For many retirees, Social Security is a key component of retirement with 97% either receiving or will receive it.¹ It provides a foundation of income on which workers can build to plan their golden years. Though Social Security remains one of the nation’s most successful, effective, and popular programs, there are many little-known facts that could have an impact on your retirement plans.

 

1. Benefits aren’t lost forever if retirees continue to work. Claiming Social Security early while still working will result in reduction of your benefits by $1 for every $2 you earn above $17,640 per year.² Good news–any benefits withheld aren’t lost forever. Rather, once you reach full retirement age, the monthly benefits are recalculated to repay the amount withheld during those working years.
2. Your spouse and children can also collect benefits too. Once you’ve filed for Social Security, your spouse is entitled to a monthly payment of up to one-half of your full retirement benefit if he/she is at least 62 years old or caring for a dependent child who is younger than 16 or disabled. Children or grandchildren who are unmarried and dependent upon you are also eligible. The child must be under age 18, under age 19 but still in elementary or high school, or over age 18 but have become mentally or physically disabled prior to age 22.³
3. Widows and widowers can continue to receive benefits even after remarriage. Remarrying after age 60 has no effect on survivor benefits. However, if you wed before reaching that age, you’ll lose eligibility for survivor benefits on the previous marriage.⁴

 

Social Security can make a big difference in your retirement especially when you put your knowledge to good use. Got questions? Contact us and we can help you strategize to make the most of your benefits.

 

 

 

 

 

Securities offered through SCF Securities,Inc. Member FINRA/SIPC 155 E. Shaw Ave. Suite 102, Fresno, CA 93710 • (800) 955-2517 •Fax (559) 456- 6109. SCF Securities, Inc. and Creative Financial Strategies LLC are independently owned and operated. www.scfsecurities.com Note: Securities offered through SCF Securities Inc., Investment Advisory Services offered through SCF Investment Advisors, Inc. This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.

¹ https://www.cbpp.org/research/social-security/policy-basics-top-ten-facts-about-social-security

² https://money.usnews.com/money/retirement/social-security/articles/what-happens-if-you-work-while-receiving-social-security

³ https://www.ssa.gov/planners/retire/applying7.html

⁴ https://www.aarp.org/retirement/social-security/questions-answers/remarry-collect-survivor-benefits/