Social Security

Understanding Your Social Security Benefits

Social Security is a cornerstone of retirement planning for millions of Americans. Understanding when and how to claim your benefits can make a significant difference in your long-term financial security. MLR Financial Company is here to help you navigate your options.

When to Claim

The age at which you begin collecting Social Security benefits significantly impacts your monthly payment. You can begin as early as age 62, but your benefit will be reduced. Waiting until your full retirement age — or even age 70 — can substantially increase your monthly benefit.

Spousal Benefits

If you are married, divorced, or widowed, you may be eligible for Social Security benefits based on your spouse's work record. Understanding spousal and survivor benefits is an important part of retirement planning.

Working While Collecting

If you plan to continue working after you begin collecting Social Security, there are rules about how much you can earn without affecting your benefit. Once you reach full retirement age, you can earn as much as you like without any reduction in benefits.

Taxes on Benefits

Depending on your total income, a portion of your Social Security benefits may be subject to federal income tax. Up to 85% of your benefits can be taxable if your combined income exceeds certain thresholds.

We're here to help answer your questions. Financial, insurance, and tax matters can be complicated, our knowledgable staff are on hand to help inform you of every aspect regarding your accounts. We take great pride in using our experience for you and look forward to hearing from you.