Social Security Archives | Peterson Wealth

When to Take Social Security in Utah: A Guide for Salt Lake City Pre-Retirees

Posted on April 24, 2026April 23, 2026 by Daniel Ruske, CFP®

Retirement is a long road, and Social Security benefits are a major guardrail. Start too early, and you lock in a smaller check for decades. Wait too long without a plan, and you can create pressure in the years when you’re trying to live more and worry less.

Here in Utah, the decision also connects to taxes, Medicare timing, and the way you plan to draw from your other accounts. In Salt Lake City, especially, where the cost of living can shift fast, a smart claiming decision fits the life you’re building and the realities you face.

How Social Security Claiming Ages Really Work

Your full retirement age is determined by your birth year and serves as a reference point in the Social Security rules. It’s when you qualify for your “unreduced” retirement benefit under the program’s formulas, and it affects several other moving parts, too. The Social Security Administration (SSA) provides a retirement age calculator based on your birth date, which makes it easy to pin down your full retirement age.1

Starting early triggers an adjustment that doesn’t disappear later. Social Security allows you to start as early as 62, yet the trade-off is a smaller benefit for as long as you receive it. The SSA explains that early claiming can reduce your benefit by as much as 30% versus your full amount, depending on your birth year and how early you start.2

Waiting past that reference point can raise what you receive each month, up to age 70. The SSA describes delayed retirement credits as an increase earned for each month you wait beyond full retirement age, and the increase stops once you reach 70. The SSA has explained that delaying can add about 8% per year beyond full retirement age for many people.3

All of that can make the decision feel like a race to the biggest monthly check, yet the better question is what you’re trying to protect. A higher payment later can help with longevity and inflation pressure, while an earlier start can support your flexibility when work or savings plans shift. Ultimately, “best” often depends on your household setup, tax picture, and how long you expect the benefit to be in your life; so, looking only at the lifetime benefits number on paper can miss the real-world trade-offs you’ll experience.

Social Security in Utah: What Salt Lake City Residents Need to Know

In Utah, Social Security can be part of your taxable income at the state level, and credits can soften the impact depending on your situation. Utah has a Social Security benefits credit tied to the amount of taxable Social Security included in your adjusted gross income, and the worksheet shows how the credit is calculated from that starting point.4

Utah also has a separate retirement credit with its own eligibility rules, and you generally can’t double-dip. The Utah State Tax Commission explains that the retirement credit is available for certain taxpayers based on birth date, and it also states you may not claim it if you claim the Social Security benefits credit. That “either/or” choice is one reason local planning matters: the right fit depends on how your whole return is likely to look.5

The state income tax rate itself is another piece of the math. Utah’s income tax rate is presently 4.5%.6 Knowing the current rate helps you estimate how claiming Social Security benefits may affect your overall taxes each year.

Local cost of living shapes the conversation too, especially in Salt Lake City, where housing and day-to-day expenses can shift quickly from neighborhood to neighborhood. The “right” claiming age needs to also account for what your real expenses look like where you live, not just what a general calculator assumes.

Claiming at 62: When Early Benefits May Make Sense

Choosing to start Social Security early can be a practical move when your plan calls for income sooner rather than later. Some people claim to steady the household budget after leaving work, while others do it to reduce pressure on savings during a market dip. The decision has real pros and cons, and it tends to work best when it supports a clear purpose in your overall plan. If you’re considering benefits at 62, here are the key situations to think through:

Cash flow needs and income gaps: A paycheck ending can create a timing gap even when your long-term plan is healthy. Claiming early may help cover the basics while you restructure spending, downshift work, or wait on other income to start. The goal is to avoid turning a short-term gap into a long-term habit of pulling too much from savings.

Health considerations and longevity expectations: Your health history and your view of longevity belong in the conversation. Some people value having extra liquidity now, while they’re active and able to use it, even if that means accepting a smaller check later. The right question is not “What’s the perfect strategy?” It’s “What risk feels more manageable in my real life?”

The long-term impact of permanent benefit reductions: Early claiming comes with a smaller payment that typically lasts for life. That can be completely workable, yet it needs to be understood as a long-term trade, not a temporary haircut. A smaller benefit can limit flexibility later if expenses rise, one spouse lives longer than expected, or you want to reduce withdrawals from other accounts.

How early claiming interacts with continued or part-time work: Work after claiming can change the picture. Earnings rules before full retirement age may temporarily reduce what you receive in certain cases, which can surprise people who expected a clean, predictable deposit. Planning ahead helps you decide whether early claiming truly supports your plan, or it simply shifts where the pressure shows up.

