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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 and You •
You have a number of filing options to consider
FIVE THINGS YOU SHOULD KNOW ABOUT SOCIAL SECURITY
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
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.
Global Financial Trust 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:
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.