{"id":7522,"date":"2020-09-24T17:40:31","date_gmt":"2020-09-24T17:40:31","guid":{"rendered":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits"},"modified":"2024-01-29T11:36:02","modified_gmt":"2024-01-29T17:36:02","slug":"understanding-and-maximizing-your-social-security-benefits","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits","title":{"rendered":"Understanding Social Security Benefits"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"7522\" class=\"elementor elementor-7522\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-60518ecc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"60518ecc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-418a8c28\" data-id=\"418a8c28\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-68e8b9c0 elementor-widget elementor-widget-text-editor\" data-id=\"68e8b9c0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Before you retire, you should know what all your various sources of income will be, and how much you can expect to receive from each. Obviously, Social Security benefits will be one of those sources, but how much you can expect to receive depends on many factors. There are ways to help maximize your benefits and get the most that you\u2019re entitled to, and there are strategies to help minimize your tax burden from Social Security. The most important thing to consider in working toward those goals, however, is whether your Social Security benefits are coordinated properly with your other assets and sources of retirement income. We\u2019ll address that shortly, but let\u2019s begin with some basic facts about Social Security.<input name=\"gform_field_values\" type=\"hidden\" value=\"\" \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b82c110 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b82c110\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-15355e2\" data-id=\"15355e2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-89c3005 uael-gf-ajax-true uael-gf-style-box uael-gf-input-size-sm uael-gf-enable-classes-no uael-gf-button-left uael-gf-btn-size-sm elementor-widget elementor-widget-uael-gf-styler\" data-id=\"89c3005\" data-element_type=\"widget\" data-widget_type=\"uael-gf-styler.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"uael-gf-style uael-gf-check-style elementor-clickable\">\n\t\t<h3 class=\"uael-gf-form-title\">Sign Up for Full Report<\/h3>\n\t\t<script type=\"text\/javascript\">var gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,initializeOnLoaded:function(o){gform.domLoaded&&gform.scriptsLoaded?o():!gform.domLoaded&&gform.scriptsLoaded?window.addEventListener(\"DOMContentLoaded\",o):document.addEventListener(\"gform_main_scripts_loaded\",o)},hooks:{action:{},filter:{}},addAction:function(o,n,r,t){gform.addHook(\"action\",o,n,r,t)},addFilter:function(o,n,r,t){gform.addHook(\"filter\",o,n,r,t)},doAction:function(o){gform.doHook(\"action\",o,arguments)},applyFilters:function(o){return gform.doHook(\"filter\",o,arguments)},removeAction:function(o,n){gform.removeHook(\"action\",o,n)},removeFilter:function(o,n,r){gform.removeHook(\"filter\",o,n,r)},addHook:function(o,n,r,t,i){null==gform.hooks[o][n]&&(gform.hooks[o][n]=[]);var e=gform.hooks[o][n];null==i&&(i=n+\"_\"+e.length),gform.hooks[o][n].push({tag:i,callable:r,priority:t=null==t?10:t})},doHook:function(n,o,r){var t;if(r=Array.prototype.slice.call(r,1),null!=gform.hooks[n][o]&&((o=gform.hooks[n][o]).sort(function(o,n){return o.priority-n.priority}),o.forEach(function(o){\"function\"!=typeof(t=o.callable)&&(t=window[t]),\"action\"==n?t.apply(null,r):r[0]=t.apply(null,r)})),\"filter\"==n)return r[0]},removeHook:function(o,n,t,i){var r;null!=gform.hooks[o][n]&&(r=(r=gform.hooks[o][n]).filter(function(o,n,r){return!!(null!=i&&i!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][n]=r)}});<\/script>\n                <div class='gf_browser_unknown gform_wrapper gform_legacy_markup_wrapper gform-theme--no-framework' data-form-theme='legacy' data-form-index='0' id='gform_wrapper_4' ><div id='gf_4' class='gform_anchor' tabindex='-1'><\/div>\n                        <div class='gform_heading'>\n                            <p class='gform_description'><\/p>\n                        <\/div><form method='post' enctype='multipart\/form-data'  id='gform_4'  action='\/wp-json\/wp\/v2\/posts\/7522#gf_4' data-formid='4' novalidate>\n                        <div class='gform-body gform_body'><ul id='gform_fields_4' class='gform_fields top_label form_sublabel_below description_below'><li id=\"field_4_1\" class=\"gfield gfield--type-name gfield_contains_required field_sublabel_below gfield--no-description field_description_below gfield_visibility_visible\"  data-js-reload=\"field_4_1\" ><label class='gfield_label gform-field-label gfield_label_before_complex' >Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_complex ginput_container ginput_container--name no_prefix has_first_name no_middle_name has_last_name no_suffix gf_name_has_2 ginput_container_name gform-grid-row' id='input_4_1'>\n                            \n                            <span id='input_4_1_3_container' class='name_first gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.3' id='input_4_1_3' value='' tabindex='2'  aria-required='true'     \/>\n                                                    <label for='input_4_1_3' class='gform-field-label gform-field-label--type-sub '>First<\/label>\n                                                <\/span>\n                            \n                            <span id='input_4_1_6_container' class='name_last gform-grid-col gform-grid-col--size-auto' >\n                                                    <input type='text' name='input_1.6' id='input_4_1_6' value='' tabindex='4'  aria-required='true'     \/>\n                                                    <label for='input_4_1_6' class='gform-field-label gform-field-label--type-sub '>Last<\/label>\n                                                <\/span>\n                            \n                        <\/div><\/li><li id=\"field_4_2\" class=\"gfield gfield--type-email gf_left_half gfield_contains_required field_sublabel_below gfield--no-description field_description_below gfield_visibility_visible\"  data-js-reload=\"field_4_2\" ><label class='gfield_label gform-field-label' for='input_4_2'>Email<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_asterisk\">*<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_2' id='input_4_2' type='email' value='' class='medium' tabindex='6'   aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/li><li id=\"field_4_3\" class=\"gfield gfield--type-phone gf_right_half field_sublabel_below gfield--no-description field_description_below gfield_visibility_visible\"  data-js-reload=\"field_4_3\" ><label class='gfield_label gform-field-label' for='input_4_3'>Phone<\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_4_3' type='tel' value='' class='medium' tabindex='7'   aria-invalid=\"false\"   \/><\/div><\/li><\/ul><\/div>\n        <div class='gform_footer top_label'> <input type='submit' id='gform_submit_button_4' class='gform_button button' value='Submit' tabindex='8' onclick='if(window[\"gf_submitting_4\"]){return false;}  if( !jQuery(\"#gform_4\")[0].checkValidity || jQuery(\"#gform_4\")[0].checkValidity()){window[\"gf_submitting_4\"]=true;}  ' onkeypress='if( event.keyCode == 13 ){ if(window[\"gf_submitting_4\"]){return false;} if( !jQuery(\"#gform_4\")[0].checkValidity || jQuery(\"#gform_4\")[0].checkValidity()){window[\"gf_submitting_4\"]=true;}  jQuery(\"#gform_4\").trigger(\"submit\",[true]); }' \/> \n            <input type='hidden' class='gform_hidden' name='is_submit_4' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='4' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_4' value='WyJbXSIsImZhNTdlNjcxODU4YmZhYjExOWU0NzkwOTEwMDJmYmYyIl0=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_target_page_number_4' id='gform_target_page_number_4' value='0' \/>\n            <input type='hidden' class='gform_hidden' name='gform_source_page_number_4' id='gform_source_page_number_4' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <input type=\"hidden\" id=\"ct_checkjs_335f5352088d7d9bf74191e006d8e24c\" name=\"ct_checkjs\" value=\"0\" \/><script >setTimeout(function(){var ct_input_name = \"ct_checkjs_335f5352088d7d9bf74191e006d8e24c\";if (document.getElementById(ct_input_name) !== null) {var ct_input_value = document.getElementById(ct_input_name).value;document.getElementById(ct_input_name).value = document.getElementById(ct_input_name).value.replace(ct_input_value, '114304750');}}, 1000);<\/script><label class=\"apbct_special_field\" id=\"apbct_label_id76722\" for=\"apbct__email_id__gravity_form_76722\">76722<\/label><input \n        id=\"apbct__email_id__gravity_form_76722\" \n        class=\"apbct_special_field apbct__email_id__gravity_form\"\n        autocomplete=\"off\" \n        name=\"apbct__email_id__gravity_form_76722\"  \n        type=\"text\" \n        value=\"76722\" \n        size=\"30\" \n        apbct_event_id=\"76722\"\n        maxlength=\"200\" \n    \/><input \n        id=\"apbct_event_id\"\n        class=\"apbct_special_field\"\n        name=\"apbct_event_id\"\n        type=\"hidden\" \n        value=\"76722\" \n            \/><\/form>\n                        <\/div><script>\ngform.initializeOnLoaded( function() {gformInitSpinner( 4, 'https:\/\/johnsonwim.com\/wp-content\/plugins\/gravityforms\/images\/spinner.svg', true );jQuery('#gform_ajax_frame_4').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_4');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_4').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){jQuery('#gform_wrapper_4').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_4').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_4').removeClass('gform_validation_error');}setTimeout( function() { \/* delay the scroll by 50 milliseconds to fix a bug in chrome *\/ jQuery(document).scrollTop(jQuery('#gform_wrapper_4').offset().top - mt); }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_4').val();gformInitSpinner( 4, 'https:\/\/johnsonwim.com\/wp-content\/plugins\/gravityforms\/images\/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [4, current_page]);window['gf_submitting_4'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}setTimeout(function(){jQuery('#gform_wrapper_4').