Sentences with phrase «claim social security retirement benefits»

Despite higher monthly benefits for those who delay, many people still claim Social Security retirement benefits at age 62, the earliest age of eligibility.

Upon returning to the workforce, Cheryl took the steps necessary to become a licensed financial services professional and quickly realized the vast majority of current and prospective retirees did not have access to the advice and resources required to make an educated decision on, what in most cases, will prove to be one of the most critical financial decisions they'll ever make; when and how to claim Social Security retirement benefits.

Immersing herself in that realm and working almost exclusively with current and prospective retirees, she quickly realized that the vast majority of those with whom she met lacked the proper information, advice and resources regarding one of the most critical issues regarding their financial future: when and how to claim their Social Security retirement benefits.

The first paper, authored by economists at the Investment Company Institute and the IRS, used data from a large sample of taxpayers to examine what happened to individuals» inflation - adjusted disposable income up to three years after they claim Social Security retirement benefits.

It usually doesn't pay to claim Social Security retirement benefits early.

Claiming Social Security retirement benefits at the earliest age — 62 — is a big temptation for many aspiring retirees.

Assumes a single - income household retiring and claiming Social Security retirement benefits at age 67.

To be clear, if you're still working and haven't claimed your Social Security retirement benefit yet, there's no way to tell you with 100 % accuracy how much you'll get.

As a spouse, you have the option of claiming a Social Security retirement benefit based on your own earnings record or collecting a spousal benefit equal to half of your spouse's Social Security benefit.

Not exact matches

If you're approaching retirement, you're probably already itching to claim your Social Security benefits.

Determining how and when to begin claiming Social Security starts with an assessment of whether or not you can afford to delay benefits until your full retirement age, said Alison Shelton, senior strategic policy advisor with AARP.

More from Fixed Income Strategies: If you're lucky, this retirement expense will be just $ 280K How to decide if you should delay claiming Social Security Hidden tax benefits for retirees and their caregivers

You may not want to work in retirement, but taking on a part - time job the first few years so you can delay claiming Social Security benefits could significantly boost the benefit you receive.

The Bipartisan Budget Act of 2015 (Public Law 114 - 74; November 2, 2015), made some changes to Social Security's laws about claiming retirement and spousal benefits.

For example, my full retirement age is 67 and if I claim at age 62, the earliest age at which I can file for Social Security benefits, my benefit will be equivalent to 70 % of my full retirement age benefit.

Married couples need to think about how their Social Security claiming strategy will affect [one another's] benefits and income in retirement.

Steve Garfink, author of Retire in Luxury on Your Social Security, will talk about what, specifically, you can do to ensure you're positioned to claim the maximum retirement benefit due to you.

I plan on taking Social Security at 66, because that will be full retirement age for me, and my wife will receive 50 % of my benefit when I claim it (the max she can get).

Waiting to claim Social Security benefits can significantly boost your guaranteed lifetime income in retirement.

Social Security benefits and other types of retirement income are taxed in West Virginia but seniors can claim a deduction to offset those taxes.

As described below, Social Security benefits and other types of retirement income are taxed in West Virginia but seniors can claim a deduction to offset those taxes.

«For each year participants defer claiming Social Security, they receive a 6 - 8 % increase in lifetime benefits, under current conditions, which can make a big difference in their quality of life in retirement.»

You'll need a plan for managing your income during retirement, and you'll need to decide when to start claiming Social Security benefits.

If you qualify for Social Security, you can claim your benefits as early as age 62, but you won't get 100 % of the benefit you're entitled to unless you wait to claim until you reach your full retirement age.

When to claim Social Security benefits will be one of the most important decisions that you make regarding your retirement, along with how to take retirement income from your various retirement accounts and how you will fund your health care needs in retirement.

Steve Garfink, author of Retire in Luxury on Your Social Security, will be on hand to talk about what, specifically, you can do to ensure you're positioned to claim the maximum retirement benefit due to you.

You can determine how much of a hit you'll take claiming benefits early by visiting the Social Security Administration's retirement planner site.

Our estimate is sensitive to penalties for early retirement and credits for delaying claiming Social Security benefits.

Found buried on the 150th page of the 214 page, $ 3.9 trillion budget, was this key sentence: «In addition, the budget proposes to eliminate aggressive Social Security - claiming strategies, which allow upper - income beneficiaries to manipulate the timing of collection of Social Security benefits in order to maximize delayed retirement credits.»

