True North Living: 19/1 Shorewood 19/1 - Page 3

Your Questions Answered about Social Security Benefits will receive this money eventually in the form of higher benefits once you reach full retirement age.) What if I stop working in my 50’s? Will it affect the benefits I receive if I apply at age 62 or 66, or even if I wait until 70? Your program benefits are calculated based on your 35 highest years of earnings. It doesn’t matter what age you were when your earnings peaked. I am making contributions to my 401(k). Will that change my Social Security earnings limit? Contributing to a 401(k) plan does not reduce the amount of Social Security earnings. Social Security looks at your gross earnings before any tax-deferred deductions and allotments. If I start taking my benefit at 62, can I switch to spousal benefits when my husband claims his Social Security? You can claim your own benefit at 62 and then pick up a spouse’s benefit on your husbands record later if his is higher, and if your full-retirement age amount is less than half of his. Can I collect a survivor benefit from my deceased spouse at age 62 and switch to my own retirement benefits later? Yes. When you are eligible for both your own retirement benefit and a survivor benefit, you have the option of collecting one benefit early and waiting until you are older to switch to the other. You can collect a survivor benefit on your deceased spouse’s record as early as age 60 and wait as late as age 70 to switch to your own record. Get more of your questions answered at All are welcome! To receive more information on these or other activities, please contact Vanessa at 541.997.8202/ 1451 Spruce Street, Florence, OR 97439 Call Shorewood for more information. Balance Class Mondays and Wednesdays at 9am. Yoga on Tuesdays at 11am. Art Club Fridays at 1:30pm. Pinochle games on Tuesday and Thursday at 1 pm - Join us! Social Security is the most important program the federal government operates. Last year, 1 in 6 Americans received benefits, and over half of all Americans contributed a chunk of their income through payroll taxes to help secure their own future retirement. When should I start claiming Social Security retirement benefits? The math is clear: Wait until age 70 if you can. That will maximize monthly and lifetime benefits, assuming you live to the average life expectancy for people your age. See the graphic below for how the first-year monthly payment would differ based on the age you start receiving benefits. (for those born between 1943 and 1954) Can I work and get Social Security? Yes, you can work and get Social Security. If you wait until age 70 to start drawing Social Security, you can work as much as you like, and your benefits won’t be reduced. But beware: if you are younger than full retirement age, the agency will withhold some of your benefit if your wages exceed a certain limit. In 2019, the threshold on your earnings will be $17,640. Make more than that, and the government will temporarily withhold $1 from every $2 you receive over the cap. (you | 3