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_4').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [4]);window['gf_submitting_4'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_4').text());}, 50);}else{jQuery('#gform_4').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger(\"gform_pre_post_render\", [{ formId: \"4\", currentPage: \"current_page\", abort: function() { this.preventDefault(); } }]);                if (event.defaultPrevented) {                return;         }        const gformWrapperDiv = document.getElementById( \"gform_wrapper_4\" );        if ( gformWrapperDiv ) {            const visibilitySpan = document.createElement( \"span\" );            visibilitySpan.id = \"gform_visibility_test_4\";            gformWrapperDiv.insertAdjacentElement( \"afterend\", visibilitySpan );        }        const visibilityTestDiv = document.getElementById( \"gform_visibility_test_4\" );        let postRenderFired = false;                function triggerPostRender() {            if ( postRenderFired ) {                return;            }            postRenderFired = true;            jQuery( document ).trigger( 'gform_post_render', [4, current_page] );            gform.utils.trigger( { event: 'gform\/postRender', native: false, data: { formId: 4, currentPage: current_page } } );            if ( visibilityTestDiv ) {                visibilityTestDiv.parentNode.removeChild( visibilityTestDiv );            }        }        function debounce( func, wait, immediate ) {            var timeout;            return function() {                var context = this, args = arguments;                var later = function() {                    timeout = null;                    if ( !immediate ) func.apply( context, args );                };                var callNow = immediate && !timeout;                clearTimeout( timeout );                timeout = setTimeout( later, wait );                if ( callNow ) func.apply( context, args );            };        }        const debouncedTriggerPostRender = debounce( function() {            triggerPostRender();        }, 200 );        if ( visibilityTestDiv && visibilityTestDiv.offsetParent === null ) {            const observer = new MutationObserver( ( mutations ) => {                mutations.forEach( ( mutation ) => {                    if ( mutation.type === 'attributes' && visibilityTestDiv.offsetParent !== null ) {                        debouncedTriggerPostRender();                        observer.disconnect();                    }                });            });            observer.observe( document.body, {                attributes: true,                childList: false,                subtree: true,                attributeFilter: [ 'style', 'class' ],            });        } else {            triggerPostRender();        }    } );} );\n<\/script>\n\n<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Before you retire, you should know what all your various sources of income will be, and how much you can expect to receive from each. Obviously, Social Security benefits will be one of those sources, but how much you can expect to receive depends on many factors. There are ways to help maximize your benefits and get the most you\u2019re entitled to, and there are strategies to help minimize your tax burden from Social Security. The most important thing to consider in working toward these goals, however, is whether your Social Security benefits are coordinated properly with your other assets and sources of retirement income. We\u2019ll address that shortly, but let\u2019s begin with some basic facts about Social Security.<\/p>\n<p>Money You Can\u2019t Outlive<br \/>\nSocial Security is one of the few sources of income you can pretty much depend on for life. Once you start taking your benefits, they continue to your death\u2014and the longer you live, the more you will extract from the system. For example, if your benefit starts at $2,000 per month, and you live 10 more years, you will receive over $300,000 in lifetime benefits. If you live 30 more years, you\u2019ll receive over $1 million over your lifetime, assuming the annual cost-of-living adjustments (COLA) averaging 2.8%. That\u2019s good to know because retirees are living longer than ever. According to figures from the Society of Actuaries, there is a 35% chance that the average 65-year-old man will live to age 90 and the average 65-year-old woman has a 46% chance of living to age 90. For the average couple aged 65, there is a 50% chance that both spouses will live to age 81 and at least one spouse will live to age 92.<\/p>\n<p>The System is Solvent\u2026 for Now<br \/>\nAs you probably know, many have expressed concerns in recent years about the solvency of Social Security. That concern stems partly from the fact that people are\u2014as noted\u2014living longer, which means the Social Security Administration is paying out benefits longer than they had to in the past. Another problem is that when Social Security started, approximately 40 people were working and paying into the system for every 1 retiree. According to the most recent data, there are now only 2.8 people working and paying into the system for every 1 person taking benefits.