If you will be receiving Social Security benefits in the near future, meaning you will soon be in your 60s, it is important to approach the situation with a strategy. Not sure how to approach the idea of receiving your Social Security benefits? These tips will help you learn how to receive the maximum benefit.
1. You receive more benefits if you wait.
Starting at age 62, you are eligible to receive Social Security benefits. This does not mean you should jump into it right away, though. You may want to wait until you reach the age of full retirement in order to receive the highest benefit possible. The longer you can wait, the more money you will end up receiving.
2. One spouse can delay receiving monthly benefits.
If one spouse delays retirement benefits, the other may receive more in surviving benefits should their spouse pass away. This is most effective if the breadwinning spouse delays until they are 70, when benefits have reached the maximum level.
3. Claiming earlier is smart if you have a shorter life expectancy.
You may be eligible to receive benefits at 62, but your full retirement age depends on the year in which you were born. If you will likely have a shorter retirement period, you may want to begin claiming benefits earlier on. This is the case if you are experiencing a life-shortening illness, for example.
4. Divorced individuals may be eligible to receive an ex-spouse's retirement benefit.
In order to receive this benefit, you must have been married for at least 10 years, be unmarried at the time of collection, be of age to collect Social Security, and have a benefit that is less than your ex-spouse's benefit. You will not be able to collect benefits from an ex-spouse if you are married again, unless your spouse dies or you are divorced again.
5. Seek information anywhere possible.
The more you understand the Social Security system, the more you can understand how to maximize your benefits. Stay up to date on your benefits as well as the laws surrounding when and how you can receive the benefits you deserve.
Social Security benefits are your right, but you also need to know how to access them. A Social Security attorney can help you ensure that you receive everything you are entitled to. This allows you to ensure that your rights are totally protected. Contact a law firm like Prediletto, Halpin, Scharnikow & Nelson, P.S. to learn more.
Share12 January 2017
