In the early 90s, the Goosebumps series by R.L. Stine began being published as a children’s horror fiction novel. Stine published 62 books, sold over 400 million copies in 32 languages. Each book features a different, spooky story of young teens who find themselves in scary situations that they have to navigate themselves out of. What was different about the Goosebumps series is that each story had alternate endings to choose from. If you choose correctly, there was a happy ending in store. If not, well…the cover of the books can explain the rest.
Making the decision to start drawing Social Security income can feel like navigating a spooky and uncertain world. With so many alternate endings available (Draw at 62, Full Retirement Age, Delaying Benefits, Tax Implications, Spousal Benefits, Effects of a Pension, etc.), it is important to make the informed choices that will help ensure you choose the right path. Unfortunately, social security can be scarier than Goosebumps as most decisions can be permanent, so this is a guide to help steer up into the happy ending by addressing 5 FAQs below.
How is Social Security Calculated?
When does drawing my benefits early make sense?
When does delaying my benefits make sense?
How can Social Security effect my taxes?
How can Pensions effect my Social Security?
So, what should you do to make the best decision for your future? This might mean reviewing your Social Security statement, consulting with a financial advisor, or using online calculators to estimate your future benefits.
By taking these steps, you’ll be better equipped to make informed decisions about your Social Security income, just like the characters in the Goosebumps series must do to ensure their own survival. With the right information and planning, you too can feel confident in your decisions and secure in your financial future.
Presented by the Financial Planning Committee of Lake Street, an SEC Registered Investment Adviser
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