Understanding Your Social Security Benefits – When planning for retirement, it’s important to understand the role Social Security benefits can play in your financial future.
Most retirees depend on their Social Security benefits as a source of income but understanding the complexities can sometimes be a challenge.
The article, What Type of Social Security Benefit is Best for You, will explain how the benefits can best be used to your advantage.
Determine your benefits.
- The number of Social Security credits you earned during your career is based on income reported on your taxes.
- When you retire influences how much your monthly benefit will be–collecting benefits before full retirement age results in a lower amount.
Types of Social Security Benefits:
- Retirement Benefits – the Social Security Administration calculates the amount you receive based on earnings throughout your career.
- Spousal Benefits – your spouse is entitled to up to 50 percent of your full retirement age amount with some conditions.
- Survivor Benefits – offers support to your spouse and children after you pass away. Again, several factors affect the benefit amount.
- Disability Benefits – covers people who can’t work because of a medical condition expected to last over a year or result in death.
Maximize Your Benefits.
Looking further, you may wonder how to maximize your Social Security Benefit. According to the article, How to Maximize Your Social Security Benefits, there are two ways:
- The wrong way – you need the money as soon as possible because you’ve paid into the system, and now you deserve to get it back.
- The right way – you want to get the most money you can over an extended period of time.
There is no one-size-fits-all as everyone’s circumstances are different depending on health, lifestyle, and goals.
The best way to get the most out of your Social Security Benefit is to seek the guidance of a financial advisor who understands retirement planning. They can help you determine the best time to claim your benefits by evaluating your risks and financial goals.
Because you’ve paid into Social Security throughout your career, you want to understand how the benefit works and what option is best for you.
The team of financial advisors at Crescent Franchise Solutions will help evaluate and maximize your monthly stipend by taking into consideration your health and lifestyle, and financial goals when choosing the right path for you.
Schedule a complimentary review to learn more about our services and how we can help to secure your future.
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