Social Security Insights

Frequently Asked Questions about Social Security Retirement Benefits

When should I start taking Social Security?
You can start as early as age 62, but claiming early will reduce your monthly benefit. Waiting until full retirement age (66 or 67 for those born after 1960), and even up to age 70—can significantly increase your payments. The right timing depends on your income needs, health, and other retirement assets.

Will my Social Security benefits be taxed?
If your combined income (Social Security + other income) exceeds certain thresholds, up to 85% of your benefits could be taxable. We can help you estimate and manage your tax exposure.

Can I work while receiving Social Security?
You can, but if you claim before full retirement age, your benefits may be temporarily reduced if you earn above a certain limit. Once you reach full retirement age, you can work and earn without any benefit reduction.

What happens to my Social Security if I pass away?
A: Your surviving spouse or dependents may be eligible for survivor benefits. The amount depends on your earnings history and their age. Planning ahead helps ensure your family is protected.

How do I know what I’ll receive?
You can check your estimated benefit by creating an account at ssa.gov. We can also help you run projections as part of your retirement plan.

Is Social Security running out of money? Will I still get benefits?
Social Security faces long-term funding challenges due to demographic shifts, like more retirees and fewer workers contributing. The Social Security Trust Fund is projected to be depleted around 2033, but even then, the program will still receive ongoing tax income—estimated to cover about 75-80% of scheduled benefits.

This means future benefits could be reduced unless Congress acts to adjust funding or benefits. While the exact impact is uncertain, it’s wise to plan for potential changes.

If you want to know how this impacts you and how to manage these risks, send us a question below!