Understanding Social Security

Deciding when to begin collecting Social Security is an important decision. Therefore, you want to make an informed and educated choice.

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Social Security - Unlock Its Potential

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One key aspect of financial planning that we would like to shed light on is Social Security. It's a federal program designed to provide financial assistance and security to individuals and families during retirement, in the event of a disability, or after the loss of a loved one. Here are some key points to help you understand the program better:

  • Retirement Benefits: Social Security provides a reliable source of income for retirees. The age at which you can start receiving full retirement benefits varies depending on your birth year. It generally ranges from 65 to 67. You can choose to start receiving reduced benefits as early as age 62 or delay them until age 70 for increased monthly payments.
  • Disability Benefits: Social Security is not just for retirees. If you become disabled and are unable to work, you may be eligible for Social Security Disability Insurance (SSDI). The program provides financial support to those who are unable to engage in substantial gainful activity due to a disability.
  • Survivor Benefits: If a family member who was receiving Social Security passes away, certain surviving family members, such as spouses and dependent children, may be eligible for survivor benefits. This can provide crucial financial support during a difficult time.
  • Earnings Record: Your benefit amount is calculated based on your lifetime earnings. It's important to check your earnings record with the Social Security Administration periodically to ensure accuracy.
  • Tax Considerations: Depending on your total income, a portion of your Social Security benefits may be subject to taxation. Understanding these tax implications can help you better plan for your retirement.
  • Planning: It's never too early to start planning for your retirement. The decisions you make about when to claim Social Security can significantly impact your future financial security.

We encourage you to create a my Social Security account at https://www.ssa.gov/ to review your individual Social Security statement and to get an estimate of your future benefits. This can be a valuable tool for retirement planning.

As always, please feel free to Contact Us with any questions that you may have about Social Security or your own financial planning and investment needs.


Hartford Funds is not affiliated with Covenant Wealth Strategies or LPL Financial and they make no representation to each other.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation.