There is an eight-year range to take Social Security. The earliest age you’re allowed to claim benefits is 62, and as such, it’s the most popular age to file for Social Security. Age 70, meanwhile, is the latest age you can claim Social Security and still get credit for delaying your benefits — so while you technically don’t have to file for benefits when you reach 70, there’s zero incentive to wait any longer. If you don’t choose to file for Social Security as early as possible (62) or as late as possible (70), you can claim your benefits somewhere in between.
Many couples will need to adjust their retirement plans because of two big changes affecting Social Security benefits. Because of Congress’ November, 2015 budget deal, two popular claiming strategies are coming to an end. The “file and suspend” and the “restricted application” options are being eliminated.
Choosing one of these strategies to maximize Social Security benefits in the next six months (May 1, 2016), could add hundreds of thousands of dollars to a married couple over their lifetimes.
You need to do some careful retirement planning, quickly.
In this podcast I will answer the question: How can I maximize my Social Security benefit?
The blog that addresses this question can be found at: 16 Social Security
This blog is about Social Security. I want to help you maximize your benefit to have more money in retirement.
Social Security can be an important part in a persons retirement plan. Social Security (also known as the Old-Age, Survivors, and Disability Insurance (OASDI) program) benefits are paid from the 6.2% tax on each employee’s wages (matched by employers) and the 12.4% tax on self-employment earnings.
Over 90% of U.S. workers are covered by Social Security and are eligible to receive both retirement and disability benefits.
File and Suspend
If you are at your full retirement age (FRA), you can continue to work and suspend your benefit so your current spouse can collect a spouse’s benefit and you and earn delayed retirement credits (DRCs) which increase your Social Security benefit. The voluntary suspension is only for the months beginning after the month the request is made. A current spouse cannot claim a benefit on the worker’s record until the worker has applied.