Fact: Claiming social security benefits requires time and planning
When it comes to claiming Social Security benefits, timing is key. You must take into consideration your financial situation and your health, as well as that of your spouse’s. Which would benefit you most? If you claim social security benefits early, you will receive regular checks at monthly intervals for years to come. Taking your benefits later, say 70, allows you to obtain larger checks alongside your retirement savings. In the unfortunate passing away of a spouse, it may be beneficial to claim social security benefits at a later date. If one spouse, say your wife, was the primary breadwinner, you may be able to obtain a larger benefit from years of their earnings.
The situation is different if both individuals were earners. The survivor spouse can claim the higher of the two earnings and benefits. Survivor’s benefits are unrelated to the age with which you claim your social security benefits. Based on your circumstances, claiming social security at 62, 66 or 70 must be carefully thought out. Financial advisors can help you plan out your future course to the best possible outcome.