<\/p>\n<p>Despite all this, estimates from OASDI (Old Age, Survivors, and Disability Insurance) indicate the current Social Security trust fund will not be depleted before the year 2033. If no changes are made to the system between now and then, however, a reduction of about 23% to everyone\u2019s Social Security benefit would be necessary after 2033. So, while the system is solvent for now, working Americans in their 40s and early 50s might want to keep pressure on their elected officials to address the important issue of Social Security reform sooner than later!<\/p>\n","protected":false},"author":1,"featured_media":16523,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding Social Security Benefits - Johnson Wealth and Income Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Social Security Benefits - Johnson Wealth and Income Management\" \/>\n<meta property=\"og:description\" content=\"Before you retire, you should know what all your various sources of income will be, and how much you can expect to receive from each. Obviously, Social Security benefits will be one of those sources, but how much you can expect to receive depends on many factors. There are ways to help maximize your benefits and get the most you\u2019re entitled to, and there are strategies to help minimize your tax burden from Social Security. The most important thing to consider in working toward these goals, however, is whether your Social Security benefits are coordinated properly with your other assets and sources of retirement income. We\u2019ll address that shortly, but let\u2019s begin with some basic facts about Social Security.  Money You Can\u2019t Outlive Social Security is one of the few sources of income you can pretty much depend on for life. Once you start taking your benefits, they continue to your death\u2014and the longer you live, the more you will extract from the system. For example, if your benefit starts at $2,000 per month, and you live 10 more years, you will receive over $300,000 in lifetime benefits. If you live 30 more years, you\u2019ll receive over $1 million over your lifetime, assuming the annual cost-of-living adjustments (COLA) averaging 2.8%. That\u2019s good to know because retirees are living longer than ever. According to figures from the Society of Actuaries, there is a 35% chance that the average 65-year-old man will live to age 90 and the average 65-year-old woman has a 46% chance of living to age 90. For the average couple aged 65, there is a 50% chance that both spouses will live to age 81 and at least one spouse will live to age 92.  The System is Solvent\u2026 for Now As you probably know, many have expressed concerns in recent years about the solvency of Social Security. That concern stems partly from the fact that people are\u2014as noted\u2014living longer, which means the Social Security Administration is paying out benefits longer than they had to in the past. Another problem is that when Social Security started, approximately 40 people were working and paying into the system for every 1 retiree. According to the most recent data, there are now only 2.8 people working and paying into the system for every 1 person taking benefits.  Despite all this, estimates from OASDI (Old Age, Survivors, and Disability Insurance) indicate the current Social Security trust fund will not be depleted before the year 2033. If no changes are made to the system between now and then, however, a reduction of about 23% to everyone\u2019s Social Security benefit would be necessary after 2033. So, while the system is solvent for now, working Americans in their 40s and early 50s might want to keep pressure on their elected officials to address the important issue of Social Security reform sooner than later!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\" \/>\n<meta property=\"og:site_name\" content=\"Johnson Wealth and Income Management\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-24T17:40:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-29T17:36:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/02\/Johnson-Wealth-and-Income-Management-Understanding-and-Maximizing-Your-Social-Security-Benefits-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"1295\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Johnson Wealth &amp; Income Management\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Johnson Wealth &amp; Income Management\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#article\",\"isPartOf\":{\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\"},\"author\":{\"name\":\"Johnson Wealth &amp; Income Management\",\"@id\":\"https:\/\/johnsonwim.com\/#\/schema\/person\/d7459f5560b525fc830d77afb3f9c63b\"},\"headline\":\"Understanding Social Security Benefits\",\"datePublished\":\"2020-09-24T17:40:31+00:00\",\"dateModified\":\"2024-01-29T17:36:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\"},\"wordCount\":137,\"publisher\":{\"@id\":\"https:\/\/johnsonwim.