Questions to Ask Before Taking Social Security

Submitted by Edward JonesPrint Story | Email Story

Social Security can be an important part of your retirement income. So, before you start making decisions about your payments, you'll want to know what questions to ask.

Here are a few to consider:

How soon can I start collecting Social Security?
You can begin receiving Social Security as early as age 62. However, your payments, as well as the survivor benefits payable to your spouse, will be significantly lower than if you wait until your full retirement age, which is likely to be between 66 and 67.

Can I wait until I’m past full retirement age to begin collecting payments? Yes. Your monthly benefits will continue to rise until you reach 70, at which point they will max out.

Which is better: taking smaller payments for more years, or larger payments for fewer years? There's no simple answer to this question. If you are in good health and have a family history of longevity, you may decide it's worth your while to wait as long as possible before collecting benefits. Also, if you enjoy working and don't immediately need the Social Security payments, you may choose to wait. On the other hand, if your health is questionable, or if you would rather retire than continue working, you might want to start taking payments earlier. And, of course, if you simply need the money to help support yourself, you may not be able to wait. Additionally, don't forget potential implications for your spouse. Since the survivor benefit is based on the size of your retirement benefit, it may make sense to delay and maximize your retirement benefit, which could help provide the maximum benefit for your surviving spouse.



If I'm still employed when I begin taking Social Security, will my monthly checks be reduced? If you're working, and you start collecting benefits before you reach full retirement age, your payments could be reduced if you earn more than the Social Security earnings limits, which are adjusted each year. Once you pass your full retirement age, though, you can earn as much as you like without having your payments reduced (although they could still be taxed).

Will I be taxed on my Social Security benefits? Social Security benefits can be taxable at any age, whether you're employed or not. To understand your tax liability, consult with your tax adviser.

Can I claim Social Security benefits based on my spouse's earnings? Yes, you may be eligible for Social Security benefits based on your spouse’s earnings and Social Security record. This benefit is available if your full retirement benefit is less than half of your spouse's full retirement benefit. The spousal benefit is only available if your spouse has already filed for benefits.

These aren't all the questions you may need to ask about Social Security, but they can give you a good idea of what you should know before taking action. So, take your time, get the professional advice you need, and make the right choices. You've contributed to Social Security your entire working life, so you've earned the right to maximize your benefits.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 1 Berkshire Square, Suite 114, Adams, MA 01220, 413-743-0552. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see EdwardJones.com.


Tags: retirement,   social security,   

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North Adams Happenings: July 24-30

North Adams Happenings July 24 - 30, 2019

SAVE THE DATE
AUGUST 6th - National Night Out
4:00 P.M. - 8:00 P.M.Neighborhoods throughout North Berkshire once again join the North Adams Police, Fire, and Emergency Departments to host a variety of special events such as cookouts, games, contests, music and more!
More information.

AUGUST 14th - 23rd Annual Downtown Celebration
JOIN US! The  23rd Annual Downtown Celebration will take over downtown North Adams on Wednesday, August 14 from 5:30 – 9 PM.  
RAIN DATE: Thursday, August 15th
BUSINESSES AND VENDORS: Application still available.
More information.
Wednesday 7/24
10:00 A.M. (FREE, $5 to park), NATURE WALK, Nice 'N' Easy Walk Natural Bridge State Park, McCauley Road More information.  

10:00 A.M. (FREE), KIDS, Terrific Tots Playgroup The Family Center, 210 State Street, (413) 664-4821 More information.  

10:30 A.M. (FREE), KIDS, Preschool Story Time North Adams Public Library, 74 Church Street, (413) 662-3133 More information.   


6:30 P.M. ($3-5), SPORTS, SteepleCats V. Keene Joe Wolfe Field, 310 State Street  More information.

6:30 P.M. (FREE), MUSIC, Concerts at the Lake Presents The Matchstick Architects and Bang on a Can Windsor Lake, 200 Windsor Lake Road, (413) 664-6180 More information.

8:00 P.M. (FREE), GAMES, Trivia Night! Ramunto's, 67 Main Street, (413) 398-5152 More information.

Thursday 7/25
5:00 P.M. (FREE), ART, 2019 DownStreet Art Main Street More information.

5:30 P.M. to 11:00 P.M. (FREE), MUSIC, The Chalet: Apocalypstick Redd The Chalet at Courtyard D, MASS MoCA, 1040 MASS MoCA Way  More information.

6:00 P.M. (FREE), CONCERT, Party in the Park Presents The Hotshot Hillbillies Noel Field, 310 State Street   More information.
Friday 7/26
7:30 A.M. (FREE), MEET UP, NAMAzing Eagle Street Parklet Coffee Date NAMAzing Eagle Street Parklet, Eagle Street, thenamazinginitiative@gmail.com More information.

10:00 A.M. (FREE), KIDS, Drop-In Playgroup The Family Center, 210 State Street, (413) 664-4821 More information.

11:00 A.M. (FREE, PARKING $5), KIDS, Kidleidoscope New England's Natural Bridge, 1 McCauley Road More information.

6:00 P.M. ($1 and up), GAMES, BINGO! North Adams Elks 487 Lodge, 100 Eagle Street, (413) 664-9039 More information.

6:30 P.M. ($3-5), SPORTS, SteepleCats V. Upper Joe Wolfe Field, 310 State Street  More information.

7:00 P.M. (BY DONATION), CRAFTING, Knitting Nights with Common Folk Common Folk, 73 Main Street More Information.

8:00 P.M. ($66-300), CONCERT, The Prentenders MASS MoCA, 1040 MASS MoCA Way More information.

8:30 P.M. (FREE), MOVIE, Movies Under the Stars at Colegrove Park Colegrove Park Elementary, 24 Church Street More information.

9:00 P.M. (FREE), MUSIC, Karaoke Friday! State Street Tavern, 167 State Street, (413) 664-9152 More information.
Saturday 7/27
9:00 A.M. to 1:00 P.M. (FREE), MARKET,  North Adams Farmers Market St. Anthony's Parking Lot at Marshall Street and St. Anthony's Drive (413)664-6180 More information.

12:00 P.M. (FREE), CONCERT, Peace & Rhythm InStore Belltower records, Norad Mill, Suite 301, 60 Roberts Dr More information.

2:00 P.M. ($25), ART, Artist Talk with Chrissie Hynde MASS MoCA, 1040 MASS MoCA Way More information.

4:00 P.M. (FREE), ART, Open Studios at MASS MoCA Assets for Artists, 1320 Mass Moca Way More information.

6:30 P.M. ($3-5), SPORTS, SteepleCats V. New Bedford Joe Wolfe Field, 310 State Street  More information.

8:00 P.M. ($18-44), CONCERT, Adia Victoria MASS MoCA, 1040 MASS MoCA Way More information.
Sunday 7/28
12:00 P.M. (FREE), PICNIC, Annual Summer Picnic Horrigan Road, Clarksburg More information.

3:00 P.M. (FREE), CONCERT, Public Puberty/Carbus/Human Pontiac Belltower records, Norad Mill, Suite 301, 60 Roberts Dr More information.

4:00 P.M. (FREE), FOOD & MUSIC, Racks and Stacks (barbecue and vinyl music) A-oK Berkshire Barbecue, 2601 Mass MoCA Way More information.
 
Monday 7/29
1:00 P.M. (FREE), KIDS, Crafternoons! North Adams Public Library, 74 Church Street, (413) 662-3133 More information.

6:00 P.M. (FREE), KIDS, Discovery Mondays- Space Themed North Adams Public Library, 74 Church Street, (413) 662-3133 More information.
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