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Castro Valley, CA – FAQs About Social Security Benefits from a Financial Adviser

SYNOPSIS: A local financial adviser answers common questions regarding Social Security, including how much you can expect to receive and when you’re eligible.

Learn about Social Security from an advisor

BY: Herman Yang, Modern Woodmen of America

Financial planning services available locally

Most people plan to depend on some form of Social Security in retirement, but many have misconceptions and questions about how the program works. Working with a financial adviser can help you understand how Social Security can fit into your retirement plans.

Below, I’ll answer some common questions my clients have about Social Security. As a financial adviser with Modern Woodmen of America and Castro Valley native, it’s rewarding to provide financial advice to those in the East Bay community. I’m here to help if you have additional needs or want to start planning your ideal retirement.

When can I earn Social Security?

The earliest age you can start claiming Social Security payments is 62, but there are advantages of waiting until your “full” retirement age. If you begin taking benefits at 62, your monthly payments will be permanently lower than if you’d waited until full retirement age, between 66 and 67 (depending on when you were born). Conversely, if you wait until you’re 70 to start accepting benefits, your monthly payments will be higher. Ultimately, your unique financial situation will determine which strategy is right for you.

How much will I receive?

Your Social Security check will vary based on the age you first claim benefits and the amount you paid into the system during your working years. The amount varies significantly but the maximum you can receive per month in 2024 is $3,822.

If you earn substantial income while drawing Social Security, you may have to pay federal income taxes on your benefits. Wages, earnings from self-employment, interest, dividends, and other taxable income an affect tax rate you pay on your benefits. Your tax adviser can help determine your expected monthly take-home pay from Social Security.

Do I have to apply for Social Security?

Some people expect Social Security checks to start arriving as soon as they’re eligible to receive payments, but you first must apply at your Social Security office.

I’m still young. Will I even receive Social Security?

Unfortunately, only time will tell. Fortunately, you have time to start planning for a secure retirement, regardless of the availability of Social Security when you retire.

Still curious about how Social Security can affect your retirement plans? Call me today. Let’s schedule an appointment to discuss your unique situation and help you prepare for retirement.

* Securities and advisory services offered through MWA Financial Services, Inc., a wholly owned subsidiary of Modern Woodmen of America. Member: FINRA, SIPC.

Modern Woodmen is not affiliated with nor endorsed by any government agency, including the Social Security Administration.

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“Best Financial Advisor in Castro Valley, CA”

Top Rated Local Financial Advisor / Planner

East Bay Area: Castro Valley, San Leandro, Hayward, Oakland, Pleasanton, CA

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Herman Yang

Modern Woodmen of America
CA Insurance Lic. Number: 0M08884

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3461 Castro Valley Boulevard,
Castro Valley, CA 94546, USA

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3461 Castro Valley Boulevard,
Castro Valley, CA 94546, USA

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Castro Valley, CA – FAQs About Social Security Benefits from a Financial Adviser