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Social Security and You

Although your retirement living will be based on various factors, it’s important to specifically consider the impact of social security.

The age you decide to retire will determine the amount you receive from social security. If you take an early benefit at 62, the payment will be 25% less than if you wait until your full retirement age (based on the year you were born). If you hold off until you are age 70, your payout will potentially be 25%-30% more than what you would receive at full retirement age. * Of course, the difficulty lies in unknown life expectancy. Whatever age you do decide to apply, make sure to apply about three months before you want your benefit payouts to begin.

If you are single and working, you may consider retiring past age 62. If you’re at a job with good benefits and you’re at the peak of your earnings, it may be hard to ever return to that level of work and pay again if it becomes a necessity to go back to work later. Plus, you may be able to save more by making “catch-up contributions” to your employer’s savings plan. If you are married, you can take advantage of spousal benefits while letting your own benefits accrue. According to Michael Eisenberg, a certified public accountant, “Each spouse files [at age 66], the higher earner suspends their filing until age 70 and the [other] spouse gets their spousal benefit – 50% of the benefit.” ** Whether single or married, make sure to include pension, personal savings and investments, and any secondary income in your estimates.

If you’d like assistance with retirement planning, FORUM Private Client Group can help. They provide financial planning services to individuals based on their unique financial goals. Call 317.558.6322 or email


Posted: 9/17/2015 with 0 comments

Categories: Finances, Investments, Planning, Retirement, Saving

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