One thing to consider though is that the tax rate for Social Security and Medicare is 7.65%. The Social Security portion (OASDI) is 6.2% on earnings up to the limit of $147,000 of earnings, and the Medicare portion is 1.45% on all earnings. So, in essence, the Cost of living adjustment, although being increased, is still being potentially being consumed with the taxable portion for earnings. Just something to consider.

With that said the timing and when to claim Social Security Benefits is still one that is a personal one and ultimately based on a number of factors. Some to keep in mind: Your monthly benefit will be higher if you delay starting it, you may have a longer retirement time horizon than you might think, Married couples have two lives to plan for, you can keep working, and don’t forget Medicare.

One of the most important things that you can do today is to register on the SSA.GOV website to inform yourself as to your estimated monthly benefit, or PIA. By informing yourself of the monthly amount you can at a minimum have an idea of those benefits and make a determination if this is enough monthly benefit to sustain you for at least a minimum of 25-30 years of retirement.

 Some other considerations are spousal benefits if you are divorced and those benefits, and those that apply to someone who has lost a spouse, or survivor benefits. All of these are important provisions to consider in when to claim your benefits, and what you are rightfully entitled to.

This is an important topic to consider whatever your business specialty is. Depending on how knowledgeable you are on this most important of retirement planning provisions for eventual, and already retired individuals, the experts at Pinnacle Financial Services, can assist with solutions, and programs to give you expertise in Social Security planning. Contact us today and we can cater a program that you can use to assist your clients, and prospects to have a retirement that is comfortable, and not stressful.