Waiting Until Full Retirement Age: The Middle-Ground Strategy

Waiting until full retirement age (FRA) is often appealing for a simple reason: it avoids the permanent reduction tied to early claiming, while still letting you start benefits well before 70. For many households, that timing lines up with a natural transition, like work slowing down, travel ramping up, or a spouse retiring a year or two later. This is also where retirement planning starts to feel less theoretical, since you can coordinate benefits with the rest of your income sources and tax strategy in a more deliberate way. Here are the main angles to weigh:

Avoiding early filing reductions: Waiting until full retirement age can keep your baseline benefit higher than if you start earlier. That higher baseline can matter when inflation persists, your spending changes, or you simply want more breathing room later. It can also reduce regret for people who worry they’ll “lock in” too small a benefit too soon.

Effects on spousal and survivor benefits: For many households, this isn’t just about one person’s check. The claiming age of the higher earner can influence what a surviving spouse may receive later, so the decision often deserves a household view. A coordinated approach can protect the spouse who is likely to outlive the other, even when both of you feel healthy today.

Coordinating FRA with retirement timing and other cash sources: This is where your broader plan matters most: pensions, brokerage accounts, part-time work, and required withdrawals can all affect the trade-offs. The goal is to align the start date with your real spending needs and your tax picture, rather than picking a date in isolation. A good plan can also help you avoid claiming out of habit or fear.

Why FRA often serves as a planning checkpoint rather than a final decision: Full retirement age can be a clean milestone for reassessing. Your health, your work plans, and your savings may look different at 66 or 67 than they did at 62. Treating FRA as a checkpoint keeps you in control, meaning you’re able to adjust based on what’s real in your life at the time, not what you guessed years earlier.

Delaying Until 70: Maximizing Lifetime Income

Reaching full retirement age gives you a solid baseline, and delaying beyond it can be a deliberate way to raise what you’ll rely on later. This approach tends to appeal when you want more dependable retirement income in the later decades, even if it means leaning on other resources in the early years. Here’s what to weigh if you’re thinking about holding off until 70:

How delayed retirement credits increase monthly benefits: Social Security adds delayed retirement credits for each month you wait past full retirement age, and the increase stops at 70. The increase can be as significant as 8% per year for many people.

Longevity risk and lifetime income protection: A larger benefit later can act like a personal pension, one that adjusts with inflation and lasts as long as you do. This matters most when life expectancy runs longer than you assumed, or when market returns disappoint at the wrong time. The “win” is having a stronger backstop that keeps you from pulling too hard from investments late in life.

Survivor benefit advantages for married households: The bigger check often becomes the survivor check, so delaying can strengthen what remains for the household after one spouse is gone. This is one reason higher earners frequently consider delaying, even when they feel healthy now.

Inflation-adjusted income considerations: Social Security has cost-of-living adjustments, so starting from a higher base can compound over time. A smaller start can still work fine, yet it leaves less room if expenses rise later, especially health costs, housing, or family support. A delayed start is one way to increase the size of future inflation adjustments in dollar terms.

Why delaying is not strictly a mathematical decision: People don’t live in spreadsheets. A strategy that looks best on paper can feel wrong if it forces you to drain savings too quickly, disrupts your work exit, or creates stress around short-term money needs.

How Work Income Can Change the Equation

Claiming while you’re still earning can reshape your results. Before full retirement age, Social Security applies an earnings test if your wages exceed certain limits, and part of your benefit may be withheld during the year. The SSA publishes the annual limits and explains the $1-for-$2 and $1-for-$3 withholding rules (with a different limit in the year you reach full retirement age).7

Those withheld amounts are not “lost,” even though it can feel that way when deposits shrink or pause. If benefits are withheld due to earnings, your monthly benefit can be recalculated at full retirement age to account for months you didn’t receive payments.

Work after full retirement age changes the rules. The earnings test no longer applies once you hit full retirement age, so wages won’t trigger withholding under the retirement earnings test framework. This can matter if you’re stepping into consulting, picking up seasonal work, or keeping a role you genuinely enjoy.

Late-career pay can also complicate claims planning. Bonuses, commissions, severance, and one-time payouts can push you over the earnings limit in ways that don’t show up in a simple monthly budget. A clean approach is to line up your start date with what you expect your W-2 to show, rather than what you expect your calendar to feel like.

