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Most think that claiming Social Security is a simple retirement decision – you retire and you start your benefits. Not so fast – there are some strategies that can help boost a married couple’s retirement savings with thousands of dollars of additional income. Make an appointment with Jean Ann Dorrell to review some of these strategies.
Find out your social security benefit estimate on this calculator here.
Timing is everything. Waiting to claim Social Security is one of the best things you can do to improve your retirement security. The majority of retirees still claim benefits as early as they can, at age 62 – not a good move if you still plan to keep working or have other retirement assets. Taking benefits before full retirement age results in a permanent reduction of as much as 25% of your benefit. There’s a big bonus to delaying your claim — your benefit will grow by 8% a year up until age 70. Any cost-of-living adjustments will be included too.
Visit this link to figure out your full retirement age, the age at which you may first become entitled to full benefits.
Social Security facts:
- Unless Congress acts, the trust funds that support Social Security will run out of money in 2033, according to the trustees who oversee the retirement and disability program.
- Social Security beneficiaries will be getting just a 1.7% increase in their benefit in 2013, one of the smallest annual cost of living adjustments since 1975.
- Social Security monthly payments average $1,237 for retired workers and $1,111 for disabled workers. Most older Americans rely on Social Security for a majority of their income; many rely on it for 90 percent or more, according to the Social Security Administration.
- Social Security is already the largest federal program and it’s getting bigger as millions of baby boomers reach retirement. More than 56 million retirees, disabled workers, spouses and children get Social Security benefits. That number will grow to 91 million by 2035, according to congressional estimates.
