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A BIT OF PLANNING CAN HELP PHYSICIANS ACCRUE SIGNIFICANTLY GREATER SOCIAL SECURITY BENEFITS IN RETIREMENT. JOEL GREENWALD, MD, CFP, A PHYSICIAN WHO BECAME A FINANCIAL PLANNER, SAYS HUNDREDS OF THOUSANDS OF DOLLARS ARE POTENTIALLY AT STAKE. MaximizingSocial Security Benefits BY STEVE BARRETT A M O N G O T H E R R E C O M M E N D AT I O N S , Dr. Greenwald says physicians should know the age at which they can receive full Social Securit y benef its. Writing in Physician's Money Digest, he notes that the age is 66 for those born between 1943 and 1954. Those bor n bet ween 1955 a nd 1959 shou ld add two months for each year beyond 1954. For instance, a person born in 1957 would reach full retirement age at 66 years and six months. The age is 67 for those born in or after 1960. You gain an 8 percent-a-year increase in your benefi t up to age 70 if you delay drawing benefi ts once you reach full retirement age, says Dr. Greenwald, founder of Minnesota-based Greenwa ld Wea lt h Ma na gement . You get reduced monthly benef its if you sta r t receiv- ing Socia l Security before full retirement age. K now ing your f ull retirement a ge is a lso impor ta nt w it h rega rd to outside income. Receiv ing benef its prior to that a ge mea ns v a r y i n g p or t ion s of you r b enef it w i l l b e w it h held i f you r ea r n i n gs exceed cer t a i n t h r e s h o l d s . O n l y w h e n y o u r e a c h f u l l retirement a ge w i l l your benef it no longer be pen a l i z ed becau se of out side i ncome, Dr. Greenwa ld points out. Even then, however, you are not entirely out of the fi nancial woods. Social Security benefi ts are taxed beyond full retirement age. ■ CORE Bridging Problems with SOLUTIONS™ 100 Quentin Roosevelt Blvd., GaRden City, ny 11530 Phone: (516) 296 1000 n Fax: (516) 296 1030 n www.milleRmilone.Com 49 wiReless Blvd., hauPPauGe, ny 11788 99 Quentin Roosevelt Blvd., GaRden City, ny 11530 Attorney Advertising At Miller & Milone, P.C. the whole surpasses the sum of its parts. Many of today's healthcare issues are quite complicated and require a multifaceted approach to achieve a solution. Our integrated five department system allows our firm to address complex problems with a myriad of solutions. Inquire about our ED Financial Assist™ Medicaid Program. F I N A N C E 1 1 M D N E W S . C O M /// M D N E W S L O N G I S L A N D ■ 2 016 1 1