Social Security 101

Every day in the United States, people become eligible for Social Security benefits.  This week, Craig Siminski, of the Equity Design Group, shares some information that he hopes you will find helpful:

Social Security is complex, and the details are often misunderstood even by those who are already receiving benefits. If you’re looking forward to Social Security, whether in one year or 30 years, it’s important to understand some of the basic rules and options and how they might affect your financial future:

Full retirement age (FRA) – Once you reach full retirement age, you can claim your full Social Security retirement benefit, also called your primary insurance amount or PIA. FRA ranges from 66 to 67, depending on your birth year.

Claiming early – The earliest you can claim your Social Security worker benefit is 62. However, your benefit will be permanently reduced if claimed before your FRA. At age 62, the reduction would be 25% to 30%, depending on your birth year. Your benefit may be further reduced temporarily if you work while receiving benefits before FRA and your income exceeds…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 20 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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