Social Security is one of the most important retirement assets for many people. Decisions made in your 60s can continue to reward or plague you decades later. Because of this, we want to help you understand all of your options. Tens or even hundreds of thousands of dollars of lifetime benefits could be at stake.
There are several different ways you can qualify for these benefits. When determining benefits, S.S. uses your 35 highest years of earnings and your age in relation to full retirement age if you have less than 35 years, they will use zero for all missing years.
The first way to receive to receive benefits is from your own work record. Every job that you worked at during your life contributed to Social Security on your behalf. You contributed the same amount through payroll deductions. The youngest age that you can start S.S. retirement is at age 62. If you begin then, you will permanently receive between 25-30% less for life. This is why you need all the information before making a choice.
You may also be able to receive income based on a spouses work record. Social Security is gender neutral and follows all federal laws about same sex marriages. Upon the first death, a survivor may be eligible for survivor benefits. One S.S. check will go away, luckily it will be the smaller one, but most living expenses will not be reduced.
If you have large balances in qualified account such as 401(k) s and IRAs, when you start Social Security, it could become a tax planning matter and not just a cash flow decision. We will be happy to help you understand all of your options.
Some people can qualify for S.S. benefits from a divorced spouse. Getting a divorce a month or two too soon could have devastating consequences. Social Security planning is important for everyone, but especially for woman because of their longer life expectancies and the fact that there are many more widowed women than men. Social Security income must be integrated into your overall income plan to produce optimal results. We will be happy to explain your options and can provide you with a free Social Security Maximization Report to help you clarify your options. Please contact our office for help with these important and complex choices.