We know Social Security is a complicated system with many rules, regulations, and year-over-year changes.
That’s why we regularly bring you articles covering questions that might be top-of-mind for you on claiming your benefits. In fact, just earlier this month the Social Security Administration announced an increase of benefits in 2019. Our main goal is to educate you on all of the potential affects claiming Social Security might have on your overall financial plan and how you might be able to maximize your benefit. If you have questions about Social Security you’re not alone, we’re ready to answer those questions for you.
Below you’ll find excerpts from other articles we’ve posted covering Social Security topics.
In recent years there have been changes to the Social Security system. We’ve also had tax changes in the Reagan and Clinton administrations in relation to Social Security. During the Obama administration we saw some key strategies for claiming Social Security removed or changed. The point is, it’s important to keep up-to-date on the changes to Social Security in order to make sure you understand how and when you need to claim to get the most out of your benefits. While you may not enjoy thumbing through new laws and making sure you know all of the details surrounding claiming strategies, Barber Financial Group does and that’s what we’re here to do. Learn More
A very common question we are asked at Barber Financial Group is if Social Security is tax free. The quick answer is: If the only income you have is Social Security you will not pay any taxes on your Social Security. However, if you have other sources of income you could be paying taxes on as much as 85% of your Social Security. Learn More
When Social Security was originally formed it was intended to be a tax-free source of income. However, during the Reagan Administration the laws were changed so that if a married couple filing a joint tax return had over $32,000 of provisional income, they would pay taxes on up to 50% of their Social Security. Single taxpayers would pay tax on up to 50% of their Social Security if their provisional income exceeds $25,000. Learn More
Social Security is a very complex system. Social Security was originally formed to allow older workers to exit the workforce without the risk of running out of money in retirement, while allowing room for younger workers to come into the workforce. Learn More
Many people believe that the date that they should claim Social Security is synonymous with the day that they retire. However, nothing could be further from the truth.
Your Social Security claiming age date is based on law. The earliest claiming age for Social Security is 62. You will receive a reduced benefit of 75% of your full retirement benefits if you claim at 62. If you are claiming spousal benefits at the age of 62, you will only receive 50% of the reduced amount of your spouse’s benefits. Learn More
The breakeven point for a single individual is a fairly simple calculation. The actuaries at the Social Security Administration designed the system so that a person living to the current life expectancy, based on the current mortality tables provided by the US government, will have received the same amount out of Social Security by everyone who reaches life expectancy age. Learn More
Still Have Questions?
This weekend on America’s Wealth Management Show, Dean and Bud will be diving into Social Security myths, how timing your claim could be a difference in benefit amounts, and how Social Security and taxes are closely related. Tune in this Saturday, October 27th from 11:00am to Noon on 98.1FM KMBZ!
We’re also happy to answer any of your questions about Social Security and how it fits in your overall financial plan. Our financial advisors provide a free no-obligation Social Security Analysis where they will sit down and break down your options for claiming your Social Security benefits and how your benefit affects the rest of your financial plan. Schedule a complimentary consultation below or give us a call at (913) 393-1000.
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Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.