Social Security Advisors in Charleston, SC

SOCIAL SECURITY ADVISEMENT:

The number one question we get is, “When do you think I should take Social Security?”

The answer depends on your personal circumstances, and there is much to consider. Many couples seem anxious to take Social Security and start receiving a check.

Yes, yes. We have read the headlines too about Social Security being in trouble, so should you get your money now, while you can – “Not so fast.”

The following strategy is one that may be great for you, and many people are unaware of how it works:

When One Spouse Will Get a Much Bigger Benefit Than the Other

When one spouse is on track for a much bigger benefit, that spouse may take a large step in protecting the surviving spouse by delaying Social Security until 70 to maximize the total household benefit.

• The real advantage of waiting is protecting the surviving spouse in the later years of life.
  
• Should the high-earner predecease the lower-earner, the low-earner will lose his/her benefit, but will get the much higher, high-earner’s benefit instead.

Rather than delaying benefits unnecessarily, the lower-earning spouse could choose to start taking benefits early — claiming on their own work record – to bring in some extra money for the household.

When the higher-earning spouse applies for benefits, the Social Security Administration will automatically switch the lower-earning spouse over to their spousal benefit, if it is higher than their own benefit, while the higher-earner collects their maximum benefit.

Want to find out how you can get the most out of Social Security for your circumstance? Schedule your no cost consultation now.