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Understanding Social Security Benefits at Age 70
For many retirees, understanding the average Social Security benefits they can expect to receive is crucial for effective financial planning. As of June 2025, the typical monthly Social Security check for retired workers stands at $2,005.05, with an additional insight from Kiplinger noting that for those who delay their claim until age 70, this benefit can amount to an average of $2,176.76 per month. The decision to delay withdrawing Social Security not only maximizes benefits but also reflects a more detailed approach to retirement planning.
Importance of Personalized Planning
It's essential to recognize that individual benefits can vary significantly. Your exact monthly check depends on various factors, including earnings history, the duration of the working career, and the age at which benefits are claimed. Additionally, if you're considering spousal benefits, it becomes even more critical to understand how marriage and partnership can influence your Social Security calculations.
Common Mistakes in Retirement Planning
Experts like Shanli Liu emphasize several pitfalls that many retirees encounter. One frequent error is the assumption that a retirement can be planned around outdated statistics, such as living until age 85. In reality, planning lifespans closer to 92 is increasingly becoming the norm. This adjustment necessitates a more secure drawdown strategy over an extended retirement duration.
Tax Considerations
A significant aspect of receiving Social Security benefits is realizing that up to 85% of them could be taxable based on your overall income, which may include funds from IRAs or part-time work. Liu advises retirees to take advantage of converting pre-tax assets, like traditional IRAs and 401(k)s, into Roth accounts during early retirement years to minimize future tax burdens. This proactive approach can also help avoid unnecessary taxation on Social Security income down the line.
Making Sense of Social Security in Muskegon
If you reside in Muskegon and are nearing retirement, understanding the local processes for applying for Social Security is essential. You can find guidance on how to apply for retirement benefits in Muskegon by visiting local SSA offices or checking their online services. Factors such as eligibility requirements and required documents play a pivotal role in ensuring a smooth application process.
Take Action for Better Financial Planning
For tailored advice and to maximize your Social Security benefits, don't hesitate to reach out. Contact Terrijo Parker today. She listens to every client to provide the best options for your retirement planning needs. Call 231-571-6100 to get started on your journey to financial security.
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