As you age, the question of which Social Security strategies to use will likely come to mind click here to find out more. There is no one size fits all age; your unique circumstances and goals will dictate the appropriate time for you to take Social Security retirement benefits.
Some Social Security strategies may boost your monthly benefit amount, helping you get the most from your SS benefits. Here are some strategies to consider:
You can increase your monthly benefit if you delay claiming Social Security past your full retirement age. You will accrue delayed retirement credits that will boost your monthly benefit by 8%. The boost will be for each year of delay between your full retirement age and age 70.
If you took SS benefits before your full retirement age and age 70, you may suspend your payments and earn delayed credits, helping boost your monthly benefit by 8% for each year of suspended benefits to age 70.
SS benefits are calculated using your 35 highest-earnings years, making it essential to have at least 35 years of full-time work. Working beyond your full retirement age can help boost your earnings qualification number and monthly benefit amount.
When one spouse passes away, the surviving spouse can claim the deceased’s benefits if higher. Delaying survivor benefits until the deceased spouse’s full retirement age or older helps increase the surviving spouse’s monthly benefit.
Children of a deceased worker can qualify for benefits until age 18 or 19 while a full-time high school student and for a child diagnosed with a disability up to age 22. A widow or widower caring for a child under 18 may also qualify for benefits.
If you are married, maximize your lifetime benefits using these strategies:
Married couples can use this strategy where one spouse claims benefits up to 50% of their spouse’s benefit if the benefit is higher than their own. Ex-spouses can also use this strategy if married for at least ten years.
Using this strategy, the lower-earning spouse takes SS retirement benefits at anearlier age, such as 67, and the higher-earning spouse delays their benefits until age 70. This scenario allows access to some early SS retirement benefits and a higher benefit amount.
Understanding how claiming benefits at specific ages and using SS strategies will impact your situation over time is essential. A financial professional can help calculate your benefit amount or go to www.ssa.gov to register and calculate your benefit amount at specific ages. Once you have your information, you can determine what age is appropriate for you.
SWG 2853986-0423b The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website. This newsletter is not endorsed or approved by the Social Security Office or any other Government Agency.
In addition, JP Williams is the Founder of Pillar Wealth Group who lives and works near Columbus, Ohio. JP founded Pillar Wealth Group with over 17 years of experience and specializes in financial planning, retirement planning, investment management, risk management, college planning, and estate planning. Contact us today to get started with your financial wellness journey. Contact us today to schedule an introductory meeting!