The Value of Your Benefits
Most people don’t think about how much their Social Security benefits are actually worth, all they see are the monthly payments. Getting an estimate for your total Social Security benefit worth could be beneficial to both you and your spouse. Knowing this number could make your decision easier on when to start collecting your benefit as you see just how big a difference drawing early benefits could make compared to waiting until full retirement age. As discussed many times before, taking in to account your health and expected life span is one of the most important things when deciding when to start receiving benefits. However, taking your spouse’s life expectancy in to account is equally important. If your spouse would be dependent on survivors benefits after your passing then it may be worthwhile to delay receiving benefits on their account as they would also receive higher payouts based on when you decide to file. For more information on this subject, visit this article by William Baldwin with Forbes.