Understanding Social Security

Social Security CardRecently we have been asked several questions about Social Security retirement benefits. These questions come from both retired clients and those planning for their retirement. Most of the questions we receive fall into the same general theme of: “How do I maximize my Social Security benefit?” With that in mind, let me share with you some common questions that we continue to be asked:

Q: As a divorced spouse, how do you claim your ex-husband’s Social Security at age 62?

A. It is really quite easy. All you have to do is apply for Social Security by going to the office, visiting their website, or calling the 800 number. Be prepared to provide personally identifiable information such as name, date of birth, and SSN of the former spouse along with records of marriage, divorce, etc. She will need to contact the Social Security Services either directly or on line and provide them with information such as social security numbers, records of marriage and divorce, birth days etc.

Q: Are Roth IRA distributions included to calculate the taxability of Social Security?

A: No they are not. This is just one of the benefits of a Roth IRA. In addition, Roth IRAs are not subject to the minimum distribution rules at age 70 ½. For specific tax advice for your specific situation, we always recommend that you contact your tax advisor.

Q: If you start taking Social Security, but continue to work will you have to continue to pay Social Security Tax?

A: Yes. FICA taxes are paid by everyone who is employed by a Social Security covered job, whether you are already receiving benefits for not.

Now, these are only a few of the many questions that we get asked. We know that Social Security can be extremely confusing when preparing for retirement. This is why we are investing our efforts and money in house to become your first source for Social Security and retirement questions and answers.

Over the next several weeks begin to look for more information from us on Social Security Benefits. We want to be your source of to help you maximize your benefits.


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance references is historical and is no guarantee of future results. All indicies are unmanaged and may not be invested into directly.

HMC Partners and LPL Financial do not provide tax or legal advice. The information contained in this report should be used for informational purposes only. The appropriate professionals should be consulted on all legal and accounting regarding your personal planning.