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Retirement / Decumulation, General

Will My Social Security Benefits Be Reduced?

Updated for 12/1/2024

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
Related Guides
Do I Qualify For Social Security Disability Benefits?
Category: Retirement / Decumulation
Am I Eligible For Social Security Benefits If I Have Been Divorced?
Category: General, Retirement / Decumulation, Life Events
Am I Eligible For Social Security Benefits As A Surviving Spouse?
Category: Retirement / Decumulation
Am I Eligible for Social Security Benefits As A Spouse?
Category: Retirement / Decumulation
What Issues Should I Consider With My Social Security Retirement Benefits?
Category: Retirement / Decumulation, General, Life Events

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“I just met with a client who had a question regarding her eligibility for Social Security benefits. We went through the flowcharts answering each question and following the lines. She looked at me and said 'This is great, it was so much easier to use this than trying to go through all the literature that Social Security offers. Thank you so much.'”
— Ben G, an advisor in Wisconsin
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— Tami C, an advisor in Colorado
“In client meetings I'm often sharing a checklist regarding a specific topic, and helping clients understand the planning issues, opportunities, and process all very quickly and efficiently.”
— An advisor in Texas
“I find fpPathfinder to be very helpful. I use the checklists and flowcharts to help prep for every meeting.”
— Ryan, an advisor in New York
“I just utilized one of the Roth flowcharts live on the phone with a client. It worked perfectly!”
— Rick, a financial advisor
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