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Social Security Solutions for Retirees
Friday, May 27, 2016

Social Security solutions for retirees are limited but very important. Once you make a decision and file for benefits you are locked into those benefits with very few choices for change. The Social Security Administration will not discuss all the options available to you. Their assumption is you have done the work to determine what all of your options for filing are, and you have decided that filing an application is best for you and your own situation.

The problem is you have many choices but most individuals do not know what choices are available. Most folks know you can file at age 62. Did you know if you were born between 1943 through 1954 and you file for Social Security benefits at age 62 you take a 25% reduction in your monthly benefit from what you would receive at your full retirement age? This reduction is permanent and will be with you for the rest of your life.

Do you know your full retirement age? It is different for individuals and is based on the year you were born. It began as age 65 but starting for individuals born in 1938 this began to increase until it reaches age 67 for individuals born in 1960. Those born in 1960 or later who take Social Security benefits at age 62 receive a 30% reduction in benefits. This reduction not only affects your benefits but also limits the amount of benefits you leave for your widowed spouse.

Did you know if you delay receiving monthly benefits past your full retirement age you receive delayed retirement credits that equal an 8% per year increase in your monthly benefit? Those whose full retirement age is 66 would receive a 32% increase in their monthly benefit payment if they wait until age 70 to receive benefits. Those are just a few of the options available to individuals.

A single individual has about 3 different options, a married couple has about 8 different options and a widow/widower has about 4 different options to consider before filing for their Social Security. The Social Security Administration will talk to you about some of the well know options, but you’ll rarely get them to discuss the file and suspend option available to married couples. Only a Social Security consultant will discuss all the options available to you with the pros and cons for each.

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What I like the best regarding my consultation is that Jim Blair explained all of my options. Premier Social Security Consulting specializes in Social Security and does not sell investments or insurance. I found this to be refreshing.
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