at the living spouses 'full retirement age' – right?
I’d imagine I’ll take my SS benefit at the time of my retirement- just to lessen the withdraw on my own 401k’s. I can’t envision a reason to hold off. Unless, I envision living well into my 90’s and will want the higher monthly pay-out from SS. What are some of the reasons for holding off?..besides continuing to work and get a paycheck?
Just do something that will make you money whilst you sleep, no matter how little. This pandemic has been a perfect eye opener for us all to really see how life can be without your usual income stream. It's recommendable for you to have a side hustle. The best thing you can do for yourself is to find a way to make money even while sleeping especially now we have to work and earn from home, Having different streams of making money is the solution to survive. And I've been doing that by investing in the stocks, bitcoin and dividends, even real estate. I've earned impressive profits I can't mention here working with Mr. Austin Grey through his registered investment company. Kindly reach out to him via austingrey64@gmail He will guide you. The rich see an economic crisis as the perfect time to invest, they're a step above others because they see an opportunity where others don’t
SO does that mean that my ex will get apart of my money? i.e., instead of getting 1500 per month I would only get 750?
Amazing