Smart financial advice from local experts... Dollars & ense How Does Social Security Fit Into Your Retirement Income Strategy? It might not be on your calendar, but Aug. 14 is Social Security Day. Since it was enacted on Aug, 14, 1935, Social Security has provided some financial support for millions of Americans during their retirement years. While Social Security benefits, by themselves, probably aren't enough to enable you to retire comfortably, they can be a key part of your overall retirement income strategy-if you use them wisely To help you make decisions about Social Security you will need to answer these questions: When shouldI starttaking you reach your full retirement age, you can earn as much as mybenefits? You can take Social Security you want without your benefits once you reach 62, but d you being withheld, athough your wait until your full retirement benefits could still be taxed, age, which will probably be depending on your income between 66 and 67, youll get much bigger monthly checks and if you wait until 70, you'll get Social Security replace? the biggest possible payments Before deciding when to begn should expect Social Security receiving your benefits, you'llto eplace slightly more than need to weigh a few factors, including longevity and your other sources of income. How much of my pre- retirement income will Generally speaking you a third of your pre-retrement income. However, the higher your income during your working years, the lower the replacement value of Social Security will be your estimated Howshouldlconsider potential spousal benefits? f you are married, or f you're divorced but were married for at least 10 years, you could receive up to half of your spouse's full retirement benefit (offset by your own benefit can aford to your IRA and and reduced if you claim early) your 401(k) or similar employer If you outlive your spouse, you sponsored retirement plan could claim survivor benefits, You may want to consult which can provide either your with a financial professional own benefits or 100 % of your who can look at your entire deceased spouse's, whichever retirement income picture and is larger Consequently, the recommend moves to help higher eaming spouse might you achieve the lifestyle you've want to postpone taking envisioned for your later years. benefits for as long as possible What other sources of retirement income should I develop? Contribute as much as you survivor Keep in mind that your decisions about Social Security filing strategies should always bebased on yourspecific needs and health considerations. For more information, visit the Social Security Administration website at socialsecurity.gov maximize benefit the Howmuch canleam without reducing my Social Seaurity benefits? f you are younger than your full retirement age and you are receiving Social Security, the Social Security Administration will withhold $1 from your benefits for each $2 you earn over a certain threshold (which, in 2019, is $17640) For the year you reach your full retirement age, your benefits could be withheld by $1 for every $3 you eam over $46,920. But once One final word: You may have concerns abaut the stability of Social Security. While no one can predict the future, many potential solutions exist to put the program on more solid footing. Consequently, try to focus on the actions you can control. Joe Peacock, AAMS® Financial Advisor www.edwardjones.com Member SPC 453 First Street Menominee, MI 49858 906-863-7870 Edward Jones MAKING SENSE oF INVESTING Smart financial advice from local experts... Dollars & ense How Does Social Security Fit Into Your Retirement Income Strategy? It might not be on your calendar, but Aug. 14 is Social Security Day. Since it was enacted on Aug, 14, 1935, Social Security has provided some financial support for millions of Americans during their retirement years. While Social Security benefits, by themselves, probably aren't enough to enable you to retire comfortably, they can be a key part of your overall retirement income strategy-if you use them wisely To help you make decisions about Social Security you will need to answer these questions: When shouldI starttaking you reach your full retirement age, you can earn as much as mybenefits? You can take Social Security you want without your benefits once you reach 62, but d you being withheld, athough your wait until your full retirement benefits could still be taxed, age, which will probably be depending on your income between 66 and 67, youll get much bigger monthly checks and if you wait until 70, you'll get Social Security replace? the biggest possible payments Before deciding when to begn should expect Social Security receiving your benefits, you'llto eplace slightly more than need to weigh a few factors, including longevity and your other sources of income. How much of my pre- retirement income will Generally speaking you a third of your pre-retrement income. However, the higher your income during your working years, the lower the replacement value of Social Security will be your estimated Howshouldlconsider potential spousal benefits? f you are married, or f you're divorced but were married for at least 10 years, you could receive up to half of your spouse's full retirement benefit (offset by your own benefit can aford to your IRA and and reduced if you claim early) your 401(k) or similar employer If you outlive your spouse, you sponsored retirement plan could claim survivor benefits, You may want to consult which can provide either your with a financial professional own benefits or 100 % of your who can look at your entire deceased spouse's, whichever retirement income picture and is larger Consequently, the recommend moves to help higher eaming spouse might you achieve the lifestyle you've want to postpone taking envisioned for your later years. benefits for as long as possible What other sources of retirement income should I develop? Contribute as much as you survivor Keep in mind that your decisions about Social Security filing strategies should always bebased on yourspecific needs and health considerations. For more information, visit the Social Security Administration website at socialsecurity.gov maximize benefit the Howmuch canleam without reducing my Social Seaurity benefits? f you are younger than your full retirement age and you are receiving Social Security, the Social Security Administration will withhold $1 from your benefits for each $2 you earn over a certain threshold (which, in 2019, is $17640) For the year you reach your full retirement age, your benefits could be withheld by $1 for every $3 you eam over $46,920. But once One final word: You may have concerns abaut the stability of Social Security. While no one can predict the future, many potential solutions exist to put the program on more solid footing. Consequently, try to focus on the actions you can control. Joe Peacock, AAMS® Financial Advisor www.edwardjones.com Member SPC 453 First Street Menominee, MI 49858 906-863-7870 Edward Jones MAKING SENSE oF INVESTING