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Make The Most of Your Social Security - The Motley Fool
When to start Social Security benefits is your decision. If you are married, talk with your spouse about your options to make the most of your benefits. This choice affects your future, so consider your life expectancy, health, and other retirement funds, such as IRAs, 401(k)s, pensions, and savings. Ask yourself: Do you need the money sooner or later? How much will you rely on Social Security? How much will your spouse rely on Social Security?
After considering your options, remember not to take your benefits early simply because you are concerned Social Security may stop. While it is true that Social Security faces financial challenges in the future, it will not go bankrupt as long as people are working and paying into it.
To help avoid mistakes as you decide, Keith Speights has written an article about the five biggest mistakes people tend to make when claiming their Social Security benefits. These include fearing that Social Security may not be available, planning to continue working without being aware of the earnings limit, not realizing that a portion of your Social Security benefits could be taxable, failing to coordinate a spousal benefit into your retirement planning, or not ensuring that your earnings record is correct. Read his full article here …
If you have questions about Social Security, email your questions to ssadvisor@amacfoundation.org or call and speak with an Accredited SS Advisor at (888) 750-2622
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.