Sentences with phrase «claiming social security»

Claiming Social Security at age 62 reduces benefits by as much as 30 percent versus waiting until the full retirement age of 67.

GAO Report: Challenges For Those Claiming Social Security Benefits Early This report of the U.S. Government Accountability Office looks at the circumstances of people who file for Social Security benefits early to understand why they do so even though taking benefits before full retirement age reduces monthly payments.

The average age for retirement is 62,1 which is an important factor2 because that is when you can start claiming Social Security benefits.

Despite longer life spans, 62 remains the most popular age for claiming Social Security.

Our hypothetical couple could also delay claiming Social Security, which offers one of the best annuity deals around.

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.

While there is no one - size - fits - all single timing strategy, retirees who are considering claiming Social Security benefits should consider the following key factors to weigh any tradeoffs.

They also may provide other advantages, such as leaving money invested for potential growth and allowing you to delay claiming Social Security payments — increasing the size of the potential lifetime benefit.

Remember, your benefit increases roughly 7 % to 8 % for each year you delay claiming Social Security between age 62 and 70, so you may want to consider waiting to qualify for a bigger Social Security check later on.

To give yourself more room for maneuver, you could delay claiming Social Security until later in retirement — which, in any case, can be a smart thing to do.

The longer your life expectancy, the more delaying claiming Social Security until age 70 makes sense.

Strategies for claiming Social Security are discussed elsewhere.

Retiring from work and claiming Social Security at a younger age can hurt you, though.

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.

Among the issues you'll need to consider as you create an income plan: How much you'll receive from Social Security and whether you should you consider delaying claiming your Social Security benefit to boost the size of your check; how much of your nest egg's value can you withdraw each year without incurring too big a risk of running out of money before you run out of time; and whether you should devote a portion of your savings to an immediate annuity or a longevity annuity, so you'll have a another source of guaranteed lifetime income in addition to Social Security.

Every couple's financial situation is different, so there is no hard and fast rule when it comes to claiming your Social Security spousal benefits.

The moral of the story is, plan ahead (such as converting some tax - deferred income into non-taxable income before claiming the Social Security benefit) to minimize the chance of the Social Security benefits being taxed.

Even though we're living longer, 62 is still the most popular age for claiming Social Security, according to a Government Accountability Office report.

Working longer can also boost the eventual size of your Social Security check, as each year you delay claiming Social Security up to age 70 increases your benefit by roughly 7 % to 8 % a year, possibly more since the extra years of work may boost the lifetime earnings calculation the Social Security Administration makes to determine your monthly benefit.

If you delay claiming social security benefits, you could earn even more benefits, so think about making a budget to live off of your savings for longer.

How should my spouse and I coordinate claiming Social Security to get more in benefits?

That will allow you to postpone claiming Social Security benefits.

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.

My personal favorite this week is the Bloomberg analysis of when it is right to wait before claiming Social Security benefits.

Jason Thomas, CFP ® is back for a lightning round, this time the with 5 Mistakes Retirees Make When Claiming Social Security, right off the top of his head.

And as you get closer to retirement, you'll also want to consider how different strategies for claiming Social Security and integrating Social Security into your investing strategy might enhance your retirement security.

So, to recap today's show: you need a strategy for retirement withdrawals, you need a strategy for claiming your Social Security, and you need a strategy for investing in real estate.

People with sufficient income from other sources to cover retirement expenses immediately might prefer to delay claiming Social Security until later in retirement.

Jason Thomas, CFP ® comes up with 5 Mistakes Retirees Make When Claiming Social Security.

But to get an even bigger monthly payout, you can delay claiming Social Security until age 70.

While claiming social security benefits right away does help cover immediate costs, there are significant benefits in waiting to enroll.

This strategy is best used in early retirement to reduce market risks and to provide extra cash to delay claiming Social Security, Hopkins said.

Benefits increase for each month you delay claiming Social Security between the ages of 62 and 70.

Wishing to tap into potential income sources early is totally normal, and it's true there are certain situations where claiming social security early is the smart thing to do.

As you approach the age where claiming social security benefits is feasible, try not to bet the farm on «maybes» or wishful thinking.

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

«Proper planning around life events and claiming is vitally important when claiming Social Security,» Donohoe said.

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

(See also: 5 Questions to Ask Before You Start Claiming Your Social Security Benefits)

You will have four basic choices when it comes to claiming Social Security.

Nearly half of individuals are still working and earning a salary three years after claiming Social Security, showing that retirement isn't as binary as it is usually portrayed as.

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

«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.»

So you might stop your full - time job, for instance, but you may not start claiming Social Security until age 70, for instance.

Many couples should brace for two big changes when it comes to claiming Social Security benefits.

In 2016, just 4.6 percent of women and 2.9 percent of men first claiming Social Security benefits were age 70 or older, according to the latest data from the Social Security Administration.

Working longer can also help you delay claiming Social Security, boosting its value — especially for people whose late - life work replaces a zero - income year in the calculation.

Delay claiming Social Security.

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.

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