Sure you can start your social security benefits at age 62, but is that wise? In most cases not. In most cases, given average life expectancy, you earn more by waiting until your full retirement age to start benefits. If you’re married, you have even greater flexibility and opportunities to get higher social security benefits.
One set of researchers found that for married couple, having the lower-income spouse start benefits at age 62 and for the higher income spouse to defer benefits to age 70. The lower income spouse should start as early as possible because their ‘penalty’ for starting early disappears when the higher income spouse dies (the lower income earner can then collect the deceased’s benefits).
Another little know tactic is the ‘file and suspend’ provision. This allows the higher income earning spouse to file for benefits at his full retirement age yet suspend the actual collection of benefits until later. The suspension of collecting benefits allows the benefit to grow through age 70. Yet, as soon as the higher income spouse files, the lower income spouse may start collecting benefits at 50% of the higher income earner’s rate.
If your situation changes after you begin benefits, you can exercise the little know ‘do-over’ provision. In such a case, you pay back all of the social security benefits you have received (without interest!). You can then re-file when you want your benefits to start thereby allowing you or a spouse to collect more. If you have no problem sending the government a large check, you may want to start your benefits at age 62 knowing that you can always exercise the do-over provisi0on and reverse your earlier filing.
You can use this limited information above to tell if your retirement advisor is any good. Most financial advisors know little about social security because there’s nothing for them to ‘sell.’ Knowledge of social security won’t make then any commissions. However, more competent fee-based retirement planners will charge a fee for their time in analyzing your social security options and help you maximize the decisions and get thousands more in your pocket.
During these tough economic times that the United States has been facing, it could get discouraging to think about retirement. It used to be that people would work hard their whole lives to plan for one day being able to have a relaxing retirement. Although, because of the financial hardships that many of us are facing nowadays, it seems that a lot of people are having to put off their retirement to continue working a few more years. If this is the case with you, and you are having to put off retirement due to financial problems, it might be wise to consider opening a 401K retirement plan. This can give you the security you need to know that one day you will be able to have that relaxing, stress free retirement that you’ve long deserved.
Most retirees and those looking forward to retirement do not know these little known facts. I have tried explaining these same facts to older family members who are receiving benefits already and could receive add to their SS benefits by do this but they don’t believe me. Do you know why?
“Well, they surely would have told me this when I’ve gone into SS office if it was true.”!!
My guess is most of the “clerks” are not trained well enough to know this information to pass it on, or SS adm. does not want it promoted.
Thank You for the delivering much needed information.
United States recently facing an economic inflation and crisis on every sector.
It is used to that people who would work hard on whole lives to plan for one day being able to lead retirement session.Well, I want to get the information physically presenting there,i think it will reflect exactly that has been mentioned here exactly.
In these days when our economic goes to tough stage we must think about retirement. lots of people work hard whole life to secure their retirements.
they take all need like retirement plans to secure their relaxing, stress free retirement in future.
Most of the retire people or those who looking for the same do not know this information. even in the SS office staff also not know about this. this is very useful information shared.
Thank you for all this information
When people are thinking about transitioning to retirement, they should seek the advice of a fee based financial consultant to determine the probability of success. A financial plan is an excellent tool for someone to better understand their financial ability to retire while taking into account when, or when not, to receive social security. What may appear to be a clear cut answer, one should always understand all the ramifications and how they interrelate with the the assets that are available to draw upon before making a decision.
Just like a business has a business plan they use as a road map to guide them over a five year period, every family should should adopt their own family business plan in the form of a personalized financial plan.
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Unfortunately most people are not planning their retirement until it is too late. Luckily I think that the youth today are far more aware of the importance of starting out early than their parents and grandparents. The is no longer the “job security” and you’ll have to take care of yourself because nobody else will.
I never heard of this before. Interesting one can collect while other wits to make thier benefits higer. Seems like a win but not sure if it effects spouse benefits after others death. Have to look into this one.
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During the current global recession people are preparing for retirement even more poorly than normal. Personally i have no great hope for the national pension by the time i would be due it, and feel i must store up money from property and investment to keep my head above water when i am “fortunate” enough to retire!
“Most financial advisors know little about social security because there’s nothing for them to “sell.” – This was a good point that people should consider with their IFA. Essentially, they are salesmen and where there is no benefit for them, we must research everything ourselves!
