Social Security’s Biggest Misconception: Spousal Benefits Before Full Retirement Age
Spousal benefits are benefits unto themselves that can create significant confusion and lead to a lot of questions.
Spousal benefits are benefits unto themselves that can create significant confusion and lead to a lot of questions.
There are two rules that may reduce the amount of Social Security benefits you will receive as a public -sector employee – the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These provisions are designed to treat everyone as if Social Security is their only pension source.
“Full retirement age” means the age at which you become eligible to collect 100 percent of your monthly Social Security benefit.
It’s important to plan how you will apply for these benefits. Many ex-spouses do not even know they are eligible for this benefit. Careful planning is a must.
The law that applies to withdrawing Social Security benefits changed in December 2010. The current rules for withdrawing are detailed here.
Various fixes are being proposed now to save the program and/or make it viable for future generations.
There are basically three ways to address the problem: do nothing, make raises or make cuts. Here are some of the many proposals suggested for the Social Security program.
One of the most commonly asked questions at Mister Social Security is, “When is the best time to file for my Social Security benefits? Earlier or later?”
There are many variables that answer this question, so let’s explore.
It’s no surprise that the biggest retirement fear is outliving your retirement savings.
Understanding how Social Security integrates with your overall financial and retirement planning is critical. There is no “one size fits all” category. Why is this so important? Check out my list!
Without fail, when I sit with clients to discuss maximizing their Social Security claiming strategy the higher earning spouse will say rather emphatically, “My spouse will get half of mine”.
WELL, THAT’S A BIG FAT MAYBE!
In August of 2016, the Social Security Administration will add another step to your login process.
When you log on to the Social Security website at www.ssa.gov, you will see a section called “my Social Security” on the home page. You use this section to manage your account, change your address and review your Social Security statement to make sure your earnings have been posted correctly.