SOCIAL SECURITY
At Pulse Financial Services, we believe your social security benefit should provide the foundation for your retirement income. Using that as a guideline, it’s important to understand factors that impact the value of social security so you can properly assess how much supplemental retirement income you will need.
Provides Income You Can't Live Without
If your monthly benefit today is $2,000 and you live…
Benefit Keeps Up With Inflation
Social Security offers annual inflation adjustments
Survivor Benefit
This hypothetical example is used for illustrative purposes only. Your actual results will vary depending on your individual employment history and other factors.
Maximizing SS Benefits
Improve Earnings Record
Review your SS Statement and ask…
- Is it accurate?
- Any missing years?
- Can you improve it by working longer?
Apply for SS at optimal time
Consider...
- Your breakeven age
- Your life expectancy
- Your income needs
Coordinate spousal benefits
You could be leaving $ on the table
- It’s important to coordinate your spousal benefits from your current spouse, ex spouse, or deceased spouse.
Minimize taxation of benefits
Money you are not using could cause your SS benefits to be taxed. A few things to consider…
- SS benefits are not tax free
- Up to 85% of your benefits may be taxable
- Amounts to a surtax for retirees
Coordinate Social Security with your overall retirement income plan.