Social Security
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Social Security and You
You have literally thousands of options
FIVE THINGS YOU SHOULD KNOW ABOUT SOCIAL SECURITY
Four Types of Benefits
Social Security provides four primary types of benefits: Retirement, Survivor, Dependent, and Disability. Knowing which applies to your situation is the first step in making informed decisions.Retirement Savings Are Often Limited
Many Americans enter retirement with modest savings, making Social Security a critical part of their financial security. The lesson: the earlier you begin planning, the stronger your foundation will be — but it’s never too late to start.A Program With History
Social Security was signed into law on August 14, 1935, and has expanded over the decades to become one of the most important financial safety nets in the United States.How Much of Your Income It Replaces
On average, Social Security replaces about 40% of a worker’s pre-retirement income. For many retirees, it makes up about 31% of their actual retirement income — and an even larger share for those with limited savings.Average Monthly Benefit
As of 2025, the average monthly Social Security benefit for retired workers is just over $2,000. While this provides important income, it highlights why additional retirement planning and savings are essential.
You Earned It- Learn How to Maximize It
Social Security Is A Valuable Benefit
Guaranteed Lifetime Income
Social Security provides a reliable stream of income you cannot outlive — a foundation for financial security in retirement.Protection Against Inflation
Benefits are adjusted each year through cost-of-living adjustments (COLAs), helping your income keep pace with rising expenses.A Major Retirement Asset
Over the course of retirement, many couples will receive more than $1 million in lifetime Social Security benefits. For many families, it is the single largest financial asset they will depend on.
Don’t Leave Money On The Table
When Should You File for Social Security?
The right time to begin taking Social Security benefits depends on several factors — including your life expectancy, other sources of income, and the assets you’ve accumulated.
There are proven strategies to help you maximize your benefits and make the most of this important retirement resource.
We’re here to guide you through your options — so you can file with confidence.
“Rankin Financial Strategies helped me to understand the advantages and disadvantages of taking Social Security at age 63 vs. later. They are very knowledgeable, professional and is highly recommended”
“Thank you, David. This information is extremely helpful.
I truly appreciate the support you and your team provide—it is invaluable.”
Best regards,
Frequently Asked Social Security Questions
1) When Can I Take My Social Security Benefit?
You can begin claiming Social Security retirement benefits as early as age 62. However, the longer you wait — up to age 70 — the larger your monthly benefit will be.
Early (age 62–66/67): You’ll receive reduced payments, but over a longer period of time.
Full Retirement Age (66–67, depending on your birth year): You receive 100% of your earned benefit.
Delayed (up to age 70): Your monthly payments grow by about 8% per year you wait after full retirement age, up to age 70.
The right time to file depends on your health, life expectancy, income needs, and family situation. With the right strategy, you can maximize your lifetime benefit.
2) How Your Social Security Benefit Is Calculated
Your Primary Insurance Amount (PIA) is determined by your 35 highest-earning years of work, with your past earnings indexed for inflation. A formula is then applied to calculate your benefit. The PIA represents the amount you’ll receive if you begin benefits at your Full Retirement Age (FRA).
Claiming Early: You can start collecting benefits as early as age 62, but doing so will permanently reduce your monthly payment.
Waiting Longer: If you delay claiming beyond your Full Retirement Age, your benefit increases by about 8% per year until age 70. This can substantially boost your lifetime income if you live longer.
Deciding when to claim is a personal decision that should take into account your health, financial needs, and retirement goals.
3) Working and Receiving Social Security: 2025 Earnings Limits
If you are under Full Retirement Age for the entire year:
You can earn up to $23,400 in 2025 before your benefits are reduced.
If you earn more, the Social Security Administration (SSA) will withhold $1 in benefits for every $2 you earn above that limit.
In the year you reach Full Retirement Age (FRA):
A higher limit of $62,160 applies, but only to earnings from the months before you reach FRA.
Once your earnings exceed that amount, SSA will withhold $1 in benefits for every $3 earned above the limit.
