BIRDSEYE FINANCIAL SERVICES (360) 722-7889
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Social Security
When do you turn on benefits?
The question of when to collect is very difficult. In fact, each year many people forgo spousal benefits or take their benefits either too early or too late. This mistake leaves them missing out on many thousands of dollars.

To help you make the best retirement and/or spousal benefit claiming decisions, we use a custom benefits calculation software to provide you with a report based on your individual circumstances.

Download Book
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SOCIAL SECURITY PERSONALIZED ANALYSIS
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Sample Report
When you schedule your strategy session with us we will gather the information needed to produce your report. Then we will go over it the details for you will know how to maximize your situation.
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Watch AN Educational Webinar
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7 Things You Must Know About Claiming Social Security
Social Security is a great program, but knowing when and how to claim your benefits can determine how much you collect.Here are seven potential problems you need to consider so you can maximize your Social Security income.

1) Remarrying Before Age 60 - If your spouse dies, you will be entitled, in most situations, to collect survivor Social Security benefits unless you remarry before the age of 60. After that, all social security benefits from your previous marriage will not be paid out. It’s up to you to decide if this financial loss is worth it. Some people forgo legal marriage until after age 60.

2) Claiming Your Benefits Too Early - Claiming spousal benefits before the designated retirement age of 65-67 can reduce the amount of Social Security money you collect – indefinitely. This can vary based on many factors, so it’s important to talk to a financial professional.

3) Earning Additional Income - If you take another job or start an income-producing business while simultaneously collecting Social Security benefits, you may be taxed on those benefits. It depends on how much you make from extra income. Know the tax consequences before taking on another source of income. You can find out rates and details by contacting the Social Security Administration, IRS, or working with a qualified financial counselor. 

4) Applying at the Wrong Time - It would help if you pinpointed when you apply for Social Security and depend on your circumstances. In 2014, the SSA began sending workers statements to help them plan retirement. Read these statements carefully. Go over them with your financial counselor or an advisor at the Social Administration local office. Here is a link to help you find the closest local office near you: https://secure.ssa.gov/ICON/main.jsp  A side note: You can get Medicare before selecting Social Security retirement options.

5) Experiencing Government Cuts - Even though President Trump has promised to keep Social Security benefits, that could change. Political directions can change with the multitude of influencers in government and business. Nothing is guaranteed. Keep your eye out for any policy changes. 

6) Funding Running Out - NBC claims Social Security could run out by 2034, but this is mostly speculative, and there is much disagreement.  Numerous options exist to extend the benefit periods well into the next century, taxes could be raised to fund it further, or benefits could be reduced. However, issues with Social Security should get better with younger, lower-population generations. Baby Boomers entering retirement in record numbers have strained the system. 

​7) Start Saving - Do not rely on Social Security as your primary retirement vehicle. Instead, save enough to provide for retirement. You can do this through an IRA, 401(k), Bank CDs, bonds, annuities, simple savings account, or a combination. 

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2021 Cheat Sheet from SSA
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Social Security Retirement Ages
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Social Security Resources
  • Personalized Questionnaire  (FREE PERSONALIZED REPORT)
  • ​Social Security SAMPLE Report 
  • Starting Your Retirement Benefits Early
  • Social Security (COLA)
  • Social Security Benefits (Apply Online)
  • Windfall Elimination Provision (WEP)
Questions and Answers
How Much Can I Earn and Still Get Benefits?
https://www.ssa.gov/benefits/retirement/planner/whileworking.html#h1 
  • If you are under full retirement age for the entire year, they  deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2021, that limit is $18,960.
  • ​In the year you reach full retirement age, they deduct $1 in benefits for every $3 you earn above a different limit. In 2021, this limit on your earnings is $50,520. They only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.
When you reach full retirement age: 

  • Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn.
  • We will recalculate your benefit amount to give you credit for the months we reduced or withheld benefits due to your excess earnings.
Delayed Retirement Credits (More Info)
Social Security retirement benefits are increased by a certain percentage for each month you delay starting your benefits beyond full retirement age. The benefit increase stops when you reach age 70.

