Blog

Savvy Social Security Planning

Savvy Social Security Planning: What Baby Boomers Need to Know to Maximize Retirement Income
Savvy Social Security Planning | Lineweaver Financial Group

What you need to know before you apply for Social Security benefits.

When should someone start collecting Social Security benefits? The answer is that there is no one "best age" for everyone and, ultimately, it is your choice. You should make an informed decision about when to apply for benefits based on your individual and family circumstances.

We don’t know what the future holds, but Social Security is likely to continue as a source of some retirement income for baby boomers. From a planning perspective, any assumptions made about the impact of Social Security on retirement should be conservative.

An individual’s full retirement age (FRA) is the age when he or she qualifies to receive the entire or "full" Social Security retirement benefit based on his or her earnings history. This age varies based on when he or she was born  Everyone who is qualified to receive Social Security retirement benefits can begin taking them as early as age 62 or delay up to age 70.

Your monthly benefit amount can differ substantially based on the age when you start receiving benefits. If you decide to start benefits before your full retirement age, your benefit will be smaller but you will receive it for a longer period of time. At age 62, your monthly benefit is 25% lower than the benefit at full retirement age. (FRA)  If you decide to wait until your full retirement age or later, you will receive a larger monthly benefit for a shorter period of time. Each year after full retirement age you delay collecting benefits, the benefit amount increases by 8%. The amount you receive when you first get benefits sets the base for the amount you will receive for the rest of your life. 

There are also some other things you may want to consider when making your decision as well.

  • Are you still working? Your earned income may impact the amount you receive, how it is taxed, and whether you need to start collecting benefits.
  • Do you come from a long-lived family? You can calculate the breakeven point between collecting reduced benefits prior to FRA and waiting until you are FRA, or even later. Longevity in your family may impact your decision. As can you own health, and how long you think you will live.
  • Will you still have health insurance?
  • Are you eligible for benefits on someone else's record?
  • Do you have other income to support you if you decide to delay taking your benefits?
  • Will other family members qualify for benefits with you on your record?

Accidents or unexpected changes in your circumstances can't be ruled out, of course, so your final decision may be based on your "best guess" about your future.

Unexpected changes may occur after you make your decision about when to start your Social Security Retirement benefits. If you are receiving Social Security Retirement benefits and you change your mind about when they should start, you may be able to withdraw your Social Security claim and re-apply at a future date. However, if you change your mind 12 months or more after you became entitled to retirement benefits, you cannot withdraw your application.

If you or your spouse has worked in the public sector as a teacher, safety officer or any other role, you need to know about the Social Security Offset and the Windfall Elimination Provision and how then can impact your Social Security benefits. So as you can see, there are many things to consider. If you have questions, we can help. We offer a no-obligation first consultation. You can schedule your appointment today by calling us at 216.521.1711, emailing us at Quarterback@Lineweaver.net, or by clicking here.

Securities offered through Triad Advisors, LLC, member FINRA/SIPC. Advisory services offered by Lineweaver Wealth Advisors, LLC. Lineweaver Wealth Advisors, LLC, is not affiliated with Triad Advisors, LLC.

Most Recent

HealthWATCH: Staying in Shape Post-Retirement

By Lineweaver Financial Group
October 15, 2018 Category: Healthwatch, Exercising

Once we retire, we tend to bask in our newfound free time, but few of us realize that we should be spending part of that time exercising. Some fitness buffs may treat retirement as a chance to double up on their favorite activities, but for the rest of us, the challenge becomes extracting the most benefit in the least amount of time. Consistency is the key, said Michele Stanten, a certified fitness instructor in Coopersburg, Penn. Some people who are gung-ho at first try to do an hour of exercise, find its too much, and stop. Its more effective going out for 10 minutes one day, then 10 minutes the next day. Build up gradually and be consistent. Stanten consults with SilverSneakers, a free fitness program for seniors that comes with qualifying Medicare plans. It includes access to participating gyms at more than 14,000 locations across the U.S., along with instructor-led yoga, dance and other fitness classes. Regardless of your goalto gain muscle mass, lose body fat, lower your cholesterol,

Q4 2018: Economic Commentary

By Lineweaver Financial Group
October 15, 2018 Category: Economic Commentary, Newsletter

Global financial markets posted mixed results during the third quarter of 2018 as investors balanced heightened trade tensions globally with strong earnings, a solid labor market and healthy economic growth here in the U.S. We present a few highlights from the 3Q18 below: Despite heightened geopolitical rhetoric, the S and P 500, the Dow Jones Industrial Average and the technology-heavy Nasdaq Composite continued to trade near record highs amid solid economic data and strong corporate earnings. On the economic front, the Federal Reserve held interest rates steady at a range of 1.75% to 2%. However, meeting minutes released from the Feds early August session indicated a rate hike was likely when the Fed meets September 25th-26th. Developed international equity markets produced mixed results during the third quarter with those in the Pacific ex-Japan region generally lagging those in Europe. On the political front, the resignation of Brexit secretary David Davis renewed fears of the potential

