Sentences with phrase «claiming social security benefits»

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.

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.

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.

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.

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

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.

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

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

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.

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.

For some people, it may make sense to draw on 401 (k) assets earlier and defer claiming Social Security benefits until 65 or 70 in order to get much higher benefits from the government plan.

Many other experts agree that 70 can not be the universal age for people to start claiming Social Security benefits, and some explain how claiming early can actually be very beneficial.

If you do claim Social Security benefits early, chances are you will take money from another source to make up for that lost income, Myers said.

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

CNBC's Sue Herera reports veterans who wait to claim Social Security benefits until they are 70 will increase their benefit by 8 percent a year.

There are a few ways to claim Social Security benefits, but doing so online at www.ssa.gov is by far the quickest and most efficient way.

If you claim Social Security benefits before your FRA, you will get a reduced benefit.

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

For those who are unfamiliar with them, spousal benefits allow you to use your spouse's earnings history rather than your own to claim Social Security benefits.

Dan Dzombak: It could also be a huge mistake to wait until turning 70 to claim Social Security benefits if you plan to claim spousal benefits.

The earliest age at which you are eligible to claim Social Security benefits is 62.

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.

While there are financial upsides to waiting to claim your Social Security benefits, there are also times when this doesn't make sense.

How much will you get if you claim Social Security benefits based on your spouse's income?

There are a few ways to claim Social Security benefits, but doing so online at www.ssa.gov is by far the quickest and most efficient way.

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.

And what pre-retirees don't know could cause them to leave money on the table when they do decide to claim Social Security benefits.

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

It gets even worse when you hear recent survey results that say three out of four people will file to claim Social Security benefits as soon as they're eligible at age 62.

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

In 2017, Americans born in 1955 become eligible to claim Social Security benefits at age 62.

Some people put more thought into whether to have fries with their Big Mac than deciding when to claim Social Security 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.

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.

Finally, there's a special consideration for those who first claim their Social Security benefits in the middle of the year.

And we were going through Social Security, and some claiming strategies when it comes to Social Security, and we talked about — for those of you listen to the show you probably know the two big things that you should understand before you claim your Social Security benefit: one is the spousal benefit, and one is the survivor benefit.

Back in 1985, 57 % of men and 62 % of women claimed their Social Security benefits early, at age 62.

How much will you get if you claim Social Security benefits based on your spouse's income?

Speak to your approved money adviser about whether a debt payment programme is a realistic option if you start to claim social security benefits.

Deciding when to retire and claim Social Security benefits can be one of the most important financial decisions older Americans make.

Several work - related factors may cause people to claim Social Security benefits early and suggest they may face challenges in continuing to work at older ages.

If an identity thief has your personal information, he or she could use it to claim Social Security benefits in your name, hack into your retirement accounts or commit Medicare fraud.

What's the best age to claim Social Security benefits?

In 2017, Americans born in 1955 become eligible to claim Social Security benefits at the earliest claiming age of 62.

If you're married, it's possible for you to claim Social Security benefits at the appropriate time in one of two ways.