Delayed Social Security Benefits
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How is Social Security Provisional Income Taxed? 
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Spouse Benefits taken early
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Surviving Spouse Benefits taken early
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Resource Page
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Vendor Bookings

Birdseye Financial Inc
136 Hillside Dr E
Burleson, TX 76028
Phone # 360-722-7889
Fax #425-412-6865
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INFO@BIRDSEYEFINANCIAL.COM
The contents of this website are for educational purposes only. Any material and its attachments, links, downloads, and/or any emails from our company are not intended to provide legal or tax advice. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal or state tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Please seek the advice of appropriately licensed individuals for legal or tax advice relating to your individual situation. Birdseye Financial and its employees are not tax or legal advisors and are not operating in such a manner. Birdseye financial and those working for the company are not licensed Investment Advisors which prohibits us from offering such advice. Any advice you get should be taken as non-investment advice and only educational in nature. Should our clients need a licensed investment advisor, we partner with LifePro Asset Management. *Investing carries an inherent element of risk. No strategy can guarantee a profit or prevent a loss. Provided content is for overview and informational purposes only and is not intended and should not be relied upon as individualized tax, legal, fiduciary or investment advice. Any illustrations used are hypothetical and were used for explanatory purposes only. THANK YOU!

MEDICARE MANDATORY DISCLAIMER
“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.” (MORE DETAIL)

State Licenses

​LICENSES: AZ #7101306, CA #4140429, FL #W825259, ID #863617, MA #2176921, OK #3001663224, OR #7101306, TX #2695866, WA #190780

This calculator is designed to be information and educational tool only, and when used alone, do not constitute investment advice. We strongly recommend that you seek the advice of a financial services professional before making any type of investment. We also encourage you to review your insurance and investment strategy periodically as your financial circumstances change.

This report is for illustration purposes only. PAST PERFORMANCE IS BASED ON HYPOTETHICAL HISTORICAL DATA AND IS NO GUARANTEE OF FUTURE RESULTS OR INTENDED TO PREDICT ACTUAL PERFORMANCE. ACTUAL INTEREST CREDITING RESTULTS WILL VARY BASED ON MARKET CONDITIONS< INDEX ALLOCATIONS< AND INTEREST CAP RATE / SPREADS / PARTICIPATION RATES. The use of different time periods and amounts will vary results.

S&P 500 and S&P are registered trademarks of Standard and Poor's Financial Services LLC. No annuity or financial product discussed herein is not sponsored, endorsed, sold, or promoted by Standard and Poor's Financial Services LLC, S&P Dow Jones Indices LLC, or their affiliates, and non of the Stand and Poor's Financial Services LLC, S&P Down Jones Indices LLC, or their affiliates makes any representation regarding the advisability of purchasing an insurance or financial product.

  • Home
  • About
    • Welcome to Birdseye
    • Who We Are
    • Risk & Portfolio Assessment
    • Request Free Consultation
  • Strategies
    • Key Components
    • Sequence of Returns
    • Rule of 100
    • Tax Strategies >
      • RMD Calculator
      • IRA RMD RULES
      • ROTH IRA
      • Qualified Charitable Donation
      • Business Tax Credit
    • Inflation Impact
    • Educational Webinars >
      • Taxes in Retirement
      • 3 Economic Strategies
      • Five Key Areas of Retirement
    • Online Education
    • Institute of Financial Wellness
  • Planning
    • Retirement Analysis
    • Social Security >
      • Social Security Webinar
    • Pension Maximization
    • Risk Analysis and Investments
    • LifePro Asset Management
    • Federal Benefits >
      • Federal Benefit Kit
    • Business Tax Credit >
      • Research & Development Tax Credit
      • Employee Retention Tax Credit
      • Resources
  • Insurance
    • Annuities
    • Medicare >
      • Medicare Questionnaire
      • Medicare Networks
      • Medicare Clients
      • Medicare Rules
    • Long-Term Care
    • Life Insurance
    • Final Expense
    • Health Insurance
    • Dental Insurance
    • Vision Insurance
  • Tools
    • Financial News Blog
    • Documentaries
    • Market Index Links
    • Required Minimum Dist (RMD Calculator)
    • Calculators
    • Professional Referrals
    • Bankrate Interest Rates
    • Zillow Home Value
  • Contact
    • Free Consultation
    • Schedule Appointment
    • Online Meeting
    • Secure Upload
    • Retirement Analysis
    • Application
    • Retirement Portal
    • Rate our Service
    • Refer a Friend