Q4 2018: Letter From the President

By Lineweaver Financial Group
October 15, 2018 Category: Letter From The President, James Lineweaver

2018 marks a major milestone in Lineweaver Financial Group history. When I started the company 25 years ago in 1993, my vision of improving the lives and retirements of families was just getting started. When I think back to those early days and compare it to where Lineweaver Financial Group stands today, I cant help but be proud of the hard work weve done, and the things we have accomplished. In the last few years we have opened new office locations, which has expanded our reach to areas such as Mentor, Westlake, and most recently, Akron. Meanwhile, at our headquarters in Valley View, we continue to grow as a company. We have made major changes to our website, providing easier online account access to our clients, and making our informative materials such as our blogs, articles and whitepapers more readily available. Many of you were familiar with our segment on the Golden Opportunities show which ended earlier this year. We are now featured every Sunday on Fox 8 just before the 10 AM

Categories
Newsletter (27)
Retirement Planning (14)
Financial Planning (11)
Retirement (10)
Letter From The President (10)
Economic Commentary (9)
Tax (9)
Lineweaver (9)
Market Commentary (8)
Healthwatch (7)
Education Programs (6)
General (6)
Q3 (4)
LFG (4)
Tax Planning (4)
Taxes (4)
Social Security (4)
Market Review (3)
Market (3)
Finance (3)
Bonds (3)
IRA (3)
2017 (3)
Tax Law (3)
Brexit Update (2)
Rising Interest Rates (2)
Trump (2)
Tax Scams (2)
(2)
Q2 Newsletter (2)
Client Spotlight (2)
Social Security Benefits (2)
Interest Rates (2)
Investing (2)
High Income (2)
Financial Strategies (2)
Diversification (2)
2016 (2)
Tax Cuts And Jobs Act (2)
Estate Planning (2)
Eat More (1)
Grand Kids (1)
Tariffs (1)
Identity Theft (1)
Distribution (1)
RMD (1)
Tax Cuts (1)
Jobs (1)
Reallocation (1)
Kids (1)
Third Quarter (1)
Market Review 2017 (1)
Market Pullback (1)
Trading (1)
Top Financial Strategies Of The Wealthy (1)
Defer Tax (1)
Transfer Real Estate (1)
Introducing (1)
Lose Weight (1)
Letter From The President New Years Resolutions (1)
Tax Cuts And Job Act (1)
NAFTA (1)
Statements (1)
New Tax Law (1)
Summer (1)
James Lineweaver (1)
Quarterly Newsletter (1)
Financial Quarterback (1)
2018 (1)
Eye Strain (1)
Screens (1)
Vacation From Investments (1)
Marital Trust (1)
Bloodline Trust (1)
Trusts (1)
Inheritance (1)
In Laws (1)
Q3 Newsletter (1)
Advice (1)
529 Plans (1)
Investments (1)
Bitcoin (1)
Investment (1)
Cryptocurrency (1)
Market Volatility (1)
Drink Water (1)
Markets (1)
Travel (1)
Travel Tips (1)
Bruce Motko (1)
New Website (1)
Q2 (1)
Charitable Giving (1)
Fraud (1)
Real Estate (1)
2017 Q4 (1)
Financial Health (1)
Retiring (1)
Legacy (1)
Retire Early (1)
Retire (1)
Q1 2017 Newsletter (1)
Winter 2017 (1)
Market Update (1)
2016 Market (1)
1st Quarter (1)
Holiday Gifts (1)
Stockpile (1)
Holiday Planning (1)
Fall 2016 (1)
Business Owners (1)
Politics (1)
Candidates (1)
Election (1)
Gifting (1)
Harvest For Hunger (1)
Service Day (1)
Women And Money (1)
Charitable Contributions (1)
Social Security Planning (1)
Financial Advisor (1)
Financial Advice (1)
Retirement Tips (1)
Self Employed (1)
Annuity (1)
Mark Sipos (1)
Insurance (1)
Equifax (1)
401(k) (1)
Costs (1)
Expense (1)
Mutual Funds (1)
Lineweaver Wealth Advisors (1)
Conflict (1)
North Korea (1)
Coordination (1)
Financial (1)
Protection (1)
Risk Management (1)
REITs (1)
Annuities (1)
Growing Your Wealth (1)
Charitable Remainder Trust (1)
Private Foundation Charitable Lead Trust (1)
Donor Advised Fund (1)
Charity (1)
Roth (1)
Policy (1)
Bonds Ladder (1)
Stocks (1)
Dividend (1)
Life Insurance (1)
Annuity Alternatives (1)
Exercising (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom