How do I choose?

What’s most important?   Pick one.

Maximum Income Now

Taking Social Security income as soon you become eligible is perfectly acceptable if you need the income. It is your right. In many cases taking your benefit at age 62 may not be the most appropriate choice.  For married couples, divorcées and widows there may be strategies to claim spousal benefits and allow your benefits to grow. This may increase your lifetime benefits significantly.

Maximum Lifetime Income

Maximizing your Social Security income can be a significant boost to your retirement income plan. There are hundreds of timing and claiming options available to Americans as they approach Social Security eligibility. The use of calculators on www.SSA.gov are a first step. Understanding delayed income credits and how they grow are next. Followed by an analysis of your portfolio of qualified and non-qualified savings.  By looking at your Social Security options and assets together, a plan can be built to look at your scenarios. The planning process can easily result in an extra $100,000 in spendable Social Security income over your lifetime.

Spousal Continuation Income

If either spouse passes away, the surviving spouse can claim the highest of either monthly SS benefit amount.

Keep in mind that the surviving spouse cannot keep both. Only one SS benefit per person at a time.  Consideration should be made for the income remaining after a spouse becomes a widow.  You can significantly improve a spouses income in many cases with a few minutes of planning.

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