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Investment Corner

Updated monthly, learn about important investment topics from Servion Financial Advisors and build a brighter financial future.

Social Security and your Retirement

Social Security retirement benefits remain one of the pillars of retirement income for those who are in their retirement years. It is important for you to review your benefits and understand the multiple choices you have in taking retirement benefits, and how those choices will affect you for the rest of your life.

First, establish access to your Social Security benefits by logging on to the Social Security website (SSA.Gov) so that you can access your retirement benefit projections. The system will display your projected income based upon your income history (last 35 years). The projections are based upon your earnings history, if you were to work to age 62, your full retirement age (varies by date of birth) and age 70.

There are implications for taking your Social Security retirement income at 62:

  1. Payments are reduced by 8% per year from your projected full retirement age payment. The reduced payment is for life.  

  2. If you continue to work prior to your full retirement age and take your SS retirement benefit, for every $2 in W2 income you make over $18,240 (2020 IRS earnings limit), your Social Security payment is reduced by $1.

If you delay taking Social Security at age 62, every year the increase in your payment will be 8% until you decide to take payments, reach your full retirement age, or age 70 (oldest age to begin taking payments).

Social Security payment are not taxed if your income is below certain thresholds.

Status Income Tax Status Income Tax
Single <$25,000 0% Married <$32,000 0%
Single $25,000 - $34,000 50% of benefit taxable Married $32,000 - $44,000 50% of benefit taxable
Single >$34,000 85% of benefit taxable Married >$44,000 85% of benefit taxable


To learn more about Social Security and your options at retirement, contact Randy Thiel, Servion Financial Advisors at 651-787-9534.


Registered Representative offering securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPCa broker-dealer and a Registered Investment Advisor. Investments are: * Not FDIC/NCUSIF insured * May lose value * Not financial institution guaranteed * Not a deposit * Not insured by any federal government agency. Cetera is under separate ownership from any other named entity. Branch: 500 Main St., Suite 100, New Brighton, MN 55112, (651) 631-3111. 

For a comprehensive review of your personal situation, always consult with a tax or legal advisor. Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice.