When to take Social Security can be a confusing question. Did you know that if you are married, there are over 80 combinations as to when to trigger that income? The average Social Security income for all retired workers was $1341.00 in 2016, and only about 32% receive pensions from their previous employer. For most, additional income will have to come from any nest egg that has been built.
Here is where things get tricky! Depending on when social security is taken, how much is received, and where and when additional monies come from can have serious tax consequences. In some cases, up to 85% of Social Security income may be taxed.
The decision to take your Social Security benefits should not be made in a vacuum. Everyone’s situation is different and should be evaluated based on specific situations, needs, and goals. Some folks think that they can just ask someone at the Social Security office what is best for them. Employees at the office are not supposed to make recommendations as to when a person takes their benefits, nor would you want them to. You need a professional who can take all of your information into account for a recommendation. Making the right decision can keep thousands of dollars in your pocket in retirement.
Have mixed drinks, not mixed feelings over your retirement plan.
Retirement shouldn’t be a time of confusion and worry, you’ve stressed enough in your life, you should be able to finally relax knowing your finances are handled and you’re covered. We’ll help you get started today with a review in the comfort of your own home.