“Susan On Money”
SMART SOCIAL SECURITY September 14, 2011
In This Issue
Social Security Benefits
We Know What We Know
Quote of the Week
” The men who create power make an indispensable contribution to the Nation’s greatness, but the men who question power make a contribution just as indispensable, especially when questioning is disinterested, for they determine whether we use power or power uses us. ”
~John F. Kennedy
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Securities and Financial Planning offered through LPL Financial, A Registered Investment Advisor
Member FINRA and SIPC
A couple of years ago, I realized how muchI didn’t know about social security benefits and all of the options facing my clients as they retire. It is crucial that each of you understand all your choices before deciding. The system can work better for you if you work on getting smart about the system.
Smart Social Security
Did you know if you wait until age 70 to draw your social security benefits, you’ll get about 32% more than at age 66? If you’re married, you have even more options that can make a very big difference to your retirement income.
Did you know that for every $2 of income earned over $14,160 per year results in Social Security withholding $1 in benefits? Most people will get the withheld benefits back at full retirement age but many work without realizing the full impact on collecting benefits while doing so.
Did you know that, at full retirement age, married couples can draw spousal benefits and delay their own until it can be maximized at age 70?
Did you know that when one spouse makes significantly more than the other you may choose to claim and suspend benefits once again potentially resulting in large increases to benefits received?
Did you know there are many other provisions for widows and widowers, divorcees, and the disabled?
Getting smart about the options and making decisions on what we know makes sense. Try not to worry so much about the future of the program and focus more on what you can do now to increase your share.
Don’t forget to visit the website links to the right for more information from the Social Security Administration and AARP.
Until next week,
Susan R. Linkous
September To Do List:
1) Make sure you have a plan on how and when to take required minimum distributions from your IRA accounts.
2) Complete portfolio rebalancing and check asset allocation for the 4th quarter.
3) If you are drawing income from your investment accounts, check on whether or not you may need to make some estimated tax payments before 2011 ends.