Coordinating Social Security With Other Retirement Income Sources

Think of retirement income like a three-part mix: guaranteed income (Social Security/pensions), flexible income (investments), and tax control (how you sequence withdrawals). Your claiming decision changes all three. If you claim early, you may rely less on your portfolio at first, but you also lock in a smaller, inflation-adjusted base for life. If you delay, you’re often asking your investments to carry more weight in the early years in exchange for a bigger backstop later.

The coordination work happens in the in-between years. Many households have a window, often between retirement and required distributions, where they can be more strategic with IRA withdrawals, Roth conversions (when appropriate), and capital gains planning.

Start Social Security too soon, and you can shrink that window. Starting too late, without a bridge, you can create unnecessary stress. The goal is not to “optimize a spreadsheet.” The goal is to create reliable, repeatable monthly cash flow while minimizing avoidable taxes and protecting long-term purchasing power.

Medicare Timing and Health Coverage Considerations

A Social Security decision can accidentally turn into a health coverage decision if you don’t watch the dates closely. Medicare eligibility usually begins at 65, and the enrollment rules don’t always line up with when you want to start Social Security. The cleanest approach is to line up coverage first, then decide how Social Security fits around it. Here are the key points to think through:

The distinction between Social Security and Medicare enrollment: You can apply for Medicare even if you’re not ready to apply for Social Security retirement benefits. Automatic enrollment happens in some cases when you’re already receiving Social Security before 65, yet many people must actively sign up.

Risks of delaying Medicare while still working: Employer coverage can allow a later Medicare signup without penalties in some situations, depending on the size and structure of the plan. If you or your spouse is working with group coverage, it may allow you to wait without a late penalty. However, violating the rules can get expensive, and late enrollment penalties can add up quickly.

How healthcare costs influence claiming decisions: Premiums, deductibles, prescriptions, and long-term care are real budget items, not footnotes. A higher Social Security check later can make those payments easier to absorb without increasing portfolio withdrawals. Health costs also shape your lifestyle choices, like travel, hobbies, and family support feel different when medical spending is predictable.

Spousal and Survivor Benefit Planning

For married couples, Social Security is best viewed as one coordinated plan. Your claiming ages don’t just affect your own checks; they shape your household income today and the options that remain later, including what’s available if one spouse lives much longer than expected.

Spousal benefits can add meaningful income, but the details matter. The SSA explains that a spousal benefit can be as much as half of the worker’s primary insurance amount, and it can be reduced if the spouse starts before full retirement age. That’s why it’s worth looking at timing alongside work plans, taxes, and what you need your income to do in the first years of retirement.8

Survivor benefits are where the “household view” really pays off. The SSA’s survivor materials explain that a surviving spouse can receive up to 100% of the worker’s benefit, and the worker’s claiming decision can influence how strong that survivor income will be. A smoother plan aims to support life now, while also protecting the spouse who may eventually be living on one check.9

Salt Lake City Pre-Retirees Taking Social Security FAQs

1. Is Social Security taxable in Utah?

Utah generally taxes Social Security to the extent it’s included in your adjusted gross income (AGI), then offers a credit that may reduce the state tax impact depending on your circumstances. Utah’s Social Security benefits credit is based on the taxable portion included in AGI, and it comes with eligibility rules and phaseouts.

2. Can I work while collecting Social Security in Utah?

Yes. Social Security allows you to work while receiving retirement benefits, yet an earnings test can apply before full retirement age, potentially withholding some benefits if earnings exceed the annual limit. That said, withheld amounts aren’t lost; your benefit is just recalculated later to credit months withheld.

3. Does delaying Social Security always result in higher lifetime benefits?

Delaying increases the monthly amount through delayed retirement credits up to 70, which can raise the baseline check and the dollar value of inflation adjustments over time. Higher lifetime totals depend on how long you collect benefits and what else is happening in your household plan, like taxes, work income, and whether a survivor will depend on the higher check.

4. How does Social Security affect Utah’s retirement income tax credits?

Utah has a Social Security Benefits Credit and a separate Retirement Credit, and you generally can’t claim both on the same return. Utah’s credit pages spell out the limitation directly, including how it applies when you file jointly.

5. Should married couples in Utah coordinate when they claim?

Yes, coordination often matters more than picking the “best” age for each person separately. The higher earner’s claiming choice can influence the survivor’s benefit later, and the timing of each person’s claim can shape the household’s tax picture and spending flexibility.