After you reach Full Retirement Age:
There’s no earnings limit at all. You can earn as much as you want and still receive full Social Security benefits.
4) Spousal Benefits
Even if you’ve never worked in a paid job, you may still be eligible for Social Security benefits based on your spouse’s work record.
To qualify, your spouse must already be receiving retirement or disability benefits, and you must be at least age 62.
If you begin benefits before your Full Retirement Age (FRA), your spousal benefit will be permanently reduced.
If you wait until Full Retirement Age, you may receive up to 50% of your spouse’s full retirement benefit.
This can provide valuable income protection for households where one spouse did not work outside the home or had limited earnings.
5) What Will My Spouse Receive If I Die?
If you pass away, your spouse may be eligible for Social Security survivor benefits based on your work record. The amount they receive depends on their age, work history, and when they choose to claim.
At Full Retirement Age (FRA) or later: Your surviving spouse can receive 100% of your benefit amount.
Between age 60 and FRA: They can receive a reduced benefit, starting as early as age 60.
If caring for your child under age 16 or a child with a disability: They may receive benefits at any age.
If they have their own work record: They may choose between their own benefit and the survivor benefit — whichever is higher.
Social Security survivor benefits can be an important source of income protection for your spouse and family, helping ensure financial security after your passing.
6) Spousal and Survivor Benefits for Divorced Spouses
Divorce does not always mean losing access to Social Security benefits. If certain conditions are met, divorced spouses may be eligible for both spousal and survivor benefits.
Spousal Benefits (While Your Ex-Spouse Is Living)
You may be able to claim benefits on your ex-spouse’s work record if:
Your marriage lasted 10 years or more.
You are currently unmarried.
You are age 62 or older.
Your ex-spouse is eligible for retirement or disability benefits (they don’t need to be actively claiming benefits if you’ve been divorced at least two years).
If you qualify, you may receive up to 50% of your ex-spouse’s full retirement benefit at your Full Retirement Age.
Survivor Benefits (If Your Ex-Spouse Has Passed Away)
You may be eligible for survivor benefits based on your ex-spouse’s record if:
Your marriage lasted at least 10 years.
You are age 60 or older (or age 50 if disabled).
You are currently unmarried (unless the remarriage occurred after age 60, or after age 50 if disabled).
In this case, you may be able to receive up to 100% of your ex-spouse’s benefit amount.
7) Will I Owe Taxes on Social Security?
Whether your Social Security benefits are taxable depends on your total income — including wages, pensions, withdrawals from retirement accounts, and other earnings.
Individuals
If your combined income is between $25,000 and $34,000, up to 50% of your benefits may be taxable.
If your income is above $34,000, up to 85% of your benefits may be taxable.
Married Couples (Filing Jointly)
If your combined income is between $32,000 and $44,000, up to 50% of your benefits may be taxable.
If your income is above $44,000, up to 85% of your benefits may be taxable.
Married Filing Separately
In most cases, you’ll likely pay taxes on your Social Security benefits, regardless of income level.
💡 It’s important to note that no one pays taxes on more than 85% of their Social Security benefits.
8) How Do I Apply for Benefits?
Applying for Social Security benefits is straightforward, but it’s important to be prepared with the right information. You can apply in one of three ways:
Online – Visit the official Social Security website at ssa.gov to complete your application. This is often the fastest and most convenient option.
By Phone – Call the Social Security Administration at 1-800-772-1213 (TTY 1-800-325-0778).
In Person – Schedule an appointment and apply at your local Social Security office.
Information You’ll Need
When you apply, you’ll typically need:
Your Social Security number and proof of age
Birth certificate or other proof of birth
W-2 forms or self-employment tax returns for the most recent year
Bank account information for direct deposit
Information about your spouse and children, if applicable
Have any Question? Ask us anything, we’d love to answer!
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705 S Main St Suite# 101k, Plymouth, MI 48170
Office: 734-331-5566
Cell: 248-935-5992
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