Social Security
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Social Security and You
You have literally thousands of options
FIVE THINGS YOU SHOULD KNOW ABOUT SOCIAL SECURITY
1. There are four types of social security benefits: Retirement, Survivor, Dependent, Disability. It’s important to know which best applies to you.
2. Almost half of all American workers have less than $2,000 saved for retirement. This is pitiful. The best time to start planning for retirement is when you’re in your 20s – but it’s almost never too late to begin.
3. Social Security became law on August 14, 1935, and has steadily increased in size and scope ever since.
4. For today’s retirees, Social Security accounts for approximately 40% of income.
5. The average payment to a single retiree is $1,229 per month.
You Earned It- Learn How to Maximize It
Social Security Is A Valuable Benefit
- Social Security provides guaranteed lifetime income.
- Benefits increase with inflation.
- Many couples will receive more than $1million in benefits, making Social Security the largest asset for many people.
Don’t Leave Money On The Table
The right time to file for Social Security depends on many factors, including
your life expectancy and your other sources of income and your assets. There are strategies available to Maximize your Benefit.
We can help!
“Paiva Insurance Services helped me to understand the advantages and disadvantages of taking Social Security at age 63 vs. later. They are very knowledgeable professional and is highly recommended”
“Thank you very much Fred, this is extremely helpful.
I really appreciate all the support you and your team lend, it is invaluable!
Best Regards”
Frequently Asked Social Security Questions
1) When Can I Take My Social Security Benefit?
You qualify to receive your full benefit when you reach your Full Retirement Age (FRA), which is based on your age:
| Age | FRA |
| 1943-1954 | 66 |
| 1955 | 66 & 2 months |
| 1956 | 66 & 4 months |
| 1957 | 66 & 6 months |
| 1958 | 66 & 8 months |
| 1959 | 66 & 10 months |
| 1960 and later | 67 |
2) How Much Will I Receive?
Your Personal Income Amount (PIA) is based on your 35 highest-earning working years. The earnings are indexed for inflation, and a formula is applied. The PIA is what you receive if you wait until you’re your Full Retirement Age to claim benefits.
You can choose to receive Social Security as early as age 62, but if you do, your monthly benefits will be permanently reduced. On the other hand, if you postpone taking benefits past your full retirement age, you will be rewarded with a higher benefit—8% for each year up to age 70.
3) How Does Working Affect My Social Security?
If you’ve reached full retirement age, you can work and earn as much as you’d like and receive full benefits. However, if you are under full retirement age, your benefits will be reduced. The reduction is $1 for every $2 of earning income you receive over $18,960 (in 2021). In the year you retire, $1 is withheld for every $3 in income over $50,520 in 2021.
4) What is A Spousal Benefit?
Spouses can claim benefits regardless of whether they ever held paid jobs, based on their spouse’s work record. The spouse with a work record must already be receiving retirement or disability benefits, and the nonworking spouse must be at least age 62. If the non-working spouse waits until the full retirement age, they will receive a spousal benefit of up to 50% of their partner’s full retirement benefit.
5) What Will My Spouse Receive If I Die?
Spouses who are widowed become eligible for 100% of their partner’s full benefit. Reduced Widow/Widower benefits can be claimed as early as age 60.
6) Are There Spousal and Survivor Benefits for Divorced Spouses?
Divorced spouses may be eligible for benefits based on their ex-spouse’s work record if the marriage lasted at least ten years. The divorced spouse must be unmarried to qualify for benefits.
7) Will I Owe Taxes on Social Security?
Maybe. While your Social Security is not considered to be part of your gross income, a portion of your Social Security may be taxable. The Internal Revenue Service uses your “Provisional Income” to determine the amount of your Social Security that will be taxed.
8) How Do I Apply for Benefits?
Ordinarily, you could apply at a local Social Security office. However, due to the COVID-19 pandemic, local Social Security offices are generally closed. Most people will have to apply for benefits online (SSA.gov) or by phone. (800-772-1213).
Have any Question? Ask us anything, we’d love to answer!
(860) 713-1994
Medicare Made Easy, Medicare Made Simple.
If you feel like you have been spinning your wheels wondering how to make the best decision when it comes to your Medicare plan, you are in the right place. The good news is, you don’t have to do this alone. We are in the business of helping people understand Medicare, in simple, plain terms that everyone can understand. We believe it’s important that your first understand Medicare itself. You can’t understand your Medicare options until you first understand basic Medicare benefits. Fortunately, we’ve mastered how to make it simple.
Regular Review
Your life will change. And your plan must change with it. At our regular plan reviews we check for progress, realign to new information, and address any information that is out of date. Our support team is here for you to get you the answers you need when you need them. Regular plan reviews are just another part of doing it the right way.
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Paiva Insurance Services Location
Hartford, Connecticut
662 Wethersfield Ave
Hartford, CT 06114
Office: 860-713-1994
fpins70@gmail.com
