Social Security benefits are complex and often benefits that you are entitled to are left on the table. For example, a widower has built up her own social security benefit and is delaying receiving them until age 70 to maximize the monthly benefit. The break-even point for her is at age 82 and since she expects to live into her 90’s this makes sense. However, she is not aware that she could collect survivor benefits now, between the ages of 60 and 70, on her late spouses social security record with no impact on her own benefit.
Another example is a married couple who both have a significant benefit coming to them. The primary earner plans on deferring until age 70. It turns out that both can do this and the secondary earner can collect Spousal Only benefits between their Full Retirement Age (FRA) and age 70.
Other mistakes are often made which I’ve highlighted in a previous blog “Social Security Do’s and Don’ts”.
If you have a specific question unique to your situation, ask me about our Social Security Analysis.
[caption id="attachment_436" align="alignleft" width="150"] John Dragstrem[/caption]
Coyle Financial Counsel’s John Dragstrem, CFP® has been providing ongoing wealth counsel to families as they navigate life’s transitions for the past ten years. Contact John and learn more about how mind mapping can help you and your family .
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Posted on Tue, June 23, 2015