Financial Views Newsletter – Spring 2021
April is social security month. Here are 6 ways to maximize your social security benefits.
1
Work 35 years
Your monthly Social Security
benefit is determined by
averaging your top 35 years
of earnings.
2
Wait till FRA to File
Full retirement age (FRA) is the age when you are eligible to receive your full monthly Social Security benefits.
3
Apply family benefits
If married, you may receive up to 50% of your spouse’s benefit. Dependents (under 19) are also entitled to up to a 50% benefit.
4
Consider delaying
Waiting to collect until age 70 offers the most benefit (an extra 8% a year over age 62). Increases end after age 70.
5
Monitor earnings
For 2021, the limit on earned income is $18,960 for recipients below FRA and $50,520 in your FRA year.
6
Review statements
Check your yearly statement for accuracy and report any mistakes to the Social Security Administration.
Welcome to Our New Partners
Patrick Murphy
After graduation, I spent the next 25 years working for large national brokerage firms studying the financial and capital markets, working at Morgan Stanley, RBC Wealth Management and Ameriprise Financial. I watched the tech bubble burst in 2000 and the financial meltdowns of 2007 and 2008. These events taught me to invest for the full market cycle and understand risk management.
Mark Josephs
Many of my clients already know what I consider to be the most important part of my story, my parents owning the mom & pop, corner grocery store, Josephs Market, for 38 years on the West Side of St. Paul. Whether they heard about it when I knocked on their door while working at Edward Jones or saw the three minute video on their store that Pat and I lead our retirement planning classes with, they know what has shaped my life and work ethic the most.
Sources: CFP.com, Cheng, Planning for social security and making the most of it. Investopedia.com, Probasco, 9 ways to boost your Social Security Benefits.
