Retirement Income

What Is Your Full Retirement Age (FRA)?

When it comes to claiming Social Security retirement benefits, one of the most important terms to understand is Full Retirement Age—commonly referred to as FRA. Your FRA is a specific milestone that plays a central role in how much you receive from Social Security over your lifetime.  What is Full Retirement Age (FRA)? Your Full Retirement Age is the age at which you are eligible to receive your full, unreduced Social Security retirement benefit (also known as Primary Insurance Amount or PIA), as calculated by your earnings history.It is not the age at which you are required to retire, but…
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Understanding the Social Security Earnings Test

For those planning to claim Social Security retirement benefits before reaching full retirement age (FRA), the Social Security Earnings Test can be a critical — and sometimes confusing — part of the picture. While claiming early gives you access to monthly income, earning too much from work may reduce your benefits temporarily. However, these withheld benefits are not lost — they’re factored back into your future benefit amount.If you're after your Full Retirement Age, earn all you want. It won't affect your benefit amount. Taxes - yes. Benefits - no.Here’s what you need to know. What Is the Social Security…
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Understanding the Different Adjustments to Social Security Benefits

Social Security benefits are not static. They’re designed to adjust over time to reflect changes in a variety of situations. While many people are familiar with annual Cost-of-Living Adjustments (COLAs), several other mechanisms can cause your benefits to increase or decrease throughout retirement. Here’s an overview of the primary adjustments that can affect Social Security benefits: Cost-of-Living Adjustment (COLA) COLA is an annual increase in benefits to keep pace with inflation, measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The COLA is calculated in October of each year with the actual increase in benefits occurring in…
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What to Know About Claiming Social Security Early or Delaying Social Security

Social Security retirement benefits are designed to provide a steady income stream in retirement, but the amount you receive depends on when you claim. The decision to claim benefits early, at full retirement age (FRA), or delay past FRA significantly impacts the monthly payments you will receive for the rest of your life. Understanding how early claiming reduces benefits and how delayed claiming increases them is critical for optimizing Social Security as part of a broader retirement strategy. What It Means to Claim Early or Delay Social Security? Claiming early or delaying social security is simply the decision of when…
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How To Access Your Full Social Security Earnings Record

https://youtu.be/xlwurILhXNYFirst, Log Into Your mySSA AccountBefore you can access your earnings statement, you’ll need to log in to your mySSA account.How to Log In:Go to www.ssa.govClick Sign In in the top-right corner.Choose one of the three sign-in methods available.Enter your credentials and complete the security verification process.After signing in, you will be redirected to the mySSA home page.Once logged in, you can now proceed with one of the three methods to download your earnings record.Note: To get your full earnings record, DO NOT USE the PDF option under the "Your Social Security Statement" section.Option 1: Download Your Earnings as an XML…
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Social Security Maximum Family Benefit (MFB): What You Should Know

The Maximum Family Benefit (MFB) is a critical but often overlooked aspect of Social Security. It places a cap on the total amount a family can receive based on one individual’s earnings record. This article explains how the MFB is calculated, how it applies to different Social Security benefits, which benefits count toward the limit, and what happens if the MFB is exceeded. What is the Social Security Maximum Family Benefit? The Maximum Family Benefit (MFB) is the upper limit on the total Social Security benefits that can be paid to a worker’s family based on that worker’s earnings record.…
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Social Security Child-In-Care Benefits: Key Considerations

While most people think about Social Security as a retirement income source, it can play several other important benefits throughout a lifetime. One of these benefits, the Child-In-Care Benefit, applies to spouses in situations when children are under care. This guide explains who qualifies, how benefits are calculated, what happens if the worker claims early, and how the earnings test applies.In this article, you'll see references to a "Worker" and a "Spouse". The "Worker" benefit is the person whose benefit is being claimed on. The "Spouse" is the one receiving the benefit.  Who Qualifies for Child-In-Care Benefits There are two main requirements…
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What Are Required Minimum Distributions or RMD’s?

Required Minimum Distributions (RMDs) can feel like a complex and imposing topic, but they play an essential role in retirement planning. The rules surrounding RMDs are important for anyone with a tax-deferred retirement account, as understanding them can help you manage your income, reduce tax burdens, and ensure compliance with IRS regulations. This guide will help clarify what RMDs are, why they matter, and how you can navigate them effectively. What are Required Minimum Distributions (RMDs) RMDs are the minimum amounts that you must withdraw annually from your tax-deferred retirement accounts once you reach a certain age. These accounts include Traditional…
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The Power of Assumptions in Retirement Planning: Why They Shape Your Financial Future

Retirement planning is not just about building a nest egg; it’s about creating a roadmap for how your finances will unfold over what may be decades of retirement. As with any long-term financial projection, this process is built on a foundation of assumptions. Which assumptions you use when planning your retirement will heavily influence which strategies shine and which may fail. Thus, being comfortable with these assumptions is crucial, as they will guide the financial strategies you’ll work with for the rest of your life.Let’s explore the key assumptions that form the bedrock of any retirement plan and the importance…
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Navigating Variable Income Strategies in Retirement

Retirement income planning involves careful consideration of how to fund your lifestyle and future goals. Variable income strategies provide a flexible approach to withdrawing from a retirement portfolio by adjusting the amount withdrawn based on various factors like market performance, life expectancy, and portfolio sustainability. Unlike reliable income strategies, where income is drawn from sources like social security, pensions, or annuities, variable strategies seek to adapt over time to create a balance between spending and optimizing portfolio longevity.Nearly every retirement planner uses some variation of the strategies discussed here. However, there are many strategies out there, so I'll just be…
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