How We Help Salt Lake City Families Make Smarter Social Security Decisions

Choosing when to take Social Security in Utah isn’t just about the biggest check; it’s about building a retirement income plan that can handle longevity, taxes, market volatility, Medicare timing, and the needs of your household. The right start date is the one that supports steady cash flow today while protecting flexibility and purchasing power for the years ahead.

That’s where planning becomes practical. At Peterson Wealth Advisors, we help Salt Lake City families coordinate Social Security with investment withdrawals, tax strategy, and healthcare timing, so you’re not making a permanent decision based on a temporary fear or a generic rule of thumb. We model multiple claiming paths and stress-test them against real-world scenarios, including early retirement, rough markets, and survivor-income needs.

If you’d like help seeing your best options clearly, we’d welcome the chance to talk. Schedule a complimentary consultation call with our team, and we’ll walk through how your claiming decision fits into a retirement plan designed to keep you steady: no guesswork, no pressure.

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What Does the Social Security Fairness Act Mean for Retirees? A Peterson Wealth Perspective

Posted on January 16, 2025August 21, 2025 by Carson Johnson, CFP®, CRPC™, NSSA™

Important news for retirees, we have a Social Security Fairness Act update! Social Security benefits are about to change in a way that will make a significant difference for millions of people.

The Social Security Fairness Act was signed into law on January 5, 2025, this eliminates two controversial provisions that have reduced benefits for millions of public servants for over 40 years. Let’s explore how these changes may impact those affected by these provisions.

We’ll cover the following topics:

Does the SS Fairness Act affect you?
People affected by the SS Fairness Act
What is the SS Fairness Act?
SS Fairness Act repeals
How will the repeals of WEP and GPO impact you?
The sustainability of the Social Security program

Does the Social Security Fairness Act Affect You?

One of the most common questions people are asking is, “Will this change affect me?”

If you’ve always worked in jobs where Social Security taxes were automatically deducted from your paycheck, this new law likely won’t affect you.

However, if you’ve worked in a job that didn’t withhold Social Security taxes and you are eligible for Social Security benefits, then this law could immediately add to your monthly income.

Social Security Fairness Act: People Affected

If You Earned Your Own Social Security Benefit: If you worked long enough in a job where Social Security taxes were withheld to qualify for your own benefit, the Windfall Elimination Provision (WEP) may have reduced that benefit by up to $600. This new law could eliminate that reduction, increasing your benefit amount.
If You Qualify for Spousal or Survivor Benefits: If you’re eligible for Social Security benefits through your spouse’s work history, you may have been affected by the Government Pension Offset (GPO). This new law could also remove those reductions. Here are some situations where this applies:

Spousal Benefits: If your own Social Security benefit is less than half of your spouse’s benefit at their full retirement age, you can claim a spousal benefit instead.

Divorced Spouse Benefits: If you were married for at least 10 years, are now divorced, and your benefit is less than half of your ex-spouse’s benefit, you can claim a divorced spouse benefit.

Survivor Benefits: If your spouse (or ex-spouse, if married at least 10 years) has passed away, you may qualify for a survivor benefit, which could be up to 100% of what your spouse or ex-spouse was entitled to receive.

What Is the Social Security Fairness Act?

The Social Security Fairness Act is a law designed to eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—two rules that have reduced or eliminated Social Security benefits for individuals who also receive a pension from jobs that didn’t pay into Social Security.

These provisions were first enacted to ensure fairness by preventing “double-dipping”, where individuals could receive full Social Security benefits alongside pensions from jobs not covered by Social Security. However, in many instances, these provisions have unfairly penalized public servants such as teachers, police officers, firefighters, and certain government employees once they retire.

By repealing WEP and GPO, the Social Security benefits Fairness Act was created to ensure that these workers receive the full Social Security benefits they’ve earned, providing financial security to retirees impacted by these outdated rules.

Social Security Fairness Act Repeals

Let’s answer the question, “what does the Social Security Act do?” by talking about the repeals.

The Windfall Elimination Provision (WEP)

The Windfall Elimination Provision (also known as WEP), reduces Social Security retirement benefits you receive from your own work if you also have a pension from a job where you didn’t pay Social Security taxes.

In today’s work environment, it is common for individuals to work for many employers throughout their career such as various school districts, police forces, and certain government agencies where Social Security taxes were not deducted from their paychecks. If you worked a non-covered job where Social Security taxes were not taken out of your paycheck and have fewer than 30 years of work in covered jobs, the Windfall Elimination Provision affects you. According to the Congressional Budget Office (CBO), this impacts about 1.9 million retirees, often reducing their benefits by up to $600 per month.