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The media has made it seem impossible or irresponsible to get loans, however there are still some reputable companies that are willing to walk you through the process.
Just because you lost much of your savings or it might be necessary to get more out of your social security doesn’t necessarily mean that your dream of a retirement to Florida (or California, or Arizona, or anywhere for that matter) are out of reach. In fact, real estate prices are dirt low in these places.
But I digress, my nephew in high school even now learns the benefits of waiting to cash in on social security and other benefits. While the allure of money now is always hard to resist, the benefits in the end make it more than worth it. I think we’re fortunate to have a future generation of fiscally responsible people, or at least people who learned how to be fiscally responsible (to be fair, whether or not they are we don’t know).
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The “do-over” provision sounds like a good idea, especially if you’re afraid Social Security benefits will be significantly cut back as the Baby Boomers place a larger burden on the system. While in the past it might not have made sense to accept less to get the benefits early, serious consideration needs to be given to the solvency of the social security system itself. Even higher taxes just won’t be tolerated by the future working class.
The “File and Suspend” tactic is by far one of the most powerful ways to maximize your retirement benefits.
Unfortunately, not many advisors even know about it.
Thanks for sharing these tips.
In current economic situation in USA its really very tough to think about retirement. Even then proper and planned steps can help people getting a big check after retirement. And u people have showed the ways in a very inspiring way. Specially the “File and Suspend” tactic. Thanks for sharing this wonderful piece of tips with us.
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I am currently receiving social security benefits. If we have negative inflation in 2009, would my benefit be reduced in 2010?
I don’t even think I can ever retire. Social Security is in the toilet right now
We have decided to contribute to a private retirement fund for all of our permanent employees as of January 2009. We would like to help our employees so they have additional funds available when they retire.
it’s amazing to me that this stuff is so complicated. i doesn’t surprise me, mind you, but is still amazing. From someone who will never see a dime in social security, I would say, enjoy the fruits of your labor to the hilt. Be smart and live well. Having said that, I think the whole idea of retirement is changing, but that’s probably another discussion. i’ll pass this on to folks i know who are dealing with this stuff.
The information you provide here and in the rest of this blog is without a doubt the most informative I have found regarding retirement information. I was searching about 6 months ago as my father was not handling things very well with his retirement and finances and was trying to find as many ways that I could help, or figure out how he could get help. I didn’t find your site then but from today I will be having a great time sorting through the various options, some of which are most definitely available to him especially I think this “file and suspend” provision will work with himself and my step mother.
Thanks for the great information and I will be back to get the rest, and to keep myself informed for when the time comes for me to look further into tricks and tips but also make a bit better plan for myself so I don’t end up with the worries and headaches like my father has, or like he has unintentionally passed on to me (I am not grumbling Dad).
Excellent stuff
Regards
Adirec
Thanks for all the great info, as quite a few of us are thinking about retirement plans nowadays. I suppose if you are single, the same game plan remains…wait until 70 before claiming retirement benefits?
In these days when our system goes to strong traveling we moldiness think almost withdrawal. lots of grouping activity merciless unit story to tightened their retirements.
they select all status equal retirement plans to secured their restful, articulate free withdrawal in prospective.
Eyeopening article. People are a bit reckless in starting the insurance cover early in their career and they rue at their fag end. Social security is highly needed in these volatile economic conditions especially for the old spouses.
It is used to that people who would work hard on whole lives to plan for one day being able to lead retirement session.Well, I want to get the information physically presenting there,i think it will reflect exactly that has been mentioned here exactly.
Thanks for sharing these tips.
I haerdthat this is a good idea only if you ujse the money to make money and can pay it back. If you can get interest from a bank that pays good and not use the money it sounds like a good idea to take it at 62 then pay it back so you get more at 65.
Interesting stuff. I never realized you could file and suspend. I do think one thing that should be mentioned in determining at what age you will start receiving social security is your expectation as to inflation.
In the current era of record fiscal and monetary stimulus its possible we will incur some significant inflation, which the CPI is shown to undermeasure.
For someone who doesn’t need the social security payments yet, they might consider making extra payments on their mortgage.
The dollar will fall withing next 5 years – everyone will be getting bigger social security check. It’s just going to be worth less. Thanks for the post.
