Is it true that if I take Social Security early I won’t start losing money for seventeen years?

When does it make sense to take my spousal benefits early?

In most cases if you’ve worked and paid into Social Security for more than the required forty quarters to be eligible for benefits, your retirement benefits will exceed those of your spousal benefits as a current or ex-spouse. In other words, spousal benefits usually...

read more
Is it true that if I take Social Security early I won’t start losing money for seventeen years?

If I take spousal benefits early, are they reduced?

Taking Social Security benefits early automatically reduces them. If you wait until full retirement age to collect your spousal benefits, you will receive a monthly check equal to 50 percent of your spouse’s full retirement benefits. The same applies if you are an...

read more
Is it true that if I take Social Security early I won’t start losing money for seventeen years?

Why shouldn’t I take my Social Security benefits early?

Claiming your benefits before full retirement age could be a big mistake. Your retirement benefits are reduced for life, and your survivor benefits for a spouse are also reduced. You are eligible for Social Security retirement or spousal benefits starting at age...

read more
Is it true that if I take Social Security early I won’t start losing money for seventeen years?

What’s a government pension offset?

If you receive a government pension and did not pay into Social Security, but your spouse or ex-spouse did pay into Social Security for more than forty quarters, you might be eligible for spousal benefits. However, two thirds of your pension payments will offset the...

read more
Is it true that if I take Social Security early I won’t start losing money for seventeen years?

What’s the Windfall Elimination Provision?

If you have a government pension from a public service job that didn’t require payment into Social Security, you’ll have to have worked in a side or new career that did pay into Social Security in order to qualify for Social Security benefits. You’ll need a minimum of...

read more
Is it true that if I take Social Security early I won’t start losing money for seventeen years?

Will Social Security be there for me?

Republican Mitch McConnell, Majority Leader of the US Senate, once said that members of the Millennial Generation think they have a better chance of seeing a UFO than their Social Security checks. Indeed, the 2016 Transamerica retirement study reveals that Gen-X (1965...

read more
Is it true that if I take Social Security early I won’t start losing money for seventeen years?

Does every state tax pensions?

Pensions are considered ordinary income in the eyes of the IRS. So is Social Security income above the federal tax threshold. Adding state tax liabilities to your pension on top of taxes on Social Security income is a poor retirement strategy. If you are lucky enough...

read more