Disability is not a subject that we often think about when reviewing Social Security benefits. Optimism could be the culprit – after all, becoming disabled is not something that you think could ever happen to you, especially in your younger years. However, the...
If you have investments like a 401(k), traditional IRA, and/or a Roth IRA, drawing these down first to grow your Social Security benefits may be prudent. This is especially true if you want to retire at sixty-two or earlier. The longer you defer taking your benefits,...
Most often the spouse with the lower lifetime earnings should consider taking his or her Social Security benefits early. The benefits will provide income while the spouse with the higher lifetime earnings delays taking benefits for as long as possible, preferably to...
You will start losing money immediately in terms of a reduced monthly check when you begin receiving benefits before reaching full retirement age. However, there is something known as a break-even point on benefits you took early. When you reach about age...
In most cases if you’ve worked and paid into Social Security for more than the required forty quarters to be eligible for benefits, your retirement benefits will exceed those of your spousal benefits as a current or ex-spouse. In other words, spousal benefits usually...
Taking Social Security benefits early automatically reduces them. If you wait until full retirement age to collect your spousal benefits, you will receive a monthly check equal to 50 percent of your spouse’s full retirement benefits. The same applies if you are an...