By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly
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hey Bob,
Great article. It saddens me to see so many people start partial payments at 62. I guess they’re anxious to get what’s coming to them, but they don’t realize that if they live long enough for it to really matter… they won’t get as much as if they’d just WAITED! Still, all these people “short changing” themselves may help keep the system going a few more years… 🙂 Steve, aka the “show booths” guy
Many people take social security at 62 without any analysis or thought. For them it is some extra money in their pockets now, even if they continue to work. It is very short sighted. With political uncertainty in the U.S. and cuts to social security probable it is imperative to leave all options open. The decision to take social security is a one time deal, except for strategies listed in this post, so rushing to take social security early is a big mistake. People need to be ultra cautious about when to do this.
I will be 62 in 3/2010 and started my own small business in 2003 but want to apply for SS income after my birthday. Can I apply online on the SS website and how much of an income should I expect?
Thank you.
Social security can be such a confusing subject. the “file and suspend” provision is really good advice for those who are financially able to suspend collecting until after the age of 70. It is aslo makes sense for the spouse. Realizing that married couples can work in tandum to get the most from thier benifits is really important. Lerning to optimizing your benifits from social security is made easier when you have all the facts.
Thank you for the advice on how to get a bigger social security check. Althiough the waiting until full retirement age can be a problem for some people, it is is helpful to understand how much of a bigger check will be recieved by doing this. The “file and suspend” provision is worth looking into for those who are able to do this financially and for many this provision just makes good sense.
I recently met with my accountant and he said that the average person will never be able to retire on their savings. Social security is the only thing that will help get people through retirement, but even that is uncertain.
In current economic situation in USA its really very tough to think about retirement. Even then proper and planned steps can help people getting a big check after retirement. And u people have showed the ways in a very inspiring way. Specially the “File and Suspend” tactic. Thanks for sharing this wonderful piece of tips with us.
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I’ve never heard of this “do-over provision you reference in your article. Seems like an awfully friendly option for a government backed plan. Unbelievable that it is interest free also. I’m definitely going o have to do a little digging on this option. Thanks for the help.
Johnny Blaze
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No wonder how little i know about social security benefits. It is never too late for anything, at least i am considering to educate myself on retirement income now. I have a question bob, what if the higher/lower income partner dies before 62? Will the other partner will be benefited? How?
James
Great information about retirement benefits. I know a little about this before reading this post. I would also agree that young adults will start thinking about their retirement benefits starting today.
Yeah it is kind of sad about social security benefits now a days. It seems that so many more people are working longer because they can not afford to retire. I watch my parents working part time just to hold on to their health benefits and make extra income otherwise they could not survive. I wish there was something that I could do; it makes me wonder what is going to happen to my husband and I when we reach that age; especially since the system is going to just get worse.
Social security will never drop, can only go up, in my opinion. So this is an intriguing article on increasing it.
I do alot of investing, and i feel terrible for everyone with their retirement fund invested in Lehman Brothers and Washington Mutual before 2008.
At present day while our financial goes to rough period we must reflect about giving up work. A huge number of people work tough their entire life to safe their retirements.
They get all require like retirement plans to safe their peaceful, tension free retirement in next day.
I am going to retire from my company and have a big list of my home expenses and medical bills but my company is not giving me that much relaxation, i need to know more about social security funds.
I’ve never heard of the do-over provision. I wonder how many senior citizens know about that.
I concur with electronics guy that you can’t depend on social security. You must have a separate investment.
Retirement is the period for enjoying a lifelong work effort. It should not be a period of financial worries. I enjoyed this post – thanks!
I had no idea you could have one spouse collect early and one late. Sounds like a great strategy.
The other theory is collect now as you never know when a bus might catch you in the middle of the road.
I have never heard of the “do over provision”. It’s an interesting concept, although re-paying a large chunk of money is hard to swallow. I can’t help but wonder what will be available when I retire.
Depending on your circumstances, you may be eligible for Social Security at any age. In fact, Social Security pays more benefits to children than any other government program.
I have to get myself a spouse first – before I can get her to collect my social security benefits 😉 Any takers?
Interesting strategy, didn’t know about the “file and suspend” provision. If your financial planner doesn’t know social security inside out then its time to find someone who does.
Apparently, if you are a retiree who has been getting Social Security benefits you applied for when younger than 70, you can return the money, refile.
