How to Get Maximum Retirement Benefits from Social Security

How to Get Maximum Retirement Benefits from Social Security Should you take Social Security at the age of 62? earliest age you can begin drawing on social security ISOCIAL SECURITI AL SEL 000 - 00- 000r JOHN | But Claiming Early Retirement Now I I Could Cost You in the Long Run! I Hold Off on Your Early Retirement Plans ... FULL RETIREMENT AGE Make sure you have The year you were born determines your Full Retirement Age 35 years work history to maximize your benefits, and try to replace low earning years with the higher earning years you might have access to today For example, you were born in 1947, your FRA is 66 but those born in 1960 or later are not eligible until they are 67 The additional work earnings add to your lifetime benefits and you receive a 5/8 of 1% of each month you delay benefits which equals 8% per year If you work and receive benefits prior to Full Retirement Age, the SSA will withhold $1 for every $2 you earn over $15,120 After Full Retirement Age, you may work as much as you want with no reduction in benefits beyond the standard taxable rates EARLY RETIREMENT If you take benefits at the age of 62 you will receive a reduction of about 25% in monthly benefits compared to what you will receive at FRA If you should live well into your 80's you are giving up anywhere from $50,000 to $150,000 in additional income by making a hasty decision about collecting your Social Security benefits early Married Couples Have the Most to Gain (or Lose) RIP Upon your death, your spouse will continue to receive the larger of your social security benefit or their own but not both Couples can increase retirement benefits by 25% or more by delaying the highest wage earner's application You must choose whether you want to claim Social Security benefits based on your work history OR spousal benefits, which are based on your spouse's work history Spouse Benefits WORK Couples have 8 ways to optimize benefits by as much as $800 more a month and widows/widowers can use 4 strategies to increase benefits by as much as $425 more per month Social Security "Secrets" You Need to Know You can tell Social Security you want to suspend further benefits and then ask them to restart your benefits at a later date, say 70 If you started collecting Social Security Retirement Benefits within the last year and decide it isn't the right move, you can repay If you are married, you or your spouse but not both can receive spousal benefits after reaching FRA while deferring taking your retirement benefits and thereby letting it grow all the benefits received and reapply for a potentially higher benefits at a future date Most people will not earn enough through Social Security to pay all of their bills Even if you elect to receive early benefits at age 62, your Medicare insurance does not begin until age 65 Social Security Retirement Guide socialsecurityretirementguide.com References: http://socialsecurityretirementquide.com/Questions-Social-Security-Retirement html http://moneyover55.about.com/od/socialsecuritybenefits/a/whentotakesocialsecurity.htm http://moneyover55.about.com/od/socialsecuritybenefits/tp/securityretirementbenefits.htm How to Get Maximum Retirement Benefits from Social Security Should you take Social Security at the age of 62? earliest age you can begin drawing on social security ISOCIAL SECURITI AL SEL 000 - 00- 000r JOHN | But Claiming Early Retirement Now I I Could Cost You in the Long Run! I Hold Off on Your Early Retirement Plans ... FULL RETIREMENT AGE Make sure you have The year you were born determines your Full Retirement Age 35 years work history to maximize your benefits, and try to replace low earning years with the higher earning years you might have access to today For example, you were born in 1947, your FRA is 66 but those born in 1960 or later are not eligible until they are 67 The additional work earnings add to your lifetime benefits and you receive a 5/8 of 1% of each month you delay benefits which equals 8% per year If you work and receive benefits prior to Full Retirement Age, the SSA will withhold $1 for every $2 you earn over $15,120 After Full Retirement Age, you may work as much as you want with no reduction in benefits beyond the standard taxable rates EARLY RETIREMENT If you take benefits at the age of 62 you will receive a reduction of about 25% in monthly benefits compared to what you will receive at FRA If you should live well into your 80's you are giving up anywhere from $50,000 to $150,000 in additional income by making a hasty decision about collecting your Social Security benefits early Married Couples Have the Most to Gain (or Lose) RIP Upon your death, your spouse will continue to receive the larger of your social security benefit or their own but not both Couples can increase retirement benefits by 25% or more by delaying the highest wage earner's application You must choose whether you want to claim Social Security benefits based on your work history OR spousal benefits, which are based on your spouse's work history Spouse Benefits WORK Couples have 8 ways to optimize benefits by as much as $800 more a month and widows/widowers can use 4 strategies to increase benefits by as much as $425 more per month Social Security "Secrets" You Need to Know You can tell Social Security you want to suspend further benefits and then ask them to restart your benefits at a later date, say 70 If you started collecting Social Security Retirement Benefits within the last year and decide it isn't the right move, you can repay If you are married, you or your spouse but not both can receive spousal benefits after reaching FRA while deferring taking your retirement benefits and thereby letting it grow all the benefits received and reapply for a potentially higher benefits at a future date Most people will not earn enough through Social Security to pay all of their bills Even if you elect to receive early benefits at age 62, your Medicare insurance does not begin until age 65 Social Security Retirement Guide socialsecurityretirementguide.com References: http://socialsecurityretirementquide.com/Questions-Social-Security-Retirement html http://moneyover55.about.com/od/socialsecuritybenefits/a/whentotakesocialsecurity.htm http://moneyover55.about.com/od/socialsecuritybenefits/tp/securityretirementbenefits.htm