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage\"},\"thumbnailUrl\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg\",\"articleSection\":[\"Reports\",\"Resources\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\",\"url\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\",\"name\":\"Understanding Social Security Benefits - Johnson Wealth and Income Management\",\"isPartOf\":{\"@id\":\"https:\/\/johnsonwim.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage\"},\"image\":{\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage\"},\"thumbnailUrl\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg\",\"datePublished\":\"2020-09-24T17:40:31+00:00\",\"dateModified\":\"2024-01-29T17:36:02+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage\",\"url\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg\",\"contentUrl\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg\",\"width\":654,\"height\":846},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/johnsonwim.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Understanding Social Security Benefits\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/johnsonwim.com\/#website\",\"url\":\"https:\/\/johnsonwim.com\/\",\"name\":\"Johnson Wealth and Income Management\",\"description\":\"Simplify Your Retirement\",\"publisher\":{\"@id\":\"https:\/\/johnsonwim.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/johnsonwim.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/johnsonwim.com\/#organization\",\"name\":\"Johnson Wealth and Income Management\",\"url\":\"https:\/\/johnsonwim.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/johnsonwim.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/02\/Johnson-Wealth-Logo-01.png\",\"contentUrl\":\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/02\/Johnson-Wealth-Logo-01.png\",\"width\":2344,\"height\":739,\"caption\":\"Johnson Wealth and Income Management\"},\"image\":{\"@id\":\"https:\/\/johnsonwim.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/johnsonwim.com\/#\/schema\/person\/d7459f5560b525fc830d77afb3f9c63b\",\"name\":\"Johnson Wealth &amp; Income Management\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/johnsonwim.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1388f65842abe4cf509a04c0a84f75b5?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1388f65842abe4cf509a04c0a84f75b5?s=96&d=mm&r=g\",\"caption\":\"Johnson Wealth &amp; Income Management\"},\"sameAs\":[\"https:\/\/advisorsacademy.com\"],\"url\":\"https:\/\/johnsonwim.com\/author\/webdev\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Understanding Social Security Benefits - Johnson Wealth and Income Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits","og_locale":"en_US","og_type":"article","og_title":"Understanding Social Security Benefits - Johnson Wealth and Income Management","og_description":"Before you retire, you should know what all your various sources of income will be, and how much you can expect to receive from each. Obviously, Social Security benefits will be one of those sources, but how much you can expect to receive depends on many factors. There are ways to help maximize your benefits and get the most you\u2019re entitled to, and there are strategies to help minimize your tax burden from Social Security. The most important thing to consider in working toward these goals, however, is whether your Social Security benefits are coordinated properly with your other assets and sources of retirement income. We\u2019ll address that shortly, but let\u2019s begin with some basic facts about Social Security.  Money You Can\u2019t Outlive Social Security is one of the few sources of income you can pretty much depend on for life. Once you start taking your benefits, they continue to your death\u2014and the longer you live, the more you will extract from the system. For example, if your benefit starts at $2,000 per month, and you live 10 more years, you will receive over $300,000 in lifetime benefits. If you live 30 more years, you\u2019ll receive over $1 million over your lifetime, assuming the annual cost-of-living adjustments (COLA) averaging 2.8%. That\u2019s good to know because retirees are living longer than ever. According to figures from the Society of Actuaries, there is a 35% chance that the average 65-year-old man will live to age 90 and the average 65-year-old woman has a 46% chance of living to age 90. For the average couple aged 65, there is a 50% chance that both spouses will live to age 81 and at least one spouse will live to age 92.  The System is Solvent\u2026 for Now As you probably know, many have expressed concerns in recent years about the solvency of Social Security. That concern stems partly from the fact that people are\u2014as noted\u2014living longer, which means the Social Security Administration is paying out benefits longer than they had to in the past. Another problem is that when Social Security started, approximately 40 people were working and paying into the system for every 1 retiree. According to the most recent data, there are now only 2.8 people working and paying into the system for every 1 person taking benefits.  