The minimum age to start claiming your Social Security income is 62 . However , if you do not need the income and can afford to delay your benefits until full retirement age , postponement might be beneficial .
What you owe Uncle Sam Depending on your combined income and your tax filing status , you will be required to pay taxes on 50 to 85 percent of your Social Security benefits . Your combined income is your adjusted gross income , tax-exempt income , and half of your Social Security income . See the “ Income Taxes and Social Security ” page on
www . ssa . gov for specifics . Each January , you will receive a Social Security Benefit Statement ( Form SSA-1099 ) showing the amount of Social Security income you received the year before . You can use this statement when you complete your federal income tax return to find out if your benefits are subject to tax .
Considerations for couples If your spouse has low lifetime earnings , they might be eligible for higher Social Security income based on your earnings rather than their own earnings record . Spousal benefits would be as much as 50 percent of your full retirement income if your spouse claims benefits at their full retirement age . Your spouse cannot file for spousal income until you have applied for Social Security . The spousal benefit is reduced if your spouse files before their FRA .
Handy resources The SSA provides resources to help you navigate your benefits . You can find benefits estimates and a copy of your Social Security Statement at
www . ssa . gov . If you are 60 , you can choose to receive this statement in the mail every year . The Social Security website also features benefits calculators to help you estimate your monthly income . When it is time to apply for Social Security , you can do so online , by phone or in person . If you can ’ t use the Social Security Administration ’ s online services , you can call your local Social Security office or the national 800-number ( 1-800-772-1213 ).
Alina Parzianu , CFP
® , MBA , RICP
® is a Financial Planning Specialist at MMBB Financial Services [
www . mmbb . org ]. Prior to joining the MMBB staff , Parizianu spent 14 years in the financial services industry , including as vice president and credit portfolio manager for a major European investment bank in New York . She holds the CFP
® certification , the RICP
® certification , an MBA , and a behavioral financial advice certificate .
This article is not intended to be financial advice . The content is for informational purposes only ; you should not construe the content as legal , tax , investment , financial or other advice . Please consult your financial advisor regarding your particular financial situation .
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