As you approach retirement age, understanding the different strategies for how Social Security benefits can be claimed is critical – if you don’t understand the different strategies, you may begin claiming your benefits at a time that is less-than-ideal for you, and therefore may miss out on maximizing your benefit amount.
At Harvest Social Security QA, we know that how to claim Social Security is a confusing topic, which is why we provide free Social Security workshops around Dyer for members of our community. We encourage you to sign up for a workshop today, and in the meantime, review the following information about how Social Security can be claimed:
One method for claiming Social Security benefits is to wait until you reach full retirement age. Your full retirement age is dependent upon the year in which you were born. For example, if you were born in 1960 or later, your full retirement age is 67. However, if you were born in 1943, your full retirement age is 66. When you wait until reaching your full retirement age to retire, you will receive 100 percent of your retirement benefit amount. This amount is calculated based on your highest 35 years’ worth of earnings, which means that those who earned more will receive more.
While waiting until you reach your full retirement age is the only way to ensure that you receive 100 percent of your benefit amount, you have the option to claim your benefits early. In fact, anyone eligible for retirement benefits may begin claiming benefits as early as age 62. While this is a good thing for those who need the money now, keep in mind that because you are claiming before reaching full retirement age, your benefit amount will be reduced each month to account for this additional time.
Another option is to wait until after you reach full retirement age to begin collecting your benefits. For each year after full retirement age that you wait, your monthly benefit amount will increase up until age 70. As such, if you wait until age 70 to begin collecting Social Security benefits, your benefit amount will be much greater than it would have been had you started collecting benefits at age 62, or at full retirement age.
Another option for claiming Social Security benefits in Dyer is to claim benefits on the record of a spouse or an ex-spouse. You can claim benefits on your spouse’s record, even if you did not earn any work credits yourself, when you are at least 62 years old and your spouse is eligible for benefits. You can claim benefits on the record of an ex-spouse if the benefit amount you would receive on their record is greater than it would be on your own record, if you were married for at least 10 years, if you have not remarried, if you are at least 62 years old, and if your ex-spouse is eligible for benefits.
If you have more questions about Social Security benefits and which claiming strategy you should employ in your own life, don’t worry – we have the answers you are looking for. When you attend one of our free Social Security workshops near Dyer, you will learn everything you need to know to make a smart decision for your future. Sign up online today.
How did we do?
Note: Your review may be shared publicly.