Retirement / Decumulation, General

Will My Social Security Benefits Be Reduced?

Updated for 12/1/2023

Claiming Social Security benefits can be one of the more complicated topics that you will address with a client. There are a multitude of rules that can have a significant and lasting impact on your client’s future income stream and overall financial picture.

To help make this analysis easier, we have created the “Will My Social Security Benefits Be Reduced?” flowchart. It is based on the Social Security Administration’s guide, “Retirement Benefits,” and addresses common issues including:

  • How to determine Full Retirement Age (FRA)
  • Effects of marriage and divorce
  • Implications of collecting benefits before, at, or after FRA
  • Annual limits
  • Impact of continuing to work while claiming benefits
  • How benefits will be taxed
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