Will My Social Security Benefits Be Reduced?
Claiming Social Security benefits can be one of the more complicated topics. There are a multitude of rules that can have a significant and lasting impact on your future income stream and overall financial picture.
To help make this analysis easier, we have created the “Will My Social Security Benefits Be Reduced?” flowchart. It is based on the Social Security Administration’s guide, “Retirement Benefits,” and addresses common issues including:
How to determine Full Retirement Age (FRA)
Effects of marriage and divorce
Implications of collecting benefits before, at, or after FRA
Annual limits
Impact of continuing to work while claiming benefits
How benefits will be taxed
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.