For those taking Social Security benefits, the waiting is over. Benefit checks will be going up by 8.7% in January.
SSA made it clear in its press release that it will not be necessary to call SSA: beneficiaries will be notified by mail in early December what their new benefit amount will be. To get the information a bit faster, people can go to their Social Security account and sign up for email or text notifications. They will get an alert when their COLA announcement has been posted as a message to their account.
For those of you who have not yet started taking Social Security benefits, it might be time to start about how Social Security fits into your retirement game plan. Some good questions to consider:
- Will Social Security be there for me?
- How much can I expect to receive?
- When should I apply for Social Security?
- How can I maximize my benefits?
- How will my benefit be affected by the age at which I apply?
- How do cost-of-living adjustments, or COLAs affect benefits?
- How do spousal benefits work?
- How do survivor benefits work?
- How do divorced-spouse benefits work?
- How does working affect benefits?
- How do benefits affect income taxes?
- What to do if you have other income from pensions or IRAs?
As a CERTIFIED FINANCIAL PLANNER™ professional, I routinely work with my clients to help maximize their Social Security benefits. I have the training and experience to answer questions and to help my clients be strategic in their use of the great benefit. We typically consider:
- When it makes sense to delay benefits—and when it does not.
- How to check their earnings record for accuracy.
- How to estimate benefits.
- Innovative strategies for coordinating benefits between spouses.
- How to minimize taxes on Social Security benefits.
- How to coordinate Social Security with your other forms of retirement income.
If you would like to discuss any of these topics, I would be honored to help you. Follow this LINK to find a time for us to talk.
I am always an advocate for my clients - a fiduciary financial planner. I work on a fee basis so my compensation comes from clients as a fee and not from products through commissions. My CFP® training has prepared me to analyze and advise clients on all aspects of their financial life. This big-picture approach, allows my clients to integrate multiple goals into one holistic process. I work to educate clients on their options so they can better understand their options at every step along the way.
Yes, I am a CFP® professional. I’m always a fiduciary and I work on a fee basis. And yes, I’m still taking on a few great families to be part of my financial planning practice. If you would like to talk with me about your situation, I would be honored. Follow this LINK to find a time for us to talk.
If this article has you thinking about your own circumstances, contact my office at rdunn@dunncreekadvisors.com. I am always happy to meet with people who are working on their retirement plans. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.