Check out these Social Security strategies explained by a Retirement and Financial Planning Specialist
Social Security has become a popular topic recently thanks to a growing number of retiring baby boomers. If you are one of those 76 million individuals planning to retire soon, you should consider the following Social Security strategies outlined by Retirement and Financial Planning Specialist Gail Buckner in his Your $ Matters column:
Delayed Retirement Credit (DRC) Pay-Off
Today you have a number of options for claiming Social Security benefits. One of these options is the so-called Delayed Retirement Credit, which increases your benefits for every year you delay your full retirement age. Mr. Buckner notes the advantages of postponing retirement to age 70 instead of 60: your monthly check will be at least 32% bigger and it will increase according to the annual cost-of-living adjustments for each year. Age 70 is the point at which there’s no gain from postponing Social Security.
File-and-Restrict & File-and-Suspend
These two strategies combined allow one spouse to receive a Social Security benefit, while neither spouse has started taking their own benefit. When both spouses reach the age of 70, they can ask Social Security to start sending them the benefit they’d earned. Mr. Buckner advises you to speak to a Social Security representative if you want to see if you can benefit from File-and-Restrict and File-and-Suspend strategies.
For Mr. Buckner’s full article, please go to Fox Business Network.
Tags: social security, strategies
