Properly Claiming Strategies Will Maximize Retirement Benefits

Getting the most from Social Security is more than a casual decision, and more than simply guessing how long you’ll live.

A significant portion of those who claim Social Security execute the “land grab” strategy and take it as soon as possible. Get educated on advanced claiming strategies and the best way to integrate them into your retirement income planning now.

For some, making the decision to claim retirement benefits early may be right choice. But by claiming benefits early, millions of people could be losing out on tens-of-thousands, or even hundreds of thousands of dollars. Can you afford to wait? Or, is the appeal of claiming retirement benefits early just too strong?

Knowing how Social Security works and what you could be sacrificing, is information that can boost your retirement for decades to come.

It may have been the right choice for your parents, but it could be the wrong choice for you. In fact, if you feel that you are likely to live to age 80, or, 85, you should think carefully about delaying benefits until even after your full retirement age. This is because for every year that you wait beyond full retirement age, your monthly check will be increased by an additional 8%. Waiting until age 70 means receiving 32% more retirement income versus age 66, and 75% more income compared to age 62.

The opportunity to receive a higher monthly income helps explain why proper retirement income planning is important. It also points out why a well-designed retirement income plan shouldn’t overlook how to maximize Social Security benefits.

Making a decision based upon a simplistic analysis could cost you a great deal of money. To maximize Social Security benefits you should craft a claiming strategy based upon your unique life circumstances.

For example, did you know that divorced people who were married for at least ten years may claim Social Security benefits on an ex-spouse? Or that a married person may claim on his or her own work record, or, as early as age 66, file a claim for spousal benefits. You may do this and still maintain the right to claim maximum retirement benefits at age 70. Bring your questions on Social Security benefits to us for help.

So, there’s a lot to think about and a lot at stake when it comes to Social Security. You may benefit from seeking the advice of an advisor that specializes in retirement income planning, who can incorporate your Social Security claiming options into an overall retirement income plan.

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