The Government Pension Offset (GPO)

The Government Pension Offset (also known as GPO), is very similar to the Windfall Elimination Provision. The biggest difference is that this provision reduces spousal or survivor benefits for individuals who receive a pension from jobs where Social Security taxes were not deducted.

Specifically, GPO reduces these Social Security benefits by two-thirds of the pension amount. For those with large pensions, this provision can be incredibly hurtful and reduce benefits to zero depending on your situation. The Congressional Research Service (CRS) estimates that this impacts about 1.3 million retirees.

Why These Changes Matter

For decades, WEP and GPO have created financial hardships for public servants and their families. Here’s why these changes are so significant:

Public Servants Penalized: Teachers, firefighters, and police officers who worked in both covered and non-covered jobs have faced reduced benefits despite paying into Social Security during their careers.

Widows and Widowers Affected: The Government Pension Offset is extremely punitive as compared to the Windfall Elimination Provision because it can eliminate a spousal or survivor benefit entirely. This has left many surviving spouses with little to no Social Security income, forcing some to return to work even in their later years.

Complex Rules: The WEP and GPO provisions are complicated and often misunderstood, making retirement planning more challenging for affected individuals.

What Happens Next?

With the Social Security benefits Fairness Act now officially signed into law, the Social Security Administration is now tasked with the responsibility to implement these new changes. While the Administration has not yet issued specific guidance, based on previous updates, the implementation process could take several months to over a year. Despite how long it may take for the Administration to implement the new rules, it’s important to keep in mind the following:

The Act will take effect for benefits payable after December 2023.

Be retroactive to January 2024, meaning affected retirees will receive back payments for prior months.

Full Social Security benefits will be restored for individuals affected by WEP and GPO.

The system will be simplified, making it easier for retirees to understand and plan their finances.

How Will The Repeal of WEP and GPO Impact You?

If you’ve been affected by WEP or GPO, here’s how the repeal could benefit you:

Increased Monthly Benefits: A retired public servant who worked part-time in a Social Security-covered job could see an increase in monthly benefits of up to $600.

Restored Survivor or Spousal Benefits: An individual who has lost spousal benefits or a widow(er) who has lost survivor benefits due to GPO could regain access to these funds. This could make a huge difference for those who haven’t been able to receive survivor or spousal benefits!

Lump-Sum Payments: According to the legislation, retroactive payments for benefits backdated to January 2024 are expected. It remains unclear whether this could result in a lump sum for 2025 or through another method. However, if it’s a lump sum, it’s important to factor this into your tax planning for the year and how this might impact other strategies that you may be considering such as charitable giving, Roth conversions, and much more.

The Sustainability of the Social Security Program

While these changes bring significant relief to select individuals, they also come at a cost to the Social Security system. The Congressional Budget Office estimates that the repeal will cost nearly $200 billion over the next decade, potentially moving the program’s insolvency date forward by six months, from 2035 to 2034.

We recognize the concern that many retirees have about the future solvency of the Social Security program. Unfortunately, there is a lot of misinformation that surrounds the sustainability of Social Security.

The boring truth is that Social Security is not going away anytime soon. Minor adjustments to the system now could extend the viability of Social Security for years into the future. Raising the age requirements of future claimants, changing how the cost-of-living adjustment is calculated, or raising the maximum earnings subject to the Social Security tax are all viable measures that will have to be considered by our politicians in order to strengthen the Social Security program.

To date, these common-sense solutions have not been implemented because anytime a politician has suggested a change to Social Security, it has resulted in political backlash. Overall, we believe that decisions about your Social Security benefits based on the notion that the program is going broke are both dangerous and irresponsible.

What Should You Do?

Check Your Social Security Statement: Review your benefits to understand how WEP or GPO currently impacts your retirement income.
Verify your contact information. Make sure that your mailing address and direct deposit details are accurate. You can update this information by logging into your account at www.ssa.gov/myaccount.
Plan for Tax Implications: Additional income from retroactive payments could push you into a higher tax bracket. Consider working with a tax professional to minimize the tax impact and coordinate it with any other tax planning strategies you may be doing such as Roth conversions, charitable giving strategies, and more.
Review Your Retirement Income Plan: Additional income from Social Security could reduce the amount you may need to withdraw from your investments, impacting your overall retirement income strategy.
Contact the SSA: If you have never applied for a spousal or survivor benefit because you have been affected by GPO, we would highly recommend that you contact your local Social Security office to apply for benefits. Once Social Security has implemented these new rules, you should contact your local office to ensure your benefits are recalculated correctly.

