Q & A
My wife and I are ready to consider filing for Social Security. Where do we begin?
Complete Question: My wife and I are getting to the point where we want to look into filing for Social Security. We have a lot of questions about how and when we should file. We are hearing so many different things about what to do and what not to do and we are just getting really confused. I decided to buy a book on the subject, but there are so many to choose from and I don’t want to waste my money. Do you have any suggestions for us to help us just get started?
Answer: You are definitely not alone; many people feel this way. The number one thing I recommend is what you are already doing – educate yourself and make a decision based on what is right for you. It may be a daunting task, but it will definitely be worth it in the long run.
With that being said, there are two things in particular you should get from the Social Security website. First, you should get your Social Security Statement. If you don’t already have this, you can view it online by creating a mySocialSecurity account at www.ssa.gov. Your mySocialSecurity account will allow you to do multiple things, but for now, use it to review your Social Security Statement. Your wife should also create one for herself. Even though you two are married, you cannot view each other’s records. The Social Security Statement will show you estimated benefit amounts at ages 62, 66 (full retirement age), and 70. It will also tell you other estimated benefit amounts, such as disability benefit, surviving spouse benefit, and maximum family benefit. The statement also shows all of your lifetime earnings that were used to calculate your benefit.
The second thing you should get from the Social Security website is a publication called “Retirement Benefits”. Although it is not a comprehensive explanation of filing strategies and rules, it is intended to get you started and explain the basics, such as eligibility, family members’ benefits, working while getting Social Security, Medicare, how to apply, and other basic information you need to know. You can access the most recent issue of this publication by clicking HERE.
Once you have gone through these two documents, you may end up with more questions than answers – but there is nothing wrong with that. This will at least provide you with some basics to steer you in the right direction. Write down your questions as you think of them, and do not hesitate to get the answers before making your decision.