Social Security Basics

In this video of REDW Wealth’s series “Understanding Social Security,” Senior Financial Planner David Cechanowicz, will guide you through the processes and rules of Social Security, including: how benefits are calculated, how you get it, how you share it, how you can cause benefits to shrink, how you can lose part of it, or even lose it all. 

Preparing for Social Security Benefits

To become eligible for social security benefits, you must work with an employer who participates in the Social Security system under covered employment. You become eligible once you have acquired sufficient work credits, generally equivalent to 10 years of employment.

Full Retirement Age Issues

What is FRA? In this video of REDW Wealth’s series “Understanding Social Security,” Senior Financial Planner David Cechanowicz discusses Full Retirement Age and the issues surrounding it.

Is it better to take Social Security at 62 or 67?

The most important thing to understand about claiming benefits early is that there are serious reductions to your income for the “benefit” of getting a check as soon as possible.

Your PIA (Primary Insurance Amount) and how it is computed

In this video of REDW Wealth’s series” Understanding Social Security,” Senior Financial Planner David Cechanowicz, walks you through the ” primary insurance amount” or the PIA. He will explain how it’s computed in determining your social security retirement benefit and why, when it’s calculated, why it’s such a pivotal number in the social security system.

What is PIA?

The Primary Insurance Amount (PIA) is the benefit a person would receive if they elect to begin receiving retirement benefits at their Full Retirement Age (FRA). This pivotal number in the social security system determines your retirement benefit.

Since Social Security claiming is a topic that touches on the foundations of your retirement planning, it is critical to incorporate the 17 Factors to Consider into the decision-making process of retirement income planning.

Claiming Social Security retirement benefits in a duel-income household

As you prepare to claim Social Security benefits, various situations can complicate two married individuals, who are both eligible, living in one household claiming benefits. In this video of REDW Wealth’s series “Understanding Social Security,” Senior Financial Planner David Cechanowicz discusses multiple scenarios that complicate the claiming process.

How should Married couples claim their benefits?

Dual-income married couples have as many as eight Social Security benefits in the household. Each worker is entitled to their own benefit in addition to the potential benefits.