#7A Social Security Benefits- 10 Things You Need To Know To Plan Your Retirement Income

There are a few common questions when it comes to Social Security benefits. The most popular one: when is the best age to start collecting benefits? There is no set age on when a person should start collecting benefits, it depends on personal situations and what will have the best outcome. Here are a few tips on how to come up with a plan:

1. Advice.

   Talk about it with family, or someone trustworthy. It’s important to have valued opinions when it comes to this decision. Talking with a financial professional is an option, they are there to help interpret information given to them. One approach to Social Security could be to determine how much annual income is needed to live comfortably in retirement, and then position retirement savings to fill the gap between retirement needs and Social Security benefits.

2. Consider your health.

   Do you have any chronic conditions?  Take any medicines?   What is your family health history?  These are a few things to consider when determine if you will take reduced benefits, or wait to receive the full amount. Evaluate your income needs to determine if it is possible to wait or necessary to start to make your life less stressful. Starting earlier may decrease the monthly benefit that is received, but earlier distributions may mean your benefit extends over a greater period of time.

3. Spousal Benefits. 

   If you have a spouse how will they affect your benefits? Once full retirement age is reached, there is the option to claim one’s own benefit or a derivative (up to 50%) of the spouse’s benefit. Some factors that contribute to spousal benefits are length of marriage and work history of both people. This could potentially alter some decisions on individual benefits and how to proceed. When applying for Social Security benefits, each spouse will automatically receive the highest amount for which they are eligible for.

Tune into Bruce’s show on Tuesday for the next part of the 10 things you need to know to plan your retirement income series.

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