Spencer Financial Strategies

Retirement

Your Social Security Roadmap

Your Social Security Roadmap: When Should You Claim Your Benefits? Introduction text states: Social Security is an important source of income for 91% of retirees, so deciding when to start benefits is critical. Here are a few quick questions to consider before drawing benefits. The text concludes with: Let's start your Social Security journey!Your Social Security Roadmap: When Should You Claim Your Benefits? Introduction text states: Social Security is an important source of income for 91% of retirees, so deciding when to start benefits is critical. Here are a few quick questions to consider before drawing benefits. The text concludes with: Let's start your Social Security journey!First decision point. Question: Are you still working? Two paths follow. Path 1: Yes leads to: You might be subject to the earnings test, and that may influence your decision on when to begin benefits. The decision ends here. Path 2: No leads to: OK, let's move on to the next question. There are two quick facts off to each side. Quick fact one: benefits got a 2.5% cost of living adjustment for 2025. Quick fact two: the earnings test only applies if you haven't yet reached full retirement age.First decision point. Question: Are you still working? Two paths follow. Path 1: Yes leads to: You might be subject to the earnings test, and that may influence your decision on when to begin benefits. The decision ends here. Path 2: No leads to: OK, let's move on to the next question.Second decision point. Question: Do you have other sources of income to rely on? Two paths follow. Path 1: Yes leads to: Let's take a further look, with an arrow pointing to the next question. Path 2: No leads to: Remember, you can start taking benefits as early as age 62. The decision ends here. Quick fact number three is on the right side: Claiming early means a smaller benefit. On the left is the section, How Your Benefit Changes, which includes three key points: At 62, you'll get 30% less than your full benefit. At Full Retirement Age, you get 100% of your benefit. At 70, you'll see a 24% boost to your benefit. Second decision point. Question: Do you have other sources of income to rely on? Two paths follow. Path 1: Yes leads to: Let's take a further look, with an arrow pointing to the next question. Path 2: No leads to: Remember, you can start taking benefits as early as age 62. The decision ends here.Third decision point. Question: Do you think you'll live beyond 81? We know, crystal balls are hard to come by! Two paths follow. Path 1: Yes leads to: Family history and longevity are factors to consider when drawing benefits. The decision ends here. Path 2: No leads to: Okay, let's look at one more factor. The last quick fact, number four, is on the right side: full Retirement Age is 67 if you were born in 1960 or later.Third decision point. Question: Do you think you'll live beyond 81? We know, crystal balls are hard to come by! Two paths follow. Path 1: Yes leads to: Family history and longevity are factors to consider when drawing benefits. The decision ends here. Path 2: No leads to: Okay, let's look at one more factor.Final decision point. Question: How about living past 77? What's your gut feeling? Two paths follow. Path 1: Yes leads to: For some, living past 77 is a consideration when starting benefits at full retirement age. The decision ends here. Path 2: No leads to: In this case, you might consider claiming as early as age 62.Final decision point. Question: How about living past 77? What's your gut feeling? Two paths follow. Path 1: Yes leads to: For some, living past 77 is a consideration when starting benefits at full retirement age. The decision ends here. Path 2: No leads to: In this case, you might consider claiming as early as age 62. Followed by two disclaimers. The first message states: Remember, this is just a guide; your situation is unique, and this guide is designed to help you start the decision process. The second message are sources: 1. EBRI.org, June 25, 2024 and 2. SSA.gov, January 2024. The third message in italics states: This material is designed to provide high-level, educational information about Social Security; it is not intended to provide specific advice; the Social Security Administration has representatives and resource material available if you have specific questions.The header reads: How Your Benefit Changes. Three key points: At 62, you'll get 30% less than your full benefit. At Full Retirement Age, you get 100% of your benefit. At 70, you'll see a 24% boost to your benefit. Followed by note: Remember, this is just a guide. Your situation is unique, and this guide is designed to help you start the decision process. Below this, you'll find the Quick Facts section. Header: Quick Facts to Keep in Mind about Social Security. There are five bullet points, listed in this order: Benefits got a 2.5% cost of living adjustment for 2025. The Earnings Test only applies if you haven't yet reached Full Retirement Age. Claiming early means a smaller benefit. Waiting means a bigger benefit. Full Retirement Age is 67 if you were born in 1960 or later.The last image is two disclaimer messages in a light blue box. The first message states: Remember, this is just a guide; your situation is unique, and this guide is designed to help you start the decision process. The second message are sources: 1. EBRI.org, June 25, 2024 and 2. SSA.gov, January 2024. The third message in italics states: This material is designed to provide high-level, educational information about Social Security; it is not intended to provide specific advice; the Social Security Administration has representatives and resource material available if you have specific questions.

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