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Many situations call for taking Social Security before age 70
Taking Social Security at age 70 maximizes the monthly payment one will get for life. But as Sam Swenson notes, there are sound reasons for starting payments earlier. These situation may call for taking payments as early as age 62: you…
Shift Your Retirement Savings Into Overdrive
Since Social Security replaces only about 40% of pre-retirement income, additional funds will be necessary for just a basic life in retirement never mind anything that includes lots of travel and activities. Sam Swanson lists five incremental changes that can…
New WEP fix introduced in Congress, again
John Sullivan describes legislation introduced by Rep. Richard Neal (D-MA) to change the formula for Social Security’s Windfall Elimination provision (WEP). Public employees in the handful of states who did not make payroll tax contributions through those jobs but had Social…
Navigating Social Security When There Are Big Spousal Age Gaps
Maurie Backman explains how being married adds a level of complexity when it comes to Social Security, and that is particularly true when there is a significant difference in age between spouses. Backman explains some scenarios, one being this: if you…
Three Social Security Secrets That Could Leave You Richer
Most Americans know they will one day get Social Security, though they may have only a vague understanding of what they will get and how that is determined. Still, a majority tend to rely (even over-rely) on the monthly benefit. …
Some Shouldn’t Wait Until 70 to Claim Social Security
Experts almost universally encourage folks to wait to claim Social Security to increase their monthly benefits for life. Age 70 is considered maximum retirement age. But, Christy Bieber advises one situation where one should not wait until 70. For those claiming spousal…
Married couples need to be careful when signing up for benefits
Maurie Backman explains why singles may be tempted to grab their Social Security benefit at age 62, even if it’s lower each month for life than waiting until full retirement age (now 66-67). But this strategy could backfire for married…
Will Social Security Be There for Me?
Matt Montgomery of Money Matters has a stark “maybe not” to the question on whether Social Security benefits will be there. He notes that as long as workers contribute payroll taxes, benefits can be paid. But those born after 1968…
Are you misinformed about Social Security?
Social Security is so important to the over 65 million who collect monthly retirement benefits, but 35% of near-retirees aged 55-65 failed a basic Social Security quiz, while 18% earned just a D. Only 3% were able to answer all 12 questions…
Social Security For A Couple With An Age Difference
Developing a Social Security claiming strategy takes on a different perspective for a married couple, and especially so if there is a significant age difference. For example, if the husband is years older, the importance of the wife’s survivor benefit…