{"id":5745,"date":"2020-10-02T19:01:50","date_gmt":"2020-10-02T19:01:50","guid":{"rendered":"https:\/\/mastertest.annuityboss.net\/?page_id=5745"},"modified":"2021-10-05T13:21:39","modified_gmt":"2021-10-05T13:21:39","slug":"social-security-consulting","status":"publish","type":"page","link":"https:\/\/anthonycordova.com\/?page_id=5745","title":{"rendered":"Social Security"},"content":{"rendered":"\t\t
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Make the most of your Social Security Benefits<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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For an estimated\u00a09 out of 10 Americans<\/a>, Social security benefits are the foundation of retirement income. Finding ways to maximize that income stream is critical to funding your retirement dreams.<\/p>

Here are a few things you should know:\u00a0<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tFull retirement age plays a big role<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

For people born between 1943 and 1954 full retirement age is 66. It gradually climbs toward 67 if your birthday falls between 1955 and 1959. For those born in 1960 or later, full retirement age is 67.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tYou earn your benefits during your work years<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

To be eligible for social security benefits in retirement, you must earn at least 40 \u201ccredits\u201d throughout your career. You can earn as many as four credits a year, so it can take 10 years of work to qualify for Social Security.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tA formula is used to calculate your benefits<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Your benefits are based on the 35 calendar years in which you earned the most money. Each year with no earnings will be factored in at zero. You can increase your benefits at any time (even via part-time work in retirement).<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tThere is a maximum benefit you can receive<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Which depends on the age you retire. For someone at full retirement age in 2021, the maximum monthly benefit is $3,113. For someone filing at age 70, the maximum monthly amount is $3,895. Estimate your retirement benefits with the free,\u00a0SSA calculator.<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tThere is an Annual Cost of Living Adjustment (COLA)<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Every year, the government adjusts benefits to take inflation into account. Known as Cost-of-Living Adjustment or COLA, this protection can help you keep up with rising living expenses during retirement. In 2021, Social Security beneficiaries will see a 1.3% COLA in their monthly Social Security Benefits.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tYour benefits can grow the longer you wait to claim<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

You can collect Social Security benefits as soon as your turn 62 but taking benefits before your full retirement age results in a permanent benefits reduction\u2014of as much as 25% to 30%, depending on your full retirement age. There\u2019s a big bonus to delaying your claim\u2014your monthly social security benefit will grow by 8% a year until age 70.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tYou can have beneficiaries<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Marriage brings couples an advantage. One spouse can take what\u2019s called a spousal benefit, worth up to 50% of the other spouse\u2019s social security benefit. Minor children of social security recipients can be eligible for benefits. Children up to age 18 (or 19 if they are full time high school students) and disabled children older than 18 may be able to receive up to half of the parent\u2019s social security benefit. The disability must have occurred before the age of 22. As long as the disability prevents the person from working, the adult child can continue collecting the benefit even after the parent has died.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tYou can undo a Social Security claiming decision<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Say you claimed benefits, but you wished you hadn\u2019t. Within the first 12 months of claiming Social Security benefits, you can withdraw the application. You will need to pay back all the benefits you received. You can later restart your benefits at the higher amount you\u2019ll earn by waiting.<\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t

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\n\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t<\/i><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\tYour Social Security benefits will be taxed<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t

Benefits lost their tax-free status in 1984, as a result, it doesn\u2019t take a lot of income for your Social Security benefits to be taxed. There are also 13 states that tax social security benefits:<\/p>