In today’s economic environment, Social Security carries more weight. - Kiplinger’s Personal Finance

In today’s economic environment with interest rates hitting bottom, yields on conservative investments such as bonds and certificates of deposit are paltry, Social Security is a valuable component of your retirement income portfolio.  Social Security usually receives an annual cost of living adjustment and benefits are backed by the U.S. government; it’s a guaranteed source of income until you die and continues to pay your surviving spouse until they die.  So the big question is: At what age should you and your spouse (if you have one) start taking retirement benefits? In the attached article by Kiplinger’s Personal Finance entitled:  When to take Social Security?; they make a case for claiming at 70 which is often the best move if you can afford to wait and expect to live until at least age 80. Read article here…

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Comments On This Topic

  1. Can I collect from my ex spouse’s social security at my retirement age I am 65 now, will be eligible for s s at 66, we were married 20 years

    • If you turned 65 this year, your full retirement age (FRA) is 66 years and 2 months, and that’s when you’ll get 100% of the benefit you’ve personally earned from a lifetime of working. If you claim any earlier your benefit will be reduced.
      As for whether you can collect a benefit from your ex-spouse, that depends upon your FRA benefit amount compared to his FRA benefit amount. If half of his FRA benefit is more than your FRA benefit amount, you will get a spousal boost equal to the difference, if you claim at your FRA (claim earlier and the amount of the spousal boost will be less). Also, your ex-spouse must be already collecting his benefits for you to claim an ex-spouse benefit, unless you have been divorced for at least 2 years, in which case he must only be eligible to collect his SS (he need not be actually collecting).
      Russell Gloor
      National Social Security Advisor
      The AMAC Foundation

  2. I’m English , married to a US Citizen. Living in USA. I’ve reached retirement. I receive social security on my husband’s SS contributions as I didn’t have enough. Is it worth claiming my UK pension? Will I get any more money or should I just defer it incase I go back sometime in the future?

    • We cannot provide advice on the U.K. social retirement program, but we can tell you that if you’re now collecting a US SS spousal benefit from your US citizen spouse, that benefit will not be affected should you choose to claim your U.K. pension. The so-called “Government Pension Offset” (GPO) of the U.S. Social Security program doesn’t apply to foreign pensions. Only you can decide whether it is “worth it” to claim your U.K. pension now or in the future, depending upon the requirements of the U.K. pension program as relates to your personal situation.
      Russell Gloor
      National Social Security Advisor
      The AMAC Foundation

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