A big picture look at over 2,500 core rules within the Social Security Program.
- Think about the big picture, and be patient!
The general rule is to wait until full retirement age (67 for anyone born after 1959) to begin collecting Social Security. That’s not to say there aren’t circumstances that warrant taking Social Security as early as age 62, such as unexpected health complications, disability, or job loss. The fact remains, life expectancy is steadily increasing and by taking your payments too early, you risk losing a substantial amount of money in the long run.
- Take what is yours!
Aside from your own Social Security account, you may have access to benefits from your current spouse, your ex-spouse(s), your deceased spouse(s), and/or your deceased ex-spouse(s). Even if you have never worked outside of your home, or a job covered by Social Security, you may be eligible for spousal benefits as much as 50 percent of the earnings record.
- Timing is everything!
If you are entitled to your own retirement benefits AND spousal or survivor benefits, you aren’t able to collect them at the same time. Instead you may do one of the following…
- retirement and spousal benefits, including divorce spousal benefits, OR
- retirement and survivor benefits, including survivor benefits for those who are divorced
Call us today, and we’ll help ensure that your plans for retirement will maximize your Social Security payments.