FIND A LOCATION:
Find a Location
FIND A LOCATION
Call the Branch
Access online accounts
If you’re approaching retirement, you have some decisions to make about your Social Security benefits. There are strategies to consider, depending on your age and marital status, to help you make the most of your upcoming benefits.
As an individual, you can start receiving your retirement benefit at any point between age 62 and 70. Your full retirement age varies based on the year you were born. For people born after 1960, full retirement age is 67. You can visit the Social Security Administration to find your full retirement age.
When deciding what age to begin benefits, it’s important to review lifetime benefits for both members of the couple, not just a ‘break even’ analysis for each. If you can afford it, consider delaying receipt of benefits or using a strategy that employs filing a restricted application.
For couples born before January 2, 1954, where the higher earner has reached full retirement age but has not filed for personal benefits, and the lower-earning spouse will receive more with their personal benefit, consider using a spousal benefit to bridge the higher earner from full retirement age to age 70.
If you’re divorced, you may be eligible to receive benefits equal to half of your ex-spouse's full retirement amount if you start receiving benefits at your full retirement age.
You can claim spousal benefits based on a former spouse’s work history if:
If you wait until your full retirement age, you are eligible to use the restricted application strategy to let your personal benefit grow until you reach age 70, and if your delayed personal benefit is greater, you can collect that instead.
Note: Collecting spousal benefits does not affect your ex-spouse’s or their new spouse’s benefits.
You are eligible to collect up to 100 percent of your deceased spouse’s benefit at full retirement age, or you can collect reduced benefits starting at age 60.
As you can tell, there are a lot of scenarios and options. A financial advisor can help you evaluate the best strategy for your situation. Contact us to get started.
Investing and wealth management products are not FDIC insured, have no bank guarantee, may lose value, are not a deposit and are not insured by any federal government agency.