Lundervold Financial’s
Social Security Seminar

Attend a no-obligation seminar in Oakdale, Minnesota, to help understand Social Security
and retirement benefits. Will you have enough?

Understanding Retirement and Social Security Benefits — Will You Have Enough?

Did you know that 54% of those retiring did so before the age of 65? And would it surprise you to learn that 58% of retirees retired earlier than they had planned? Plus, 31% of surveyed retirees said they did not save for retirement … so clearly there is a big need for preparation. (Source: TCRS)

In our experience, we have met people who are ill-prepared for retirement. Many opt for early retirement only to then discover that their Social Security check does not cover the cost of living. That is when they seek part-time employment to make up the difference.

Yet, then they face an additional problem: If they earn too much, their Social Security check may be subject to higher than desired taxes*. This could remain the case until they reach full retirement age.
This situation can be common and is one of the topics we cover in our Social Security benefits seminar.

The purpose of the retirement and Social Security seminar is to answer these questions and many more. Our goal is to help you plan for your retirement and reduce unpleasant surprises.

In this seminar, we talk about retirement strategies that can help protect your pensions and other income.

Pensions and Other Income

Do I get less SSI if I have a pension?

This is a common question among retirees because many have pensions and worry about something called the windfall elimination provision, according to Retirement Income Journal. The windfall elimination provision is an SSA (Social Security Administration) formula that could reduce Social Security earnings based on the earnings from a pension.*

As with many things related to taxes, financial planning, and investments, the formula for calculating SSI can be complicated because of numerous rules and exceptions. So, if you talk to your neighbor and she says she received no check from SSI because of her pension, that doesn’t mean you will have the same situation with your pension.

To be clear, most retirees who collect Social Security and have a pension will not see a reduction in SSI benefits because in most cases, their employers withheld SSI taxes from their earnings. But if the employers ONLY withheld the pension amount, then the earnings might be subject to reductions. If you don’t have an accountant or tax professional to answer these questions, we can refer you to one in Minnesota or wherever you live.

Retirement Social Security Questions

As people approach retirement, they often have many questions about how to collect Social Security. The government’s Social Security help website will answer a lot of those questions; however, not all retirees are created alike! Additionally, SSA operators are not permitted to give advice*, and, in all fairness, no one should advise you on your retirement without understanding your goals and your financial blueprint, so to speak.

As you prepare for a financial retirement seminar, you might consider jotting down questions about Social Security:

  • Are Social Security benefits taxable?
  • Are Social Security survivor benefits taxable?
  • Do SSI benefits increase after full retirement age?
  • How much will I get?
  • Do 401k contributions reduce Social Security benefits?
  • Can I withdraw my Social Security retirement claim and reapply later to increase my benefit amount?
  • Will unemployment benefits affect my SS benefits? How?
  • Do I qualify for benefits as a spouse if I am now in a civil union, domestic partnership, or other non-marital legal relationship?
  • Can I get Social Security retirement benefits and military retirement benefits?

While Lundervold Financial is not permitted to provide tax and legal advice, we will do our best to answer the questions that we are qualified to answer. If we cannot answer a question, we know highly qualified and trustworthy professionals who are, and we would be happy to refer you to them and work alongside them as you prepare your financial future.

Retirement and Social Security Seminar Invitation

It appears no event on this topic is scheduled right now. Use the "Ask Us a Question" form below to find out when our seminar is. Or, call us at (651) 209-1906. We'd love to talk!

*Lundervold Financial LLC does not provide tax and legal advice. If you do not have a tax advisor or attorney, we can help direct you to licensed and qualified professionals close to our office in Minnesota or near you if you live elsewhere.

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