Social Security and You
You have literally thousands of options
FIVE THINGS YOU SHOULD KNOW ABOUT SOCIAL SECURITY
- There are four types of Social Security benefits: Retirement, Survivor, Dependent, Disability. It’s important to know which best applies to you.
- Almost half of all American workers have less than $2,000 saved for retirement. The best time to start planning is in your 20s—but it’s almost never too late to begin.
- Social Security became law on August 14, 1935, and has steadily increased in size and scope ever since.
- For today’s retirees, Social Security accounts for approximately 40% of income.
- The average payment to a single retiree is $1,976 per month.
You Earned It — Learn How to Maximize It
Social Security Is A Valuable Benefit
Social Security provides guaranteed lifetime income.
Benefits increase with inflation.
- Many couples will receive more than $1 million in benefits, making Social Security the largest asset for many people.
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 to maximize your benefit.
We can help!
“Retirement Income Solutions helped me understand the pros and cons of taking Social Security at 63 vs. later. Highly recommended.” — Dr. Richard O
“Thank you very much Retirement Income Solutions—this was extremely helpful. Your team’s support is invaluable!” — Shari F
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 Year | FRA |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 & 2 months |
| 1956 | 66 & 4 months |
| 1957 | 66 & 6 months |
| 1958 | 66 & 8 months |
| 1959 | 66 & 10 months |
| 1960 and later | 67 |
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.
Regular Review
Your life will change — and your plan should evolve with it. In our regular plan reviews, we revisit your income needs, tax exposure, healthcare outlook, long-term care positioning, risk comfort, and legacy goals. We make adjustments proactively so your strategy reflects where you are now, not where you were five years ago.
You’ll always know what’s happening and why. Our support team is available to answer questions clearly, walk through changes, and keep every moving piece aligned. Ongoing review isn’t a “nice to have.” It’s how we help keep you protected, confident, and on track.
Have any Question? Ask us anything, we’d love to answer!
