Over the next several weeks, we will be sharing in blocks of 10 Social Security tips to help you maximize your claiming strategy. Please call us to help you strategize the best path for you. Don’t leave your money on the table.
Did you know that Schlabig & Associates has a National Social Security Advisors (NSSA) on staff? Tom Hager at our Kent, Ohio office is a certified advisor in this area. In fact – Tom Hager was the 2014 NSSA Advisor of the Year! Social Security planning should be an integral piece of your retirement planning. Over the next several weeks, we will be sharing in blocks of 10, Social Security tips to help you maximize your claiming strategy. Please call us to help you strategize the best path for you. Don’t leave your money on the table.
Here is today’s 10 tips & tricks:
- Developing a PLAN for Social Security benefits could increase lifetime benefits up to 20%.
- The 2/3rds Government Pension Offset is applicable if your spouse can receive Social Security benefits and worked outside the SS system.
- “Most people think spousal benefits are 50% of your spouses benefit. 50% is the MAXIMUM amount. It could be less.
- Taking Social Security benefits the right ones at the right time is one of the biggest financial decisions you ever make!
- Factors to consider when taking benefits early vs later,financial, health,how long you will work, and the affect on future survivor benefits.
- The Social Security Handbook has over 2700 separate rules that govern benefits. There are also thousands of explanations in the POMS manual.
- The best advice on Social Security hinges on a combination of variables that may be unique to an individual person or couple. Make a Plan!
- Widow/er benefits for Social Security are based both on when your spouse “claimed” and when the widow/er “decides to claim”. Make a Plan.
- When you file for spousal benefits before full retirement age, you are also “deemed” to have filed for worker benefits. Be careful with this.
- In order to calculate your Social Security benefit, you use the highest 35 years of earnings.