Claiming Social Security benefits can be one of the more complicated decisions you will make when planning for retirement. There are a multitude of rules that can have a significant and lasting impact on your future income stream and overall financial picture.
To help make this analysis easier, we have created the “Will My Social Security Benefits Be Reduced?” flowchart. It is based on the Social Security Administration’s guide, “Retirement Benefits,” and addresses common issues including:
- How to determine Full Retirement Age (FRA)
- Effects of marriage and divorce
- Implications of collecting benefits before, at, or after FRA
- Annual limits
- Impact of continuing to work while claiming benefits
- How benefits will be taxed