As a (fairly) young individual, I often think about retirement and what I need to do to prepare for my future. I don’t want to depend on social security; it is up to me to figure out what to do to secure my retirement.
inflation that occurred in this world has made people think to not take early retirement, because retirement would reduce their earnings. It’s hard to face the world with earnings inflation is not much.
Thanks for this information. The age at which full retirement benefits are available is dependent upon the taxpayers age. I hope so.
Social security has more to do with a life of US citizen. Thanks for sharing about SS.
Any information regarding how to get a bigger SSI check is extremely helpful. Even at an early age I am planning ahead and appeciate all your helpful information regarding this subject. I can confirm that it is better to start planning early. I have seen too many colleagues, clients and family members stumble in this area.
I’m concerned that Social Security won’t be around when I’m old enough to need it. Or if it is, it won’t be a significant amount since the government has borrowed from the social security fund and has no means to pay it back.
I think people who will enter the age of 60 years or already retired should read this article because this article will be useful for them to cultivate their retirement finances.
thanks for the information
I agree, as our life is getting longer and longer and with all the facilities available, people are working way past their retirement age because they feel that they can do it easily, so considering the diseases etc which are natural at an old age, one has to seriously think when to take the social benefits. I believe, if you’re healthy and can work or even afford to live the life at the moment pleasantly, you should wait for a bit because the times are difficult so keep your benefits saved for some time and when u feel you should use it and your body can’t take it anymore…then go ahead for it.
This social security advise is quite helpful. This is the first time I ever heard anything about “file and suspend”. Most people you talk to only know about the basic topics of social security. And sometimes you get different answers from different people. So I guess it pays to pay an expert to get the information and help you need. Thanks again.
I agree with the first comment in the state of the economy its scary nowadays to think about retirement. Thanks for the tips on social security they are very helpful, you learn something new everyday! Great post.. Very insightful thanks.
Most people don’t think about their retirement, which is kind of sad. I worked in pension plans for about 2 years, and i was amazed to see how careless some people were. I just hope this generation would actually learn something from economic crisis.
If you currently have enough Social Security credits to qualify for benefits, you can use the Retirement Estimator for a retirement estimate based on current law and real time access to your earnings record. After a secure log-in using your name, Social Security number, date and place of birth and mother’s maiden name, the estimator.
Excellent article!Found you via Google and it was exactly what i wanted, so thank you.I think Most of the retire people or those who looking for the same do not know this information.So,i want to recommend this post.Social Security Benefits is really important to my dad because he is retired and want to earn and do something.Thanks and i am going to bookmark this one.
It is also possible to start your payments at 62 and then pay them back at 65 or 67 and qualify for your entire benefit amounts as long as you pay Social Security Back upon reaching your full retirement age thus in effect getting an interest free loan.
Social benefits are really important to people who are on their retirement age. During this time, they start to get weak so they really have to be secure of their health. It would be great though if you make a separate investment aside from the government’s social security benefits. That way you’re really assured of your future.
I think most of the people are planning their retirement when it is too late and a lot of retirees and those looking forward to retirement don`t know about these helpful facts you`ve mentioned. Thanks for posting it.
Excellent blog !Really i was not aware with this If we are married then we have even greater flexibility and opportunities to get higher social security benefits.So true that social security will make retired people pocket full.I will implement this when i will be retired.I like your blog very much and appreciate your writing style.Before i never got any opportunity to learn more about social security but today your post really taught us so many useful things really needed in our life.Thanks a lot for it.
Great post and awesome site! Social security knowledge is scarce nowadays, or at least one hundred percent truthful knowldge. Its nice to see some good information. Il be sure to remember this for when I’m 80 🙂
Social Security Benefits are benefits that we enjoy during such time in our retirements. It could really help us, because we can’t find a good job in our old times 🙁
Bad info!!!!!!!!!!!!
Always take your money back(Social Security) at the earliest date possible.
Common Sense.
These are definitely some great tips but thankfully it isn’t something I’ll have to worry about anytime soon. 🙂
With that said, I do hope the situation we are in social security wise shapes up.
I think one should start benefiting from social security at the age of 62
“File and Suspend.” That’s one I hadn’t heard of but I will consider it when it’s may time. Hopefully, the SS I receive will be play money on top of retirement money and pension.
