Latest News
Claiming too Early Could Hurt Your Spouse Later - Investopedia
Deciding when to claim Social Security is always a challenge, and far too many make that decision without fully understanding the consequences. It’s confusing, especially since there is a window of about 8 years during which you can claim SS benefits. Retirement and spouse benefits can be applied for as early as age 62, and retirement benefits will continue to grow until age 70 is reached, but how does one know what is the best age to claim? Well, obviously, your immediate financial need is a consideration. But it is not the only thing to look at, and one factor often not evaluated is a surviving spouse’s amount upon the death of their marital partner. You see, a surviving spouse gets the higher of their own SS retirement amount, or the amount their deceased spouse was receiving at death. And that means that waiting for a higher benefit before claiming is, in effect, a gift to the surviving spouse. Of course, life expectancy is a critical part of any claiming decision, as discussed in this Investopedia article by Tobi Opeyemi Amure.
Social Security is a complex topic. If you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security or enrollment in Medicare, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of these programs. All questions are answered quickly, at no charge. Learn more about it here…
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.