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Social Security Benefits Before Full Retirement Age
Curious about what happens if you start your Social Security benefits before reaching your Full Retirement Age (FRA)? In this episode of Elevate Wealth, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory explain the impact of claiming benefits early. Learn about the 25-30% reduction in benefits if claimed at age 62 and the special rules for surviving spouses. Clarke provides valuable insights to help you understand the permanent reductions and annual cost-of-living adjustments.
For personalized advice on retirement strategies, visit our Website below, and click the Let’s Talk button!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!
#AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #socialsecurity
if you're wondering what happens to your Social Security benefits if you take them before your full retirement age, you won't want to miss this episode of Elevate Wealth. Hi, I'm Deanne Rosso, and I'm here with Clarke Holt, adviser at Elevate Wealth. And so we get this question a lot, Clarke, what happens if we take our benefit before full retirement age? So, help shed some light on this. So, you can claim your benefit as early as age 62, but your monthly benefit will be reduced by about 25% to 30%, based on your full retirement age amount, and depending on your full retirement age. Okay, and that's age 62, but there is a special rule for surviving spouses, they can claim as early as age 60 under certain conditions, right? That's correct. Okay. So the earlier you claim, from your full retirement age, the larger the reduction and the monthly benefit. So, for example, if your full retirement age is 67, and you claim at 62, you'll get about a 30% reduction in your benefit amount, and the reduction in your benefit is permanent. And it doesn't change even when you reach full retirement age. However, you do get cost of of living adjustments along the way. Okay, so a reduction of 25% to 30% if you start as early as possible at age 62 or 60, under those special conditions, but otherwise you you're locked in permanently but you do still get cost of living adjustments. Awesome. Thanks, Clarke. And if you need help figuring out when you can take your Social Security or when you should begin, feel free to visit us at elevate-wealth.com and click "Let's Talk." Thanks for watching, and see you next time.
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By Elevate Wealth AdvisoryCurious about what happens if you start your Social Security benefits before reaching your Full Retirement Age (FRA)? In this episode of Elevate Wealth, Deanne Rosso and Clarke Holt from Elevate Wealth Advisory explain the impact of claiming benefits early. Learn about the 25-30% reduction in benefits if claimed at age 62 and the special rules for surviving spouses. Clarke provides valuable insights to help you understand the permanent reductions and annual cost-of-living adjustments.
For personalized advice on retirement strategies, visit our Website below, and click the Let’s Talk button!
🔗 Website: https://elevate-wealth.com
🔗 Facebook: / elevatewealthadvisory
🔗 Instagram: / elevatewealthadvisory
Subscribe to our channel and hit that notification bell 🔔 to stay updated on the latest investment strategies and financial planning tips!
#AdviceInAction #ElevateWealth #WealthWise #FinancialFitness #FinancialReview #StockMarket #taxes #TaxCuts #TaxCutsAndJobsAct #InvestmentPhilosophy #RetirementPlanning #ElevateWealthAdvisory #FinancialMarkets #stocks #retirement #StockReturns #InvestmentStrategies #FinancialPlanning #WealthBuilding #wealthadviceforyourbestlife #election #politics #financialmarkets #financialplanning #socialsecurity
if you're wondering what happens to your Social Security benefits if you take them before your full retirement age, you won't want to miss this episode of Elevate Wealth. Hi, I'm Deanne Rosso, and I'm here with Clarke Holt, adviser at Elevate Wealth. And so we get this question a lot, Clarke, what happens if we take our benefit before full retirement age? So, help shed some light on this. So, you can claim your benefit as early as age 62, but your monthly benefit will be reduced by about 25% to 30%, based on your full retirement age amount, and depending on your full retirement age. Okay, and that's age 62, but there is a special rule for surviving spouses, they can claim as early as age 60 under certain conditions, right? That's correct. Okay. So the earlier you claim, from your full retirement age, the larger the reduction and the monthly benefit. So, for example, if your full retirement age is 67, and you claim at 62, you'll get about a 30% reduction in your benefit amount, and the reduction in your benefit is permanent. And it doesn't change even when you reach full retirement age. However, you do get cost of of living adjustments along the way. Okay, so a reduction of 25% to 30% if you start as early as possible at age 62 or 60, under those special conditions, but otherwise you you're locked in permanently but you do still get cost of living adjustments. Awesome. Thanks, Clarke. And if you need help figuring out when you can take your Social Security or when you should begin, feel free to visit us at elevate-wealth.com and click "Let's Talk." Thanks for watching, and see you next time.