Claiming Strategies for Married Couples
A majority of Social Security beneficiaries – both men and women – claim their benefits at age 62. The reason, of course, varies and is sometimes as simple as “because it’s there.” Other times, people are (wrongly) fearful that Social Security payments may not last forever; some are in dire need of the money; and some claim early because they are in failing heath. But whatever the reason, it’s important to understand the consequences of claiming Social Security before full retirement age (FRA), especially for a married couple. A reality is that one spouse claiming their benefits early may, in fact, significantly impact the other spouse’s benefit as a survivor, leaving the widow or widower short of badly needed income. This Motley Fool article by Christy Bieber offers some sound advice for married couples on whether age 62 is a good time to claim benefits. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…
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