When should you take out Social Security? What is the impact on a surviving spouse if you take it out early? What are the tax implications?
It’s important to know how integrating Social Security benefits into your retirement income plan can play a role in your overall financial strategy. Working with a financial professional, including licensed insurance agents, investment advisors, and tax professionals can help you understand how Social Security benefits may fit into your plan for retirement. Please note that we are not affiliated with SSA or the federal government.
Social Security lets you begin your payments as early as age 62, as late as age 70, or any time in between. Your benefits increase the longer you wait to take distributions. If you keep working, there is an earning cap to consider, above which your benefits can be reduced. It is also important to understand how the IRS taxes Social Security income.
The day you elect to receive your first SS payment will determine the amount you receive. It will also determine the benefits that will be available for spouses, children, and other survivors.
We provide you with information regarding social security planning including:
Call us today to set up your no-obligation meeting in our Vancouver or Portland offices to see how optimizing your Social Security benefits can help fill the gap in your retirement income.
We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives.
We are not affiliated with the U.S. government or any governmental agency; we are able to provide you with information but not guidance or advice related to Social Security benefits.