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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2018

The Social Security Numbers Game

The Social Security Numbers Game

When will you begin taking monthly Social Security benefits? You qualify for full benefits once you reach full retirement age. That’s age 66 if you were born in 1954, rising to age 67 for those born in 1960 or later. But drawing Social Security early will reduce your benefits, while delaying can increase them.


Your age when you begin taking Social Security benefits will affect your income. The accompanying graphic shows how much (assume a normal retirement age of 67).


Real Numbers


Let’s say your full retirement age benefit when you turn 67 is $1,600 per month. If you retire early at age 62, your monthly benefit would shrink to
$1,120. If you wait until age 70 to begin receiving benefits instead, your monthly income would rise to $1,984.


Double Whammy


Taking early benefits and working could shrink your benefits in two ways. If you were under full retirement age all of 2017 and you worked, Social Security deducted $1 for every $2 in benefits over the annual income limit of $16,920. In the year you reach full retirement age, deduct $1 in benefits for every $3 earned above $44,880 in 2017. This deduction ends the month before reaching full retirement age.


Learn more by going to www.ssa.gov or your local Social Security office.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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