Some Thoughts on Social Security

Some Thoughts on Social Security

January 20, 2024

If your 2024 plans include thinking about or preparing for retirement, you may be feeling some concern about what your income will look like during the remainder of your life. With all the discussion surrounding Social Security – in the news and online – you'd think everyone would be a subject matter expert. However, more than a few obscure features of the program often go unnoticed and can impact your retirement. 

For example:

  • If you think you filed for Social Security too early, you may be able to change your mind. Yes, the Social Security Administration gives you a "do-over" within a specific time window!
  • You can get Social Security retirement or survivor benefits while simultaneously still working. There are limits, of course, and when you take the benefits is a factor. 
  • A divorced spouse who was married for more than 10 years and has not remarried can get spousal benefits from their ex.
  • Your Social Security benefit is calculated on your highest earning years. 

Transamerica's Field Guide to Social Security addresses common questions and provides information about those little-known features. It’s a great resource you can use as you approach retirement and need to decide how you want to maximize the amazing benefit you’ve earned over a lifetime of hard work.

Whether you're in the pre-retirement planning stages or just dreaming of retirement, I sincerely hope this guide is helpful. Please reach out to me at (804) 665-1589 or kmurphy@capfs.com if you have questions or concerns and would like to have a conversation. That’s what I'm here for!

In the meantime, best wishes for a happy and healthy 2024!

Kyle