How much can you expect to receive from Social Security? When is the best time for you to apply? Should you wait until you are at full retirement age? Does it make more sense for your spouse to file for his/her own Social Security benefits or collect yours first? Can he/she switch later without penalties?

Social Security, much like Medicare, is a program that most Americans will access at some point in their lives and, unfortunately, can be terribly confusing. To clarify some of the main ideas and questions about Social Security Senior Wealth Advisor, Bob Carnegie and Financial Planner, April Schultz, have outlined a three-part series which will cover a variety of topics.

Part 1, attached here, is focused on making sense of Social Security, basic terminology and key figures such as FRA (Full Retirement Age), and understanding your statement. It answers questions such as:

• What is the history and future of Social Security?
• How do I set up an account?
• What is the process of applying for Social Security?
• Can I withdraw my application?
• How Social Security is taxed?

upcoming…..

Keep an eye out for part 2, coming next week, which will go into more detail on Individual Benefits answering questions such as:

• When should I claim Social Security benefits?
• What are the trade-offs for claiming early?
• When does it make sense to delay?
• How can increase my benefit amount?
• Can I claim Social Security if I am still working?
• How does my decision to claim benefits affect others?

Part 3, coming in January, focuses on spousal/survivor benefits and optimization strategies for couples considering questions like:

• What is my benefit as a spouse & how can I claim it?
• Can I claim spousal benefits while delaying my own benefits?
• Can I claim my own benefits and switch to spousal benefits later?
• What are the benefits available to survivors?
• What are the best options for married couples?

Disclosure: HoyleCohen is a fiduciary acting on behalf of our clients. We are a fee-based investment advisor and do not receive commissions for any investment strategies of products that may be discussed. This information is intended for informational purposes only. No decisions regarding investment strategies should be made based solely on this presentation should not be interpreted as investment advice. Any investment and financial planning decisions should be discussed with your Advisor.