Full retirement age
Social Security is Unique for those who are Married
Social Security can sometimes seem like a maze, with thousands of individual rules to cover every possible personal situation. That maze is especially complex for married couples, because choosing when two people should claim is naturally more difficult than for…
The Social Security earnings test
You can start your Social Security retirement benefits at 62 but at a reduced rate. According to statistics released by the Social Security Administration, almost 30 percent of Americans eligible for Social Security begin to receive their benefits at 62.…
The three-legged stool
The newest data from Allianz finds that 22 percent of Americans currently working hope to retire in 2024. Unfortunately, these soon-to-be retirees will discover the much talked about “three-legged stool” no longer applies to most people. What is a “three-legged…
Is it possible to lose some of your Social Security?
As part of the “three-legged” stool of retirement planning, Social Security should play an equally important role along with pensions and retirement savings; however, for some people, Social Security is the only leg of that stool. So, it is essential…
What you should know about Social Security
The Social Security Administration states more than 50 percent of seniors aged 65 and above rely on Social Security for more than half of their monthly income. Another report finds that 40 percent of older Americans rely only on Social…
The pros and cons of starting at 62
You can begin your Social Security retirement benefits early at 62, the most popular age. If you decide to start receiving benefits early, they are reduced, but if you wait until you reach your full retirement age, you are entitled…
Revisiting Some Lesser-Known Social Security Rules
For someone beginning to take their first preparatory look at Social Security, the basics are fairly well known. Age 62 is your early eligibility (with reduced monthly benefits), your full retirement age is based on your year of birth (if…
What you should know before you collect spousal benefits
Coordinating your benefits with your spouse’s benefits can help you to get the most out of your Social Security payments. Your first step in maximizing your Social Security benefits should be to know the rules. There are three rules you…
Ask Rusty – If My Wife Claims Now, Will It Hurt My Social Security Amount?
Dear Rusty: I am 69 years old, and my wife turned 70 early this year. I am still working full time. My wife is not working, but she got a letter from Social Security saying she should take her Social…
Another “Breakeven” Point to Think About
When thinking about breakeven points on Social Security benefits, most of us focus the question on whether or not to file at our earliest eligible age (62) or our full retirement age (66 or 67). if you’re planning to wait…