(2008). "Early Claiming of Social Security Benefits and Labour Supply Behaviour of Older Americans." Applied Economics. 40:23.H. Benitez-Silva & F. Heiland, 2008. " Early claiming of social security benefits and labour supply behaviour of older Americans ," Applied Economics , Taylor & ...
Elle Kaplan, CEO ofsays that not only should you avoid claiming Social Security early, but you should actually show up late to the party. “I recommend that my clients delay filing for benefits if they can afford it,” says Kaplan. “For each year you wait to collect a benefit you will...
Before you claim Social Security early, you may want to think about how the move would impact your spousal benefits. To begin with, not all early filers can access those benefits immediately — and for those who are able to, the decision may not mean getting a bigger monthly check. It’s...
Bottom line: If you don't have sufficient savings and need Social Security income to pay for your regular expenses immediately— or if you don't have longevity in your gene pool and are managing a number of health issues, it may not make sense to delay claiming Social Security. Otherwise,...
survive into their 90s, and are yourself in good health, you’re facing an entirely different situation than someone your age who doesn’t expect to live long enough to claim at 70. When you may not live long enough to gain the benefit of that extra 30%, claiming early may make more ...
“Claiming Social Security early results in a permanent pay cut from what your benefit would be at full retirement age,” warns Greg McBride, CFA, Bankrate chief financial analyst.“Better still is that each year you delay Social Security after your full retirement age and up u...
Your higher-earning spouse will receive a greater retirement benefit by waiting past his or her FRA to file. The Social Security Administration (SSA) increases the benefit by 8% per year for up to three years for anyone who holds off claiming retirement benefits. ...
The truth is that if you claim early, your benefits will be reduced for the rest of your life. And that can spell trouble if you're expecting to depend on Social Security for the majority of your income. 2. Waiting too long to begin claiming ...
“No one can predict how long you’ll live, but if you’re facing a potentially significant reduction in life expectancy and are short of income, taking Social Security early may be appropriate,” Neiser says. Married women are also good candidates for claiming early benefits because they are...
Are you wondering what you need to consider before claiming Social Security? Take a few minutes to view this video which introduces you to 5 key considerations every person who is nearing retirement should know to help get the most out of one’s Social Security benefit....