How Does Social Security Fit Into Your Retirement Income Strategy?

Submitted by Edward JonesPrint Story | Email Story

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 should I start taking my benefits?
You can take Social Security once you reach 62, but if you wait until your full retirement age, which will probably be between 66 and 67, you'll get much bigger monthly checks, and if you wait until 70, you’ll get the biggest possible payments. Before deciding when to begin receiving your benefits, you'll need to weigh a few factors, including your estimated longevity and your other sources of income.

How should I consider potential spousal benefits? If you are married, or if 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, and reduced if you claim early). If you outlive your spouse, you could claim survivor benefits, which can provide either your own benefits or 100 percent of your deceased spouse's, whichever is larger. Consequently, the higher-earning spouse might want to postpone taking benefits for as long as possible to maximize the survivor benefit.

How much can I earn without reducing my Social Security benefits? If 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 $17,640). For the year you reach your full retirement age, your benefits could be withheld by $1 for every $3 you earn over $46,920. But once you reach your full retirement age, you can earn as much as you want without your benefits being withheld, although your benefits could still be taxed, depending on your income.



How much of my pre-retirement income will Social Security replace? Generally speaking, you should expect Social Security to replace slightly more than a third of your pre-retirement income. However, the higher your income during your working years, the lower the replacement value of Social Security will be.

What other sources of retirement income should I develop? Contribute as much as you can afford to your IRA and your 401(k) or similar employer-sponsored retirement plan. You may want to consult with a financial professional, who can look at your entire retirement income picture and recommend moves to help you achieve the lifestyle you have envisioned for your later years.

Keep in mind that your decisions about Social Security filing strategies should always be based on your specific needs and health considerations. For more information, visit the Social Security Administration website at socialsecurity.gov.

One final word: You may have concerns about 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.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. 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.

 

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North Adams Happenings: Aug. 21-27

SAVE THE DATE
AUGUST 29th - DownStreet Art
DownStreet Art, the last-Thursday-of-the-month popup program of Massachusetts College of Liberal Arts’ Berkshire Cultural Resource Center (MCLA BCRC), returns to downtown North Adams from 5-8 p.m. on August 29, 2019. As always, DownStreet Art is free and open to the public.
More information.

AUGUST 30th - Starry Night Movies at UNO Park Presents: Hidden Figures
On August 30th, we are showing Hidden Figures. The story of "three brilliant African-American women at NASA who serve as the brains behind one of the greatest operations in history: the launch of astronaut John Glenn into orbit, a stunning achievement that restored the nation's confidence, turned around the Space Race and galvanized the world" (Google).
The festivities start at 6pm. More information on activities and games coming soon. Movie will begin at 8:00pm. Bring pillows, blankets, and low back chairs to take in this incredible untold story under a starry night on the UNO Park lawn.
More information.
 
Wednesday 8/21
9:00 A.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 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. 


11:30 A.M. (FREE), KIDS, Little Wonders Baby Playgroup The Family Center, 210 State Street, (413) 664-4821 More information. 

5:00 P.M. (FREE), WORKSHOP, Simple Zero-Waste Swaps for the Bathroom: A Zero-Waste Workshop UNO Community Center, 157 River Street, (413) 664-4612 More information.

6:30 P.M. (FREE), MUSIC, Concerts at WIndsor Lake Presents JP Murphy 200 Windsor Lake Drive, (413)664-6180 More information.

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

Thursday 8/22
9:00 A.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

4:00 P.M. (FREE), TUTORING, After School Program UNO Community Center, 157 River Street, (413) 664-4612 More information.

5:30 P.M. (FREE), KIDS, North Adams Public Library Trip North Adams Public Library, 74 Church Street, (413) 662-3133 More information.

6:00 P.M. (FREE), BIKING, Downtown Bike Around Anthony's Municipal Parking Lot More information.

6:00 P.M. (FREE), MUSIC, Party in the Park Presents The Brave Brothers Noel Field, 310 State Street More information.

7:30 P.M. (FREE), BINGO, Musical Bingo at Mingo's Sports Bar and Grill 41 Roberts Drive More information.

8:00 P.M. to 11:00 P.M. (FREE), MUSIC, The Chalet: Eavesdrop The Chalet at Courtyard D, MASS MoCA, 1040 MASS MoCA Way More information.
Friday 8/23
7:30 A.M. (FREE), MEET AND GREET, Coffee Date at the NAMAzing Eagle Street Parklet NAMAzing Eagle Street Parklet 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.

12:00 P.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

7:00 P.M. (By Donation), CRAFTING, Knitting Nights with Common Folk Common Folk, 73 Main Street More information.

7:00 P.M. ($1 and up), GAMES, BINGO! North Adams Elks 487 Lodge, 100 Eagle Street, (413) 664-9039 More information.

8:00 P.M. (FREE), MOVIE, Movies Under the Stars at Colegrove Park Presents: The Goonies Colegrove Park Elementary, 24 Church Street, (413) 664-6180 More information.

8:00 P.M. ($18 - $44), MUSIC, Roomful of Teeth MASS MoCA, 1040 Mass Moca Way More information.

9:00 P.M. (FREE), MUSIC, Karaoke Friday! State Street Tavern, 167 State Street, (413) 664-9152 More information.
Saturday 8/24
9:00 A.M. to 1:00 P.M. (FREE), MARKET, North Adams Farmers Market The Wigwam Western Summit, 2350 Mohawk Trail More information.

10:00 A.M. (FREE, PARKING $5), TOUR, Natural Bridge History Tour New England's Natural Bridge, 1 McCauley Road More information.

10:00 A.M. (FREE), GARDENING, Gardening Program UNO Community Center, 157 River Street, (413) 664-4612 More information.

2:00 P.M. to 6:00 P.M. (FREE), MUSIC, Motorama Cruise-in Concert Presents Whiskey City & Live Wire Noel Field Athletic Complex, 310 State Street, (413) 664-6180 More information

8:00 P.M. ($20 - $30), CONCERT, Cha Wa MASS MoCA, 1040 Mass Moca Way More information.
Sunday 8/25
9:00 A.M. to 3:00 P.M. (FREE TO SPECTATORS, CAR REG. $15), STREET FAIR, 9th Annual Motorama Car Show Downtown North Adams, (413) 664-6180 More information.

10:00 A.M. (FREE, PARKING $5), TOUR, Natural Bridge History Tour New England's Natural Bridge, 1 McCauley Road More information.

4:00 P.M. (FREE), MUSIC, Racks and Stacks- Barbecue and Vinyl Music A-ok Berkshire Barbeque, 2601 MASS MoCA Way, (413) 398-5079 More information.
Monday 8/26
1:00 P.M. (FREE), KIDS, Crafternoons! North Adams Public Library, 74 Church Street, (413) 662-3133 More information.
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