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The Complete Cardinal Guide

TO PLANNING FOR AND LIVING IN

RETIREMENT

WE HELP YOU EMBRACE THE 7 WORRIES IN RETIREMENT

Social Security.

THE CARDINAL GUIDE TO:
Maximizing Your Social Security Benefit

■  You can start collecting reduced Social Security benefits as early as age 62. However, if you’d like your full Social Security benefits, you’ll have to wait until your Full Retirement Age. Currently the Full Retirement Age is 66, and people born in 1960 or after, it’s 67.

■  You can also delay starting Social Security until age 70. The longer you hold off, the larger your monthly payments will be.

■ Spousal benefits and spousal survivor benefits are affected by the age at which the primary earner starts receiving benefits.

 You’ll pay income taxes on your Social Security check if your other income exceeds certain levels.

 If your household relies on two Social Security checks, when one dies, the survivor will continue receiving the larger of the two checks and the smaller check goes away. Investments, annuities, or life insurance can compensate for this income reduction.

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Is Social Security going to run out?

There are a lot of myths that go around about Social Security: Social Security is going bankrupt, take it now or you won’t get it, or that the government has been spending it on other things.  There is a report that the Social Security Administration publishes every...

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Social Security Timing: It’s More Than Your Age

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5 Reasons to Claim Social Security at Age 70

Credit: US News   It's not hard to see the logic. If you wait until you are 70 to take your Social Security benefit, you will receive monthly payments that are 32 percent higher than the benefits you would have received at 66, which is the retirement...

Social Security Benefits continued.

 Social Security planning has long-term care implications. It’s the base income used to pay your long-term care bill, and any remaining balance must be made up from other income if you’re paying for these bills yourself. It’s important to plan for this difference accordingly, learn more about long-term care options HERE.

 Cardinal can prepare a complimentary Social Security timing report for you. Fill out the contact form at the bottom of this page and we’ll get it to you as soon as possible.

Cardinal Lessons with Hans.

Useful Documents.

The document below is from the Social Security Administration. It presents information regarding retirement benefits.

Read the Social Security chapter from “The Complete Cardinal Guide to Planning for and Living in Retirement”.
Read the Social Security chapter from the accompanying workbook to “The Complete Cardinal Guide”.
 

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