Claiming SS Too Early Can Hurt Your Surviving Spouse

Much has been written on the wisdom of selecting the best age for you, as an individual, to claim your Social Security benefit. If you claim early, your benefit will be cut. If you wait longer your benefit will be larger. And depending on your health and life expectancy, claiming early is often a prudent choice. But, what about your spouse? If your spouse is the lower-earner and you predecease them, at full retirement age they will be eligible to collect a survivor benefit equal to the benefit you were receiving at your death. If that is a lower amount because you claimed early, your surviving spouse could be hurt financially for the rest of their life. But if it’s a higher amount because you waited a bit longer, that additional money could go a long ways in helping your survivor after you’re gone. This Motley Fool article by Maurie Backman explains when if might be a good idea to delay claiming your SS benefit, even if it might not be the best choice for you alone. Click here to read more.

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