before we start let us state that there
are thousands variations for how you can claim Social Security benefits
from the simple to the very complex one example is filing a claim against a
former spouse’s Social security or even filed against the
deceased former spouse Social Security and
Medicare touch 4 of our five key elements to an effective financial future after
speaking with several people we have learned that some people are
confused about social security in medicare today we will be discussing
social security maximizing social security is not about
gaming the system this is about taking care you using the
rules and provisions that exist in the code this is a
system that you have to have paid into in order to
receive benefits working with financial numbers some people like them and some people
get confused see our website for numbers and examples that website is I am the letter I when can you file for Social Security in the simple cases anywhere from age 62 through age 70 what you need to
understand is the upside and downside of filing a different ages starting at age 62 movie is certainly
yield more checks over time however your benefit checks we all have less money initially 25
percent less if you file later you receive and eight-percent simple interest
increasing your monthly benefit when added the COLA or cost-of-living
adjustments this could be 10 percent or more per
year that you waiting we will discuss COLA shortly spousal
benefits complex and not as easy as people seem
to think yet this is the most important topic for
couples to understand the main breadwinner starts at 62 while this could have an adverse effect
on the surviving spouse which keep in mind could be the main
breadwinner COLA or cost-of-living adjustments is one of the best benefits social security in my opinion cola means that the payment will increase
overtime I realize that it might not keep pace
with the actual increase in costs life it does however do much better than most
pensions dare we forget to mention taxation of
social security benefits some people are still surprised to find
out that social security benefits can be taxed the threshold for this taxation are very
low and not currently set to adjust for
inflation a married couple having income over
thirty two thousand dollars more single person with income over twenty five
thousand dollars will see fifty percent of their social
security added back to their taxable income and
then taxed at their tax rate a married couple having income over
forty four thousand dollars or single a person with income over thirty
four thousand dollars we’ll see eighty-five percent of
their social security added back to their taxable income and
then taxed at their tax rate here’s the kicker 50 percent of the social security benefit is
included in the calculation of income called provisional income don’t forget those tax-free municipal bonds are not so tax-free they are also part of the calculation of your provisional income we work with
people to see if there are strategies that can be applied to help reduce or potentially eliminate the taxation their social security here’s what you
need to do you need to realize that a failure to
plan is a plan to fail we suggest working with someone who can
help you note that Social Security office does want to help as we understand it they are forbidden from helping what we
mean by help is providing advice time and time again
people share their stories of going to the Social Security office to find out that they can’t get advice not that these people don’t want to help
or that they don’t possess the information call us now to receive your
complimentary custom Social Security report using your specific information our toll-free
number is 866 5 89 9366 we have custom software that helps us
guide you to what is best for you and your circumstances an informed decision is almost always the best decision see our website to request or social security white
papers we enjoy helping families thrive thank you