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Taking SSI at 62: If you are eligible for Social Security retirement benefits, you might be able to take income at the earliest age of 62. This will, however, reduce the amount of income you could receive. Those who have family history of shorter life spans and those who need the money as soon as possible may elect this option.

 

Be careful. If you choose to work while receiving Social Security benefits before your normal retirement age, your benefits could be reduced $1 for every $2 you earn over the annual limit ($15,120 in 2013). In the year you reach full retirement age, the benefit is reduced $1 for every $3 you earn over a different limit ($40,080 in 2013). However, after you reach full retirement age, the benefits will continue in full regardless of how much income you earn.

 

Waiting to Normal Retirement Age or later: Depending on your birth year, your normal retirement age will be between 66 and 67. If you wait, you could receive an increased benefit. Your benefit will increase until you reach age 70. For those who have family history of longer life spans and those who are more financially sound, waiting to your normal retirement age may make more sense.

 

File and Suspend: There's another option for married couples called file and suspend. This works well for couples where one is of retirement age and may even want to continue working. One spouse files for benefits and suspends it to a later date. The other spouse may then begin receiving spousal benefits while the other's benefit continues to build.

 

For more information on Social Security benefits, visit www.socialsecurity.gov/planners. 

 

The opinions voiced in this material are for informational purposes only and are not intended to provide specific advice to any individual.  Consult your legal, tax, and/or financial advisor to determine what is appropriate for your situation.

 

Earlier this month, I was able to visit my Goddaughter, Ava -oh and her parent's too.  It's been far too long since our last trip to see her, and it's amazing how quickly she's growing up.

As usual, it was a wonderful visit and too short.  We hope to see more of them in the coming year.

I hope you enjoyed this month's newsletter. 

Best Wishes,  

Woody Derricks, CFP®, ADPA(sm)

President  

Phone: 410-732-2633

Toll Free: 877-807-2633

Fax: 410-732-2634

Web: PartnershipWM.com

Email: woody.derricks@lpl.com
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Twitter: twitter.com/partnershipwm

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Certified Financial Planner Board of Standards Inc. owns the certification mark CFP® in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.