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Research has shown that roughly 10,000 people in the U.S. will turn 65 each day through 2029¹, Every Day! Turning 65 is still important regarding Medicare, but it no longer represents a person's "Full Retirement Age (FRA)" regarding Social Security. The primary benefit of waiting until your FRA is you receive 100% of the benefits promised to you when you reach your FRA. The opportunity to increase the benefits promised at FRA is available through delayed retirement credits - deferring the payments for up to three years or more.
But there is also a penalty for receiving payments early, and the earlier you take them, the harsher the penalty. The Full Retirement Age for those born between 1943 and 1954 is 66.
As fewer retirees have the luxury of defined pension plans (guaranteed payments from ex-employers), more emphasis is placed on Social Security benefits as a secure source of retirement income. Financial planning for social security involves maximizing the income benefits by choosing the optimal claiming strategy for individuals and couples.
Carr Wealth Management, LLC, specializes in helping people pursue their financial goals with knowledge-driven solutions, not product-driven. Anthony Carr, CPA, CFP®, owner, has dedicated his career to helping people make better financial decisions. Social Security planning requires knowledge of various financial areas, including taxes. The decisions made today involving your social security can have an impact on future monthly income for the next twenty to thirty-plus years.
The basic decisions involving your Social Security benefits may be straightforward enough, but in some cases, thoughtful planning may create substantial lifetime savings.
Full Retirement Age
Earnings Cap Penalty
Delayed Retirement Credits
Spousal Benefits can be received by a spouse or an ex-spouse. Generally, you must be at least 62-years old but you may qualify at any age if you are caring for dependent child.
Survivor benefits may be available to spouses, ex-spouses, dependent children, and dependent parents.