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Strategies for Making the Most of Social Security Benefits
People have been predicting the demise of Social Security for years, but most agree that it is highly likely it will still be around when it’s your turn to retire. The question is, how can you and your spouse (if you’re married) achieve the greatest lifetime benefits?
Not surprisingly, there are many options, all of which require communication, cooperation, and a vision for your post-work years. It’s not possible to get into all of the scenarios and their potential outcomes, but we have gathered a few articles here to offer our perspective on how several strategies might work for you, whether you are married, single, widowed, or divorced.
How we can help
It’s always a good idea to consult your wealth advisor before making critical decisions about how and when to receive Social Security benefits. We can help you develop a vision and goals for what you want to do with your retirement, and then design a strategy to help you make it a reality.
View your Social Security statements online to check your earnings and benefits. It only takes a few steps to gain access to this valuable retirement planning tool.
Marriages may end, but in certain situations, Social Security retirement benefits can still be claimed by one or both ex-spouses.
Just when you think it’s safe to firm up your retirement plans, the Social Security benefit rules change. You may need to rethink your strategy and timing.
Survivor benefit strategies can be complicated, but they can also make a significant contribution to retirement cash flow.
Claim now, claim more later is another Social Security strategy that can yield bigger monthly retirement benefits for married couples.
File and suspend is a well-known Social Security strategy that involves claiming and then temporarily deferring benefits so your spouse can get larger monthly payments.
Baseball sage Yogi Berra said, "It ain’t over till it’s over." Same goes for Social Security, which remains financially sound and relevant to retirement planning.