Filing for Social Security is one of the biggest decisions you’ll make in retirement. And it’s about more than just picking an age.
The first question? Timing. You can file as early as 62 or as late as 70. That choice can create a drastic difference in your monthly benefit and the longevity of your assets.
Spousal benefits are another key factor. You’ll want to ensure your spouse is protected if something happens to you — especially when it comes to survivor benefits.
If you’re still working, your income can reduce your benefits. Knowing the thresholds helps you plan whether it makes sense to claim now or wait.
And don’t forget taxation. With recent legislation, it’s critical to understand how new rules affect your unique situation. Age, income, and thresholds vary — meaning your Social Security experience won’t look like anyone else’s.
One more thing many people overlook: Social Security isn’t automatic. You need to apply, and once you do, benefits take about three months to kick in.
The bottom line? Social Security is a cornerstone of retirement income, but it should be coordinated with your full financial plan. The right strategy can maximize your benefits and protect your family.
Ready to see how Social Security fits into your retirement plan? Call (551) 284-9844 or email michael.dangelis@lpl.com.