The online home of the Greenhorn Valley View
 Home | News | Sports | Ideas | Life | Classifieds | Service Directory | Outdoors | The Greenhorn Valley |
Quick Links: My View | Happenings | Weather | Local News | Service Directory | Coupons | Display Ads | My View - Log In | Register
Saturday, February 29, 2020
Fire conditions brought to you by RFPD:  Click here to get emergency text and email alerts
Ad Here

Be Aware of Social Security Myths
TalkbackComment on this story  |   RecommendRecommend this story  |   Print it!Printer friendly version  |   Email itEmail this story to a friend

Adjust story text size: Make font size smaller Make font size larger

Other stories in this category
2/15/2020 2/12/2020 2/17/2020

Click here for all the news

Most recommended in this category

Click here for all the news

Social Security can be one source of retirement income for you and your spouse. To maximize your benefits, you’ll need to make some key decisions and be aware of some common myths.

• Myth 1: Always take Social Security early. You can file for Social Security benefits as early as 62, but you could get 25% to 30% more if you wait until your “full” retirement age (likely between 66 and 67). You can receive even more if you wait until 70, at which point your benefits will “max out.” However, there’s no right time to file for everyone – it depends on your situation, including factors such as your life expectancy, employment, financial need and spousal considerations.

• Myth 2: When you claim Social Security won’t affect your spouse’s benefits. This is not true. How much you receive in Social Security can affect your spouse’s benefits while you are alive (spousal benefits) and after you’ve passed away (survivor’s benefits). Your spouse could receive up to half of your retirement benefit, offset by his or her own benefit, so the longer you work before collecting Social Security, the greater the potential spousal benefits. For survivor benefits, your spouse would receive 100% of your benefit or his or her own, whichever is larger, so when you file affects how much your spouse would receive if you pass away early. In any case, you’ll want to consult with the Social Security Administration about how much your spouse can receive, as his or her own benefits can also affect your decision-making.

• Myth 3: You can’t work during retirement and collect Social Security. Yes, you can. But if you start receiving Social Security before your full retirement age (likely between 66 and 67), you can only earn up to $18,240 in 2020 and still get your full benefits. Once you earn more than this, Social Security deducts $1 from your benefits for every $2 you earn. But during the year you reach full retirement age, you can earn up to $48,600 without your benefits being withheld. If you exceed this amount, $1 will be deducted for every $3 you earn during the months before you attain your full retirement age. Social Security will increase your benefits when you do reach full retirement age to adjust for the previous work-related withholdings. So, if you plan on working and receiving Social Security, it may not make sense to file if most of your benefits will be withheld. Once you reach full retirement age, you can earn any amount without losing your monthly benefits, although your benefits could still be taxed.

Would you like to read the rest of this story? You can subscribe to the Greenhorn Valley View anywhere in Pueblo County for only $37.50/yr. Call (719) 676-3401 for more information.


TalkBack
 
Click here to log in to post to TalkBack
 
 
Click on the cop Report Talk Back Abuse to report Talk Back abuse and misuse
 
 

Featured Auto Ad
Click here to advertise in this space

My View
Free ice cream!
Set up alerts
Subscribe to lists
Participate in forums and talk-back
Set preferences
Log in
Sign up

 
Ad Here

Ads by Google


Home | Contact us | Archives | E-Edition | My View | Privacy Policy | Subscribe to the print edition
 
Site Map

The Greenhorn Valley View is a weekly newspaper serving the communities of the Greenhorn Valley in Southern Colorado,
including Colorado City, Rye, San Isabel, Beulah and Hatchet Ranch.

All content Copyright © 2003 - 2020 Speckled Pup Media and/or other copyright holders. All rights reserved.