One of the most critical decisions you can make regarding your retirement is when you choose to claim Social Security. Deciding when to claim Social Security can make a difference in your monthly bottom line.
Your monthly Social Security Benefit amount is calculated based on the number of years you have worked and the taxes you have paid into the Social Security Benefits program. Social Security counts the years you have paid taxes as “credits” for years that you have worked. For example, if you were born in 1929 or afterward, you must have 40 credits to receive Social Security benefits when you retire. This is equal to about 10 years of work.1
Your benefit amount is also calculated by the number of credits you have earned during your working years. Fortunately, the Social Security Administration has made it easier for you to verify your expected benefits by setting up an online account. It is worth double-checking your earnings to catch errors, if any, and factor in your expected benefits as you strategize for retirement.1
There are several ages that should be considered when deciding when to claim Social Security.
Deciding when to claim Social Security benefits is an important decision to make as you approach your retirement age. Talk with us to make sure that you decide the best time for you to apply for Social Security.
This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
Advisory Services offered through CreativeOne Wealth, LLC an Investment Adviser. Boston Independence Group and CreativeOne Wealth, LLC are not affiliated.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
Boston Independence Group
182 Turnpike Road, Suite 227, Westborough, MA 01581
Advisory Services offered through Change Path, LLC an Investment Adviser. Boston Independence Group and Change Path, LLC are not affiliated.
Licensed Insurance Professional. Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. ARE-10581 | XXXXX – 2021/X/X
Boston Independence Group
45 Lyman Street, Suite 17, Westborough, MA 01581
Advisory Services offered through CreativeOne Wealth, LLC an Investment Adviser. Boston Independence Group and CreativeOne Wealth, LLC are not affiliated.
Licensed Insurance Professional. Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency.
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Boston Independence Group
45 Lyman Street, Suite 17, Westborough, MA 01581
Advisory Services offered through CreativeOne Wealth, LLC an Investment Adviser. Boston Independence Group and CreativeOne Wealth, LLC are not affiliated.
Licensed Insurance Professional. We are an independent financial services firm helping individuals create retirement strategies using a variety of investment and insurance products to custom suit their needs and objectives. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
Investing involves risk, including the loss of principal. No Investment strategy can guarantee a profit or protect against loss in a period of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity products are backed by the financial strength and claims-paying ability of the issuing insurance company. ARE-10581 21506 - 2021/11/2