social security

  • Older Couple Looking At Tablet, social security, Getting Strategic with Social Security

Getting Strategic with Social Security

2025-03-26T08:16:45-05:00September 25, 2019|Categories: Resource Center|Tags: , |

Getting Strategic with Social Security

Getting Strategic with Social Security

While social security should be just a portion of your overall retirement strategy, it’s an important part to get right.

Social Security is a crucial component of your retirement plan, and understanding how it works is essential. Signed into law by President Roosevelt in 1935, the system provides retirement income funded by taxes from current workers. The amount you pay into Social Security during your lifetime determines your benefit, with the Social Security Administration (SSA) using your 35 highest-earning years to calculate your monthly payments. The more you contribute, the higher your benefit will be.

You can start receiving Social Security as early as age 62, but your monthly benefit will be reduced by about 0.5% for each month you claim early. Conversely, if you wait until your “full retirement age” (which varies based on your birth year) or beyond, you can earn …

  • Astronaut On Moon, 59 ½. Why is this age so important?

59 ½. Why is this age so important?

2025-03-26T08:34:36-05:00May 16, 2019|Categories: Resource Center|Tags: , |

59 ½. Why is this age so important?

59 ½. Why is this age so important?

If you’re 59½ and believe you’re not financially equipped for retirement, there’s still hope. The IRS grants those at that age special allowances to help bolster their retirement savings.

As you approach your 60th birthday, significant milestones in your retirement and healthcare journey are on the horizon. At 59½, you can begin withdrawing from retirement accounts without incurring early withdrawal penalties, and you’re also eligible to contribute more to your IRA. In 30 months, you can claim Social Security benefits, and in 66 months, you’ll be eligible for Medicare. The decisions you make now regarding retirement savings, healthcare, and financial planning will shape your upcoming golden years.

For many nearing retirement, financial concerns are common, with many Americans falling short of having enough saved. However, at 59½, the IRS allows catch-up contributions to retirement plans, helping to …

  • Empower Your Future

Empower Your Future

2025-03-26T09:04:31-05:00August 23, 2018|Categories: Resource Center|Tags: , , , |

Empower Your Future

Empower Your Future

Today, fewer than 1 in 4 employees have a pension – and that number is falling. Social security is changing too, as the retirement age to receive full benefits rises. Younger generations can no longer rely only on the system for retirement savings. It’s up to you to provide for yourself, and to prepare to do so sooner rather than later.

From a young age, we learn the importance of saving and investing for the future. Without a solid plan, our goals may never be realized. Today, this message is more important than ever. Responsibility for retirement savings has shifted from employers to employees. A generation ago, 84% of retirees had income from employer pension plans. Today, fewer than one in four employees have a pension, and Social Security is providing less support.

Millennials can no longer rely on the system for financial security. Two-thirds of millennials …

  • The Top Social Security Facts Retirees Must Know

The Top Social Security Facts Retirees Must Know

2025-03-26T10:31:59-05:00May 26, 2017|Categories: Resource Center|Tags: , |

The Top Social Security Facts Retirees Must Know

The Top Social Security Facts Retirees Must Know 

Social Security provides guaranteed income in retirement. To make the most of it, it’s important to understand when to claim your benefits. Claiming too early reduces your benefits, but waiting until your full retirement age or even age 70 increases them. This strategy can significantly boost your lifetime income.

Changes to Social Security rules in 2015 removed some claiming strategies. Now, you cannot choose between your personal and spousal benefits if you file after 2016. These changes make planning even more important to maximize your benefits.

Social Security is often a key part of retirement income. It’s crucial to carefully consider your options and speak with a professional. At CTS Financial, we can guide you in making the best choices for your situation.

At CTS Financial, we have compiled a tip sheet, The Top Social Security Facts Retirees …

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