*For clients of Peterson Wealth, the impact of these changes will be discussed with you during your upcoming meetings with your financial planner.

Social Security Fairness Act: A Step Toward Fairness

The Social Security Fairness Act is a long-awaited step toward fairness for retirees who have been unfairly penalized by WEP and GPO. By restoring full benefits, this legislation provides crucial financial relief to public servants and their families.

If you have questions about how this change might affect your retirement, please don’t hesitate to reach out.

What Role Will Social Security Play in My Retirement Income Plan?

Posted on July 23, 2018April 22, 2026 by Scott M. Peterson, ChFC®

Social Security is the anchor of a retirement income plan

Past generations took little thought regarding how they would maximize their Social Security benefits. After all, it really didn’t matter how and when benefits were claimed if the retiree lived only a short time after retiring. Today, with the real possibility of living three decades without a job or paycheck, retirees need to do all they can to squeeze the most out of Social Security.

Over its almost eighty years of existence, Social Security has evolved. It now consists of hundreds of codes, and tens of thousands of pages of rules and regulations. Because of this, most eligible recipients do not understand the benefits they are entitled to receive. Consequently, there are millions of dollars of Social Security benefits left on the table each year.

While Social Security is complicated, it is essential to make informed choices regarding both when and how to apply. This will ensure you will get the most from the system. After all, you and your employers have contributed to this future source of monthly income since the day you started working. Understanding how the system works and creating an individualized plan to maximize this valuable benefit could mean the difference in hundreds of thousands of dollars of retirement income.

Five important benefits of Social Security:

1. Predetermined amount of income

By the time you come to the end of a career, your Social Security income amount is pretty well known. The benefit amount is based on both your earnings history and when you decide to apply for benefits. The accuracy of the benefit estimation makes it easy to build the rest of your retirement income plan around a reliable number.

2. Reliable income

Once you start getting Social Security benefits, the amount of income you will receive is set. It is highly unlikely that reforms to the system will cause benefit cuts.

3. Income that lasts for a lifetime

Social Security is one of the few sources of income that can be relied upon for a lifetime. It is an especially valuable benefit considering the long life expectancies of today’s retirees.

4. Inflation-adjusted income

Social Security benefits are increased each year based on the previous year’s inflation rate, which is measured by the consumer price index. These cost-of-living adjustments help retirees keep up with the ever-increasing cost of goods and services.

5. Survivor benefits

Although Social Security checks stop at the death of the recipient, monthly benefits can continue to be paid to surviving spouses and minor dependents.

The Sustainability of Social Security

There is a lot of misinformation that surrounds the sustainability of Social Security, but the boring truth is that Social Security is not going away anytime soon. Each year, the Congressional Budget Office (CBO) reports to Congress the fiscal status of Social Security. The latest report states that if no changes are made to the system, the Social Security Trust Fund, along with income collected from our taxes, will allow Social Security to pay all its obligations until the year 2034. If no adjustments are made to the Social Security system between now and 2034, there will only be enough money in the system to pay 79% of the promised obligations after 2034.

Minor adjustments to the system now could extend the viability of Social Security for years into the future. Raising the age requirements of future claimants, changing how the cost of living adjustment is calculated, or raising the maximum earnings subject to the Social Security tax are all viable measures that should be considered to strengthen Social Security. To date, these common-sense solutions have not been implemented because anytime a politician has suggested a change to Social Security it has proven to be a political boondoggle. Like any financial problem, the sooner the future projected shortfall is addressed, the easier it will be to manage. Making decisions about claiming Social Security benefits based on the false assumption that these benefits are disappearing is both dangerous and irresponsible.

With the ever-changing rules and regulations of Social Security, a list of commonly asked questions such as how much you can expect to receive, spousal benefits, and when to apply can be found here. The answers to these questions will frequently be updated to help you navigate the minor changes to the current Social Security system.

You can also visit the government Social Security website and select the ‘Retirement’ tab to receive assistance on things such as estimating your benefits, requesting a Social Security Statement, and applying for benefits online.

Social Security is responsible for 42% of today’s retirees’ income. While it does not provide enough income to retire on, it does provide a solid foundation upon which a sound retirement income plan can be built. A little time and effort can pay significant dividends when deciding when, and how, to receive Social Security benefits.

If you are getting close to retirement and will have at least $1,000,000 saved at retirement, click here to request a complimentary copy of Scott’s new book!