Social Security Truth or Consequences

Social Security is a foundational piece in every retiree's income plan, and yet many people have no idea how it works.

The choices you make regarding when and how you claim your benefit can have a major impact on your future financial security. Hundreds of claiming strategies exist that factor in your age, your marital status and spouse's age, and which spouse is or was the higher earner. You'll also have to consider how your Social Security income will affect your income taxes.

Here are some scenarios I've run into over the years with clients and prospective clients. Perhaps some will sound familiar; you may have friends or family who are in a similar situation. See if you can determine