Social Security

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 partner with highly qualified and trustworthy professionals that can, and we would be happy to refer you to them and work alongside them as you prepare your financial future.

Our goal is to help you plan for your retirement and reduce unpleasant surprises to help you safeguard your pensions and other income.

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.

Ask yourself these questions:

  • Are Social Security benefits taxable?
  • Are Social Security survivor benefits taxable?
  • Do SSI benefits increase after full retirement age? By how much?
  • 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 Social Security 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?

Consider these statistics:

91% of retirees are currently receiving income from Social Security benefits.1 The average Social Security benefit was $1,543 - per month in January 2021. The maximum possible Social Security benefit for someone who retires at full retirement age is $3,148 in 2021.2

There are nearly 3,000 filing rules and hundreds of potential filing strategies.3

More than 9 in 10 Americans are in the dark about maximizing benefits - According to research from Nationwide, a whopping 92% of Americans were not able to identify the factors that would allow them to maximize their benefit amount.

Let us help preserve what is yours!


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*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.1



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