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Social Security

Social Security decisions can have a long-term impact on your retirement income. Explore strategies that help coordinate claiming choices with taxes, spousal benefits, and your overall income plan.

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Social Security

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Social Security and You •

You have a number of filing options to consider

FIVE THINGS YOU SHOULD KNOW ABOUT SOCIAL SECURITY

  1. Eligibility is based on “credits.” Most people need 40 credits (about 10 years of work) to qualify for retirement benefits. Source: SSA — Credits
  2. Your claiming age can permanently change your monthly benefit. You can start as early as 62 (reduced benefit). Waiting beyond your full retirement age can increase benefits via Delayed Retirement Credits (up to age 70). Sources: SSA — Starting Early · SSA — Delayed Retirement Credits
  3. Working while collecting before Full Retirement Age can reduce checks (temporarily). If you claim before FRA and earn above the annual limit, Social Security may withhold some benefits under the earnings test. Source: SSA — Receiving Benefits While Working
  4. Spousal, divorced-spouse, and survivor benefits can be major planning levers. Spousal benefits can be up to 50% of the worker’s amount (depending on age). Divorced spouses generally need a 10-year marriage to qualify. Survivor benefits can be up to 100% at survivor full retirement age (rules apply). Sources: SSA — Spousal Benefit · SSA — Divorced Spouse (10 years) · SSA — Survivor Amounts
  5. Social Security benefits may be taxable. Depending on your “combined income,” up to 85% of benefits may be taxable at the federal level. Sources: IRS — Publication 915 · SSA — Taxes on Benefits FAQ

Social Security Is A Valuable Benefit

Learn how claiming decisions can impact your lifetime income.

Social Security provides guaranteed lifetime income.

Social Security retirement benefits are paid monthly and can last as long as you live. Source

  • Benefits are also adjusted for inflation through annual cost-of-living adjustments (COLAs). SSA COLA · Fact Sheet
  • Depending on earnings history, claiming age, and longevity, a married couple may receive $1 million or more in lifetime cumulative benefits—making Social Security an important retirement income foundation. Source

Don’t Leave Money On The Table

The right time to file depends on life expectancy, other income sources, and your assets. There are strategies that can help maximize your benefit.

We can help!

1) When Can I Take My Social Security Benefit?

You qualify to receive your full benefit when you reach your Full Retirement Age (FRA), which is based on your birth year:

Birth YearFRA
1943–195466
195566 & 2 months
195666 & 4 months
195766 & 6 months
195866 & 8 months
195966 & 10 months
1960 and later67
2) How Much Will I Receive?

Your Primary Insurance Amount (PIA) is based on your 35 highest-earning years (indexed). It’s what you receive if you claim at your FRA.

Claiming as early as 62 reduces your benefit permanently; delaying past FRA increases it about 8% per year up to age 70.

3) How Does Working Affect My Social Security?

After FRA, you can work and earn without reducing benefits. Before FRA, benefits may be temporarily withheld based on annual earnings limits.

4) What is a Spousal Benefit?

Spouses can claim based on a partner’s record (up to 50% at FRA), subject to eligibility rules. The working spouse must be receiving benefits.

5) What Will My Spouse Receive If I Die?

Widowed spouses may receive up to 100% of the decedent’s benefit. Reduced survivor benefits can start as early as age 60.

6) Are There Benefits for Divorced Spouses?

Yes — if the marriage lasted at least 10 years and the claimant is currently unmarried, they may qualify based on an ex-spouse’s record.

7) Will I Owe Taxes on Social Security?

Possibly. Up to 85% of benefits may be taxable depending on your provisional income (benefits + half your SS + other income).

8) How Do I Apply for Benefits?

Apply online at SSA.gov or by phone at 800-772-1213. Local offices can assist as available.

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Clear Point Investments is all about family

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