These notes are from a Fidelity presentation offered by my employer. Good for future reference as I and my friends near retirement. Any misinformation is the fault of the note taker.

– Will Social Security still be around? the trust fund will cover up to 2034
– Starting Social Security benefits too early reduces the amount you get.
– Get 8% per yr. bonus if you wait an extra year to retire and additional years up to age 70.
– SS balanced determined by how much you earned during your work history. Max 2861 for high earners.
– How and where to go for user-specific info.
– ssa.gov
– Set up personal acct at my social security. It will link. It will protect your identity and get info.
– Use the menu that is specific data relevant to you.
– Research, policy header> talks about a trust fund.
– Retirement estimator can give you info if you want to retire on a specific date.
– When you’re ready to fill out the paperwork there is a section on the website that you can fill out your paperwork online.
– How to get the most from SS. to maintain your lifestyle.
– You may want to access other finance sources than SS first
– If you retire at age 62 you will have a 25% permanent reduction of your retirement funds.
– if you wait to retire at age 70 your monthly allotment will get increased
– Once you reach age of full retirement (FRA), you can still work and get SS
– If you retire early, but still work if you earn over 1470 a mo. or 17,640 a year you will get some SS removed. For over $2 you earn you get $1 SS benefit cut.
– Taxation on benefits.
– An individual earing 25-24 K pays 15% tax. Greater than $34 K up to 85% tax
– Worksheet on IRS website named publication 915

How benefits are calculated:
– PIA: Primary insurance amount. They use full retirement age. if born in 1956 your full retirement is 66 and 4 mo. (about April 2022)
– You need to have 40 credits accumulated through your working career to get SS benefits. 4 credits per year.
– Earnings influence by the 35 highest-earning years. You can see you’re earning history on your SS letter
– Call fidelity 888-766-6813 no charge online resources. budget resource at net benefits off fidelity website

Claiming Strategies overview:
– Will be seen as a category> an individual, a spouse, an ex-spouse, a surviving spouse. You are only in one category at a time. It will be the highest category that fits you.
– Filing options for a single person. How will you create income for regiments to maximize your personal income? Work a little longer, maybe a part-time job.
– SSA.gov to sign up
– Go through the fidelity checklist.