Despite all this, estimates from OASDI (Old Age, Survivors, and Disability Insurance) indicate the current Social Security trust fund will not be depleted before the year 2033. If no changes are made to the system between now and then, however, a reduction of about 23% to everyone\u2019s Social Security benefit would be necessary after 2033. So, while the system is solvent for now, working Americans in their 40s and early 50s might want to keep pressure on their elected officials to address the important issue of Social Security reform sooner than later!","og_url":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits","og_site_name":"Johnson Wealth and Income Management","article_published_time":"2020-09-24T17:40:31+00:00","article_modified_time":"2024-01-29T17:36:02+00:00","og_image":[{"width":1000,"height":1295,"url":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/02\/Johnson-Wealth-and-Income-Management-Understanding-and-Maximizing-Your-Social-Security-Benefits-1.png","type":"image\/png"}],"author":"Johnson Wealth &amp; Income Management","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Johnson Wealth &amp; Income Management","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#article","isPartOf":{"@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits"},"author":{"name":"Johnson Wealth &amp; Income Management","@id":"https:\/\/johnsonwim.com\/#\/schema\/person\/d7459f5560b525fc830d77afb3f9c63b"},"headline":"Understanding Social Security Benefits","datePublished":"2020-09-24T17:40:31+00:00","dateModified":"2024-01-29T17:36:02+00:00","mainEntityOfPage":{"@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits"},"wordCount":137,"publisher":{"@id":"https:\/\/johnsonwim.com\/#organization"},"image":{"@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage"},"thumbnailUrl":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg","articleSection":["Reports","Resources"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits","url":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits","name":"Understanding Social Security Benefits - Johnson Wealth and Income Management","isPartOf":{"@id":"https:\/\/johnsonwim.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage"},"image":{"@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage"},"thumbnailUrl":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg","datePublished":"2020-09-24T17:40:31+00:00","dateModified":"2024-01-29T17:36:02+00:00","breadcrumb":{"@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#primaryimage","url":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg","contentUrl":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/09\/JWIM-Understanding-and-Maximizing-Your-Social-Security-Benefits.jpg","width":654,"height":846},{"@type":"BreadcrumbList","@id":"https:\/\/johnsonwim.com\/understanding-and-maximizing-your-social-security-benefits#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/johnsonwim.com\/"},{"@type":"ListItem","position":2,"name":"Understanding Social Security Benefits"}]},{"@type":"WebSite","@id":"https:\/\/johnsonwim.com\/#website","url":"https:\/\/johnsonwim.com\/","name":"Johnson Wealth and Income Management","description":"Simplify Your Retirement","publisher":{"@id":"https:\/\/johnsonwim.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/johnsonwim.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/johnsonwim.com\/#organization","name":"Johnson Wealth and Income Management","url":"https:\/\/johnsonwim.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/johnsonwim.com\/#\/schema\/logo\/image\/","url":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/02\/Johnson-Wealth-Logo-01.png","contentUrl":"https:\/\/johnsonwim.com\/wp-content\/uploads\/2020\/02\/Johnson-Wealth-Logo-01.png","width":2344,"height":739,"caption":"Johnson Wealth and Income Management"},"image":{"@id":"https:\/\/johnsonwim.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/johnsonwim.com\/#\/schema\/person\/d7459f5560b525fc830d77afb3f9c63b","name":"Johnson Wealth &amp; Income Management","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/johnsonwim.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1388f65842abe4cf509a04c0a84f75b5?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1388f65842abe4cf509a04c0a84f75b5?s=96&d=mm&r=g","caption":"Johnson Wealth &amp; Income Management"},"sameAs":["https:\/\/advisorsacademy.com"],"url":"https:\/\/johnsonwim.com\/author\/webdev"}]}},"_links":{"self":[{"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/posts\/7522"}],"collection":[{"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/comments?post=7522"}],"version-history":[{"count":5,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/posts\/7522\/revisions"}],"predecessor-version":[{"id":16524,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/posts\/7522\/revisions\/16524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/media\/16523"}],"wp:attachment":[{"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/media?parent=7522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/categories?post=7522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/johnsonwim.com\/wp-json\/wp\/v2\/tags?post=7522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}