Last updated: Feb. 13 2019
PoC URL: https://napkinfinance.com/ubs-socialsecurity/
Key takeaways (universal for Napkin, Video and Article):
- Social Security is a taxpayer-funded program that provides economic support to retirees.
- To claim Social Security benefits, you generally must have paid into the system through work.
- The amount of your benefit may be affected by a range of factors, including your level of earnings and marital status.
- One key decision to make is when to start receiving benefits, as the amount you receive increases as you delay from age 62 to 70.
- Social Security is intended to be one piece of your retirement planning puzzle but not the whole picture.
Keyline: A quick guide to Social Security
Infoline: What you need to know about federal retirement income benefits.
Description: The decision of when to start receiving benefits may be the most important one you make.
Keyline: How well do you know Social Security?
Infoline: Understanding how your benefits work could help you boost your income.
Description: Although you can’t affect how your Social Security benefit is calculated, you may be able to increase it through your decision of when to start receiving income.
Note: If you cannot view the video (due to a firewall), please use your mobile browser.
Keyline: Keep working or retire?
Infoline: How Social Security benefits may factor into your decision.
- There are three important dates to keep in mind as you determine when to retire and when to start receiving Social Security: age 62, Full Retirement Age (FRA) and age 70.
- Your FRA is the age at which you become eligible to receive 100% of your Social Security benefit and may be between 65 and 67, depending on the year you were born.
- If you start receiving benefits before your FRA, you will receive less than 100% of your benefit. If you delay claiming benefits until after your FRA, you will generally receive more than 100% of your benefit.
- If you choose to delay, continuing to work may also boost the earnings level that is used for calculating your benefits.
Description: Deciding when to retire and when to start receiving Social Security is complex. The right decision for you may depend on your projected Social Security benefit, your other assets and income and your personal preferences, among other factors.
Keyline: Social Security versus Medicare
Infoline: Two vital programs for seniors.
- Social Security and Medicare are two important federal programs that help support older Americans.
- Your Social Security benefits are based on a formula that considers your earnings during your 35 highest-paid years, the date you start receiving income and other factors.
- Your Medicare benefits and how much you pay toward your healthcare may depend on the type of Medicare plan or plans you elect to participate in.
- Although both programs can help seniors meet their expenses, they are generally not intended to provide comprehensive income or coverage.
Description: Social Security and Medicare both provide important contributions to seniors’ economic security.
Keyline: Social Security: one piece of the puzzle
Infoline: How federal benefits can fit into your retirement picture.
Description: Social Security can provide valuable additional economic security during retirement, but it is not intended to replace the role of your retirement savings or pension.