PEORIA, AZ, UNITED STATES, January 20, 2020 /EINPresswire.com/ — As the owner of Bergen Financial Group, Darcy Bergen has been a financial advisor for over twenty years. Darcy Bergen advises his clients on retirement and other financial concerns. Although many of his clients are those approaching retirement age, he likes to offer advice for Americans in all stages of life. For starters, there are a lot of misconceptions regarding Social Security benefits Darcy Bergen wants Americans to be aware of.
People Can Use Social Security for More Than Retirement Benefits
Darcy Bergen explains a lot of people don’t know that they can take advantage of social security benefits for more than just retirement benefits. Social Security beneficiaries can use them as disability benefits, surviving spouses, Medicare, and benefits to the family of deceased workers.
Learn About the Payout Rules
Before people decide to take out their Social Security benefits, they should know about the payout schedule. For example, if they request their February payment, they will receive it in March. Darcy Bergen advises his clients to keep this in mind if they’re relying on the payments.
The Social Security Administration Reviews Benefits
The SSA administration performs a yearly review of all the benefits and calculates the amount beneficiaries receive as needed. The longer the beneficiary works, the more money they will receive.
Social Security Beneficiaries Can Work While Receiving Benefits
According to Darcy Bergen, many people are not aware they can receive social security benefits and keep working. Many people choose to continue working while they receive their Social Security benefits until they reach full retirement age. While they continue to receive the benefits and work, the SSA will reduce their benefits if their earnings reach the limit. For example, they could be reduced $1 for every $2 they earn. Darcy Bergen mentions once the person reaches full retirement age, they will receive the total amount even if they keep working and go over the limit.
The Benefits are Based on 35 Years of Earned Income
To calculate the Social Security benefits, the SSA uses 35 years of income as a base. Before qualifying for the benefit, people should work for a minimum of forty quarters, or ten years. If a person goes through a period when they don’t earn any income, it could throw off their average. When someone hasn’t yet hit thirty-five years of work, Darcy Bergen recommends they work for a few more years to increase their potential benefits.
Beneficiaries Will Have to Pay Taxes
Darcy Bergen mentions a lot of people are not aware they have to pay taxes on their Social Security benefits. Those who will rely on their Social Security benefits as their sole form of income should be aware of this fact.
For more of Darcy Bergen’s tips on Social Security and retirement benefits, check out darcybergen.co.
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Source: EIN Presswire