But these days you never know.o
This is a great article, and I think hits the point that living with in your means and having other forms of retirement investments or savings is crucial to live a comfortable retirement life style. Social Security is about to be bankrupt and everyone needs to start thinking about how they can secure retirement funds on their own.
As a youngster (only 21 years old) I have some issues with social security and Medicare. I am paying a pretty hefty percentage of my income into a system that will most definitely not last long enough for me to be able to take advantage of it. It works somewhat well now but is not “future-proof”. I have to say that I am a big supporter of the privatization of social security.
You’ve done a great service to retirees by publishing this information in such a concise manner. None of this is widely known or understood, even by financial advisors.
Thank you,
Dave
It’s very difficult to find a good financial advisers. Because their benefits are very little they didn’t know about all the aspects of social security benefits.
Well even though social security is something important, I really do think you should not rely completely on it. A savings from the time you started working is one of the best choices.
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These economic conditions to think about retirement seems to imagine. After retiring as + I think must have an income. Provide clues about how life really comprehensive firstly thank you for
This is a great post. Thanks a lot. This was really clear to take advantage of.
I would also agree that young adults will start thinking about their retirement benefits starting today.
This is very useful information shared, because most of the retire people or those who want to retire do not know this information. Many thanks for this information.
It’s very useful info for both young and old people. but the thing is i’m quite confused how this social security system work exactly in my country! We have something similar here but speaking of the benefits you are entitled to enjoy, maybe you really have to wait until 80 years old or perhaps a serious accident! So sad!
This is a very helpfull post. Knowledge of social security is very important nowadays.
A few careful observers think Social Security’s checks will stop arriving (though how they’re calculated may change). “I never cease to be amazed that financial planners and regular citizens are so disdainful about Social Security,” says Steve Vernon, a Santa Monica, Calif., retirement consultant and MoneyWatch blogger. Congress is not about to end Social Security, Vernon notes, if for no other reason than the fact that soon-to-retire Baby Boomers comprise the largest voting bloc.
I have been working for 30 years in the same industrie to find that my entire retirement plan has been tapped into from an unknown sorce. embezzeld.
Good information, I had planned to wait till I was 65 to start collecting Social Security but may by the economy, maybe being laid off, maybe losing your savings in the stock market tends to make you change your plans.or If you take the benefit at 63, put the money in a money market till you’re 66, you’ll be ahead (monthly benefit x 3 years x interest). The total payout from years 63 to 77 is the same as that from 66 to 77. After 77 is when the $ difference begins to make a difference … depending on what that first three years in the money market does compared to the accrued monthly benefit after you hit 66.
Social security knowledge is scarce nowadays. I am planning ahead and appreciate all your helpful information regarding this subject. i really assured of your future.
The longer time you wait, the bigger check you get, simple as that. Also, if you wait until 70 you can collect a lot, thanks to the delayed-retirement credit, it’s 8% a year.
Money matters has been one of the major difficulties of the people in their senior years. With the increasing cost of health care, it is quite impossible for them to make ends meet with their monthly pension. Articles like these are helpful.
It is used to that people who would work hard on whole lives to plan for one day being able to lead retirement session.Well, I want to get the information physically presenting there,i think it will reflect exactly that has been mentioned here exactly.
This post was very informative. This will be a great help for our senior citizens especially now we’re on a recession. This benefits are really important for those who can’t afford to work any more. Thanks for the tips! 🙂
retirement income is your percent of pay which you receive at end , it isn’t a benefit , i think so…
the post is so informative and it helps me in some many ways but some
are not, mmm Social Security system is so advance and their security today is not that easy
I’m concerned that Social Security won’t be around when I’m old enough to need it. Or if it is, it won’t be a significant amount since the government has borrowed from the social security fund and has no means to pay it back.
In these days when our economic goes to tough stage we must think about retirement especially SSN. However the times i retire probably nothing left :)…Very nice article
time after time we find a lot of problem in our live. if we not planed our retirement since today we’ll always find problem until we’re died. is it true or not? so planed your tomorrow nice day from now.
Everything should be planned and before retirement one has to take l;egal advice from their advisor.So better is to plan their retirement.Its a good article based on the retorement.
Fascinating facts. There are little tricks involved in maximizing your retirement, even if you did not start before the retirement age. talking with experts is the way to go. Research the web and this site here to get a lot of information.
thanks for the tips on Social Security Benefits—How to Get a Bigger Check
This is a great article. I have been planning for retirement (and hopefully an early retirement too) and appreciate the resources.
Great blog! As is the case with most people, my parents just retired and it’s always a little scary. You want to make sure that everything goes well for them. And, as Mr. Generator says above, I truly hope that Social Security is still around when I need it.
I think your blog is really helpful for all investors and senior people. We all think much about our retirement and we all want it to be safe and secure. These helpful tips will surely guide them in right direction.
When I was trying to sell retirement plans, who enquired the most? Folk just about to retire emailed me in bulk. Most people leave it too late. Perhaps they hope they’ll die young?
I really appreciate this article because it contains very useful information. I understand quite the whole article but nevertheless I have a question: I am currently receiving social security benefits. If I do have negative inflation in 2010, would my benefit be reduced in 2011?
In today’s economy retiring at 62 is not an option. I think in another 20 years, retirement age will be 70-75 years for everyone.
I think Social Security Benefits in the us is ok.
Glass, it’s not even about the economy, its the fact that people live much longer now, if lifespan will go up to 90, that means that people will be in retirement for 25-28 years.
Thanks a lot for the informative content. Useful information about social security benefits. It would be nice to plan the retirement and enjoy it happily.
I definitely agree with you here. Waiting until you’re older to get your full retirement benefits is a very good idea. This way, you can ensure that you will have more money for the time you’re actually in retirement, & with lifespans increasing, this is very important.
I worked as a financial adviser for about 2 months and you are dead on… if we couldn’t sell it, we didn’t learn or know about it. Sad to admit that but its also scary to know how many advisers are like this.
Great information about social security benefits. Good stuff for people planning on retirement.
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It is always wise to invest. Investing early is a great decision. You’ll never know what will happen when you are 60+ years old.
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People need to think more about retirement in their younger years. You must save some money on your own for those last years of your life.
File and suspend is a very good tactic. Im still pretty young and even thought im pay social security tax now. I feel when im ready to retire, there wont be social security anymore
I certainly wouldn’t advocate putting your benefits on hold, nor would I ever advise waiting for your social secruity or relying on it. Invest wisely now at a young age, preferably in property. Gain your assets and when your close to retiring it will nearly be 100% yours and if the market is right, i.e. a reasonable rate – sell up, buy a home abroad and casht he money and retire comfortably. Don’t get me wrong I would still claim of social secruity , but I would never rely on it as my source of retirement money. You can’t trust the government with your cash.
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Its a great and revelant post related to security benefits. Thanks for the information i enjoyed reading this blog
I recently met with my accountant and he said that the average person will never be able to retire on their savings. Social security is the only thing that will help get people through retirement, but even that is uncertain.
I think by the time I retire, I’ll be lucky to get any kind of a check from the Social Security.
These are some excellent tips on Social Security! It’s a very complex system (as most government-run programs are) and without someone to point the way it’s not hard to make a mistake that can be felt for a very long time.
Retirement benefits here in the Philippines is called SSS o Social Security System. It do works here for the retired, that’s why I’m currently having a deduction on my salary.
They call it investment.
In my opinion nowdays, most people who qualify for Social Security are eager to get their hands on a check as soon as possible. A full 70 percent of recipients sign up for Social Security between age 62 and the normal full retirement age, which is between 65 and 67, depending on the year you were born
Great Tips! My father retired at the age 62 and he was unable to receive all of his benefits. The first couple of years he had a hard time financial. The tips in this post would have came in handy at the time of my father situation.
Life was supposed to get easier as you get older but now you have to squeeze as much out as you can especially as life expectantcy is on the rise
I’m currently 57 and can’t even imaging retiring at 62. With today’s life spans, 62 is still young. I truly believe that retirement ages will likely be pushed back into the later 60s or even early 70s in the future.
Very informative post. I never thought about this social security benefits before as I still got some more years to go. So never actually realised there is so much scope of manipulating, of course all legal. But your post is really very imformative. Thanks a lot.
I have the feeling that social security will be gone by the time I turn 62. They keep pushing back the retirement age too which isn’t cool!
I’d love to be able to retire early, spend some time with my kids while they are young, do a little mission work overseas maybe (with my kids involved). That’s definitely a desire of mine. I’m certainly not counting on social security benefits when I retire with the way this country is being run into the poorhouse right now. Hopefully that will change.
