Social Security in Retirement

Social security is a constantly evolving system. It has endured many changes since its creation, and things that you think are settled may have changed. Because of this, it’s easy to become overwhelmed. That’s why when it comes to social security, it pays to stay informed. What are you entitled to? What kind of spousal benefits will you have? What about survivor benefits? Or cost of living adjustments? These questions are just the tip of the iceberg. 

Should you Collect your Social Security?

There are many things to consider when you’re discussing social security. When will you collect your social security? Collecting social security early can greatly affect how much you receive, and how long you’re able to make it last – but it can be the right choice in certain cases. Likewise, delaying collection of your social security may be more lucrative in the long run. Which of those categories you fall into depends on many factors, such as marriage, health, etc. When should you collect? 

Will Social Security Run Out?

Many people are concerned that the social security tank will be emptied completely in the next few years. But is this possible, with those still working continually paying into it? The trustees of the Social Security system’s finances recently released their annual report, stating the combined trust funds that help pay old age and disability benefits are likely to run out by 2034, the year when today’s 48-year-olds reach full retirement age. The trustee’s estimate reflects the latest economic and demographic projections, and it changes a bit most years. Last year’s estimate for trust fund depletion was 2033. Will it really run out? What is your plan B if this happens?

You’re not Alone, Let us Help

The good news is that talking about social security doesn’t have to be intimidating. While planning your retirement future might seem like a daunting task, Compass Retirement has the resources you need to make good, educated decisions that you can rest in confidently. We are here to answer all your financial questions, and to help guide you through what can otherwise be an overwhelming process. At Compass Retirement, we know a thing or two about social security, and we’re here to help. Got questions? We have answers.

Retirement & Taxes