Page 15 - Southern Exposure - March '24

Southern Exposure, Page 15

finanCial foCuS ®

When Should You Take Social Security?

By Sally Sima Stahl

One of your important terms of longevity, you might want to start taking your Edward Jones is a licensed insurance producer in
sources of retirement benefits earlier. all states and Washington, D.C., through Edward D.
income will likely be Social • Employment – You can certainly continue working Jones & Co., L.P., and in California, New Mexico and
Security – but when should and still receive Social Security benefits. However, if Massachusetts through Edward Jones Insurance Agency
you start taking it? you’re under your full retirement age for the entire year, of California, L.L.C.; Edward Jones Insurance Agency of
You can start collecting Social Security will deduct $1 from your benefits for every New Mexico, L.L.C.; and Edward Jones Insurance Agency
Social Security benefits at $2 you earn above the annual limit of $22,320. In the year of Massachusetts, L.L.C.
62, but your checks will you reach your full retirement age, Social Security will Edward Jones, its employees and financial advisors
be considerably bigger if deduct $1 in benefits for every $3 you earn above $59,520. cannot provide tax advice. You should consult your
you wait until your full So, you may want to keep these reductions in mind when qualified tax advisor regarding your situation.
retirement age, which is deciding when to begin accepting benefits. Once you Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
likely between 66 and 67. reach your full retirement age, you can earn any amount 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
You could even wait until you’re 70, at which point the without losing benefits. (Also, at your full retirement age,
payments will max out, except for yearly cost-of-living Social Security will recalculate your benefit amount to
adjustments. But if you need the money, you need the credit you for the months you received reduced benefits
money, even if you’re just 62 or any age before full because of your excess earnings.)
retirement age. • Spouse – Spouses can receive two types of Social
However, if you have adequate financial resources to Security benefits: spousal and survivor. With a spousal
meet your monthly needs, whether through earned income, benefit, your spouse can receive up to 50 percent of your
your investment portfolio or a combination of the two, full retirement benefits, regardless of when you start taking
you could have some flexibility in choosing when to take them. (Your spouse’s benefit can be reduced by the amount
Social Security. In this case, you may want to weigh these of their own retirement benefit and whether they took
considerations: Social Security before their full retirement age.) But with
• Life expectancy – For all of us, it’s one of life’s great a survivor benefit, your decision about when to take Social
mysteries: How long will we live? Of course, we can’t Security can make a big difference. A surviving spouse can Sunday, March 10th
see into the future, so the question can’t be answered receive the larger of their own benefit or 100 percent of
with total confidence. But to make an informed decision a deceased spouse’s benefit, so if you take benefits early
on when to take Social Security, you don’t need to know and receive a permanent reduction, your spouse’s survivor
your exact lifespan – you just need to make a reasonably benefit may also be reduced for their lifetime.
good estimate. So, for example, if you’re approaching When to take Social Security is an important – and
62, you’re enjoying excellent health and you have a irrevocable – decision. So, consider all the factors before
family history of longevity, you might conclude it’s worth making your choice.
waiting a few years to collect Social Security, so you can This article was written by Edward Jones for use by
receive the bigger payments. Conversely, if your health your local Edward Jones Financial Advisor, Edward
is questionable and your family has not been fortunate in Jones, Member SIPC.

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