Brush up on Social Security and Medicare
Who can claim Social Security?
Percentage of monthly income that Social Security benefits represent for retirees.
Timing for claiming benefits
Full retirement age
And delayed benefits payable to a surviving spouse can increase significantly, as well.
The right age to claim all depends on you
Reduces monthly benefits and makes sense when:
- Life expectancy is shorter
- Income is needed for immediate cash flow
- Qualifying for additional family benefits
- Employing certain strategies that can enhance benefits for couples
Increases monthly benefits and makes sense when:
- Life expectancy is longer
- Working longer
- Spousal, or surviving spouse, benefits need to be maximized
- Looking for tax savings options and increased portfolio longevity
73% of current retirees get reduced benefits because they file before full retirement age.
Three common Social Security strategies
Consider these strategies.