The only comprehensive retirement training organization in the financial services industry focused exclusively on educating professionals on the nuances of Social Security retirement planning, the organization creates and provides a training course on Social Security retirement benefits and claiming strategies and provides advisors with the opportunity, for those inclined to do so, to sit for a comprehensive exam that if completed successfully will provide them with the Certified in Social Security Claiming Strategies desiclaiming strategies and provides advisors with the opportunity, for those inclined to do so, to sit for a comprehensive exam that if completed successfully will provide them with the Certified in Social Security Claiming Strategies desiClaiming Strategies designation.

In 2013, the Corporation for Social Security Claiming Strategies was formed and one year later, A Comprehensive Guide to Social Security Retirement Benefits and Social Security Claiming Strategies was launched endeavoring to provide advisors with the knowledge necessary to advise clients on the intricacies of the Social Security system and teach them to utilize that information as the foundation for retirement income plans sustainable throughout their client's lifetime and beyond.

If you claim benefits before your full Social Security retirement age, which will be either age 66 or 67, your benefit will be reduced if you're still working and your earnings are above certain thresholds.

But if you claim Social Security before full retirement age and continue working, your earnings might reduce your benefit amount — but only until you reach full retirement age.

December 2014 by Marty Allenbaugh By strategically choosing when and how to claim Social Security benefits, singles, divorced individuals and married couples can optimize their retirement income.

Lower - earning spouses who claim their own Social Security benefit before full retirement age take a cut of as much as 25 %.

As you near retirement, when to claim your Social Security benefit is one of the biggest financial decisions you'll need to make.

For example, some couples may decide to claim one spouse's Social Security benefits at normal retirement age, while delaying the other spouse's benefits until age 70 to allow the second monthly payment to grow.

To do that, you'll want to go through a rigorous retirement - income planning process that starts with thinking seriously about how you'll live in retirement and then moves on to such tasks as making a retirement budget; assessing different strategies for claiming Social Security benefits; considering whether you want more guaranteed income than Social Security alone offers (which is where an annuity might play a role); and, settling on a withdrawal rate that has a reasonable shot at making your savings last as long as you do.

Retiring later also provides the opportunity to get a larger monthly Social Security benefit, because each year a person delays claiming benefits past full retirement age (age 66 for people born between 1943 and 1959; age 67 for people born after) increases the monthly payment by about 8 %.

Each person's Social Security benefit will depend on a number of factors, including earnings history and the age at which they claim benefits, but the maximum Social Security benefit for a person retiring at full retirement age in 2018 (between age 65 and age 67, depending on birth date) is $ 2,788 a month — or about $ 33,400 a year.2 To create a personalized estimate for Social Security benefits, use the Social Security Administration's Retirement Estimator.

The Bipartisan Budget Act of 2015 (Public Law 114 - 74; November 2, 2015), made some changes to Social Security's laws about claiming retirement and spousal benefits.

By the way, postponing your job - exit date can also improve your retirement outlook in another way: Each year between the ages of 62 and 70 that you delay claiming benefits, the size of your Social Security check increases roughly 7 % to 8 %, and that's before annual adjustments for inflation.

If I don't reach retirement age before he passes away, will I still be able to claim his social security benefits?

Possibly up until you reach retirement age and claim regular Social Security benefits.

If you were born between 1943 and 1954 and hence your full Social Security retirement age is 66, your benefit will be reduced by 25 % if you claim benefits at age 62, 20 % if you claim at 63, 13.3 % at 64 and 6.7 % at 65.

To find out, you need to know your full Social Security retirement age — a crucial piece of information, especially if you're married and trying to figure out the best strategy for claiming benefits.

The «claim now, claim more later» strategy outlined in a new study by the Center for Retirement Research at Boston College is based on the fact that married individuals are entitled to either a Social Security benefit based on their own earnings or to a spousal benefit equal to one - half of their spouse's full retirement benefit.

Even people decades away from retirement should pay close attention to how Congress just ended two lucrative ways of taking Social Security benefits, known jointly as the «claim now, claim more later» strategy.

Consult with your financial professional to learn how different Social Security claiming strategies could impact your retirement plan and figure out the optimal time to start collecting benefits.

If you claiming Social Security at the earliest age of 62, you will receive a permanet 25 % cut in retirement benefits, compared to full benefits you'd receive at age 66.