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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.