When Should I Claim Social Security Benefits?
Claiming Social Security benefits is a huge decision for someone who is entering retirement. Making this one decision can impact your retirement income, and your retirement planning for the entirety of your retirement.
The first eligible age the you are allowed to collect Social Security benefits is age 62.
Full Video: https://www.youtube.com/shorts/NR6ljAk_p7c
From age 62-70, your Social Security benefits increase. Determining when you should collect social security benefits should be based on your working history, family circumstances, and current health.
Social Security Benefits based on Age:
62-70% of Social Security Benefits
67-100% of Social Security Benefits
70-124% of Social Security Benefits
When you decide that, it’s time to start thinking about claiming Social Security benefits, there are some factors you need to consider, when determining when you should claim Social Security:
1. Am I going to continue to work while collecting Social Security?
2. Am I single, or married?
3. Will Social Security be enough retirement income in retirement?
4. How long will I need retirement income from my investments before turning on Social Security?
5. Will my Social Security benefits be enough for my spouse if I pass away?
Social Security Spousal, Survivor, & Divorced Benefits
What are the rules for spousal benefits of Social Security?
Social Security Spousal, Survivor, & Divorced Benefits Made Easy Social Security spousal benefits, divorced spousal benefits, and survivors benefits are some of the most overlooked and misunderstood Social Security claiming strategies for families who are on Social Security.
If you are currently on Social Security or you are going to be on Social Security soon, it is important you understand your Social Security strategy options.
How you qualify for Social Security Spousal Benefits
(Married):
1. You are at least 62–unless you are caring for a child under 16 or permanently disabled.
2. You have been married to your spouse for at least 12 months
3. Your spouse is already receiving social security retirement benefits How you qualify for Social Security Spousal Benefits
(Divorced):
1. You are not remarried
2. Your ex-spouse is over 62 (Does not have to be claiming Social Security Benefits)
3. Married for at least 10 years
4. If ex-spouse is deceased (see below) How you qualify for Social Security Spousal Benefits
(Widowed):
1. 100% of Spouse’s social security benefit if you wait until FRA
2. Remarriage does not impact social security spousal benefits
❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌
Another Social Security Blog You Might Enjoy: https://pearlwealthgroup.com/when-can-i-claim-my-social-security-retirement-benefits/
More Information on Spousal Social Security Benefits: https://pearlwealthgroup.com/what-are-the-rules-for-spousal-benefits-of-social-security/