How to Claim Social Security Without Shortchanging Your SpouseDeciding when to take Social Security can have a big impact on your family's income. Here's what you need to know.Philip Moeller
For example, say your spouse's monthly benefit at full retirement age is $2,000, so 50% — the maximum you could qualify for if you were to wait to file — is $1,000. If you decide to claim Social Security at age 62, your spousal benefit would be $650, or 35% less, said cer...
One reason retirees collect less in Social Security retirement benefits than they expect is that they claim these benefits too soon. The most common age for retirees starting to collect benefits is 62, the earliest allowable age for doing so and the age that will bring in the lowest monthly b...
Social Security & Medicare, with it's preventative benefits provide a base on which to you can build a financially secure retirement. Savings and Employer and Individual Retirement Plans - pensions add on to your Social Security, as Social Security was never meant that it would be enough to en...
You can increase your benefits to the maximum amount, though, if you wait until 70 to claim them. What's the Primary Reason for Taking Social Security at 62? Claiming Social Security benefits at 62 may be necessary when you don't have a viable source of income and need cash. If you ...
“For example, many people choose to claim Social Security before full retirement age, but later wish they had not done so.” After repaying what you received, you can claim a tax refund or credit for any taxes you paid on those benefits.2 3. Suspend Your Social Security Benefits ...
Take advantage of last-minute benefits at work. Consider rolling over your 401(k) to an IRA. Make a financial plan. Decide what to do next. Decide When to Start Social Security You're eligible to claim Social Security payments beginning at age 62. However, you will receive a reduced paym...
Live on Social Security Alone Anything is possible, but here’s what to know if you think you’ll be retiring on Social Security alone. Maryalene LaPonsieMarch 31, 2025 Maximize Your Medicare Advantage Perks You're leaving money on the table if you don’t use all your benefits. ...
Now, this doesn't mean there's no situation when a claim ahead of FRA makes sense. In fact, there are lots of times you might want to begin benefits early, including when you want to retire at a younger age and starting Social Security is the only way to make that happen....
claiming strategies that once allowed couples to increase their benefits. The new law didn't, however, do away with spousal benefits entirely. If you qualify, it is still possible to claim benefits based on your spouse's earnings history, even if you never contributed to Social S...