Very often I am asked by people who started social security benefits early if there is anything they can do to “reverse” their decision. There are a few things that one can do to eliminate or mitigate the economic costs of claiming too early. They are not right for everyone and each one has its downside, but there are certainly worth considering.
While Social Security benefits should be the foundation upon which many investors build their retirement planning structure, it is often overlooked as the effective economic resource that it can be. With our Social Security Program experience, training and software, we are able to assist our clients in determining the various social security claiming strategies available to them and which may be best for their unique situation.
I am often asked how long one must be married (or have been married) to receive Social Security benefits. The answer, as is common in social security claiming matters, is: “it depends.”
When I give presentations on Social Security Claiming Strategies, it is a common occurrence to be asked by someone in the audience what options are available to them if they claimed social security “too early.” What they probably mean to say is that they realize that their financial interests may have been better served had they waited and used a claiming strategy that would have increased their benefits.
Answering the question of what kind of benefit to take and when is not always easy, but once those decisions are made, it makes for easier financial planning in retirement for both the Social Security recipients in a marriage.
To receive information about having Jeff Young speak at your organization on Social Security Claiming Strategies, or to receive a Session Outline with other organization’s referrals about Jeff, email us at firstname.lastname@example.org for scheduling availability and pricing.