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Investment Insights by Community Financial Services Group
By Shellie Wright, VP and Trust Officer Community Financial Services Group, LLC
Social Security Retirement Benefits

People often wonder about the various choices involved with Social Security retirement benefits. Social Security retirement benefits are an important component of retirement income, along with retirement savings and possibly even earnings from work during retirement.

You can choose to begin to receive Social Security retirement benefits as early as age 62. However, you will receive a reduced benefit if you do so before your full retirement age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age. The full retirement age is 66 plus two months for people born in 1955 and will gradually increase to age 67 for people born in 1960 or later. Whether or not it makes sense to wait to receive Social Security and receive a larger monthly benefit or start Social Security at a younger age and receive a smaller monthly payment depends on your retirement goals, other sources of income, health and family longevity.

About 40% of people who get Social Security have to pay income taxes on their benefits. If your income is greater than $25,000 as an individual or $32,000 jointly, you may owe taxes on a portion of your retirement benefits.

You can continue to work and still get Social Security retirement benefits. If you are beyond your full retirement age, your earnings from working will not affect your benefits. If you are younger than your full retirement age, there are limits on the amount you can earn without affecting your benefits. You may see a reduction in your benefits if your earnings are above the limits. The good news is that about one year after reaching your full retirement age, the Social Security Administration will recalculate and increase your benefits to take the prior reductions into account. You can apply for retirement benefits online at, or by calling the toll-free number 1-800-772-1213 or by making an appointment to visit any Social Security office to apply in person.

Community Financial Services Group manages $600 million for hundreds of bank customers. If you are interested in meeting with a CFSG representative for unbiased investment and financial planning advice, please call 877-334-1677. Our Trust Officers can meet with you at any Community National Bank office or at our main office in Newport.

Community Financial Services Group, LLC (CFSG) is the Trust and Investment management affiliate of Community National Bank. CFSG accounts are

• Not deposits or other obligations of the bank
• Not guaranteed by the bank
• Not insured by the FDIC; and
• The investments are subject to risk, including the possible gain or loss of principal.