Here is the information for any man whose retirement is knocking his or her door.Getting a big check is easy but needs some work.
I am convinced that the benefits of social security in America are quite good…
Most retirees don’t know these little known. I have explaining these facts to older family members who are receiving benefits already and could receive add to their SS benefits by do this but they don’t believe me.
those looking forward to retirement do not know these little known . I have explaining these same facts many times to older family members who are receiving benefits already and could receive add to their SS benefits by do this but they don’t believe me. Do you know why?
My mother remarried two years ago and her husband is 62 and is drawing his social security. So, my mother decided to wait until she waas 65.
My father had to take early retirement after a heart attack. He was planning to wait to get a bigger check. He is on disability now. I’m wondering if he can collect his retirement and disability at the same time? He only gets just over $1400 per month. Seems like a lot, but if he wasn’t living with me, he would barely get by.
very informative. Who can afford to wait until age 70 to file. the way the world going(America) the so called middle class will have to work until the age 100 to get out of debt. lol in a sweat shop! no but really the life expectancy of an American ranges from about 65 – 75 where are the true benefits!!!! that’s it I’m moving to Paris to get free health care
Great blog!!!! You’ve just opened my eyes. I never thought about social security benefits before. Thanks for sharing this information.
In Belgium the official retirement age is 65, or 40 active working years. When a company has to lay off people, the seniors (55 and older) get the possibility to an early retirement. These social benefits are pressured in times of crisis but give security to elder persons who don’t get other chances on the job market.
It’s always a comforting thought to know that your future is well taken cared of. It will be reassuring for seniors to know that they will get what they deserve from the government through social security.
Good tips. What do you think about the idea that was around before that Social Security should be privatized?
Interesting point about financial advisors. Some are good and will advise on things they cannot sell you, but others will ignore anythign but what effects thier earnings so get informed!
My husband and I have long talked about getting divorced prior to collecting social security since we have both worked long careers. However, that may have flown out the window as he is now going on SSDI (at age 52).
I opted for retiring one year early. But no way can I rely fully on SS income. So long as I have good health, I’ll do all I can with the new time available to build a source of residual income that hopefully, will in time far exceed my federal pittance!
All this retirement topic is so hard to grasp. I approach it couple of times, but each and single time I found myself overwhelmed by sheer amount of information you need to digest.
Being 25 ATM, I just want to skip the whole pension, funds, and so on topic, focus on doing more business and simply saving and investing on my own.
In any case statistics show that retirement is not good for longevity – research death statistics after retirement – it’s quite surprising. So I might just work until I drop dead at the job :).
Wait…I’m 29, will there be anything left for me by the time I’m 62? I don’t think so, thats why I’m doing things on my own and just rolled my 401(k) into and IRA and converted that to a Roth. Time is on my side they say!
This information on social security benefits was fantastic. Thank you!
I need a new retirement adviser! Thanks so much for this advice, it was really helpful
Unless you are about to get it now, you aren’t gonna be getting any SS…
Basically, if you start receiving Social Security benefits later, you get a larger monthly check because your total benefits are spread out over fewer years. By contrast, if you elect to receive Social Security benefits early, say at age 62, then you get a reduced monthly benefit for more years.
It was a amazing stuff shared about Social Security Benefits—How to Get a Bigger Check. The information about the blog was pretty good.
Thanks for sharing with us.
this is interesting because i always thought there was a conflict of interested between financial advisors when they are getting commissions for investments. What stops them from recommending you the one that gives them the highest trailing commissions?
It’s interesting the point about holding off before starting social security benefits due to life expectancy when this current generation is expected to have a lower life expectancy than their parents.
this is interesting because i always thought there was a conflict of interested between financial advisors when they are getting commissions for investments. What stops them from recommending you the one that gives them the highest trailing commissions?
through this article i learned How to Get a Bigger Check on Social Security Benefits, thanks a lot.
As far as I know we can get it when we reached age of 65, I’m not really sure about this. But I’m still want to know what benefit will my parent get after retired. I’m not worry about my mom, but my father is now working out with his lawyer for early retirement and try to get a big check.
I still cant believe that social Security had a $2.5 trillion surplus in 2009, a number that will hit $3.8 trillion in 2020, according to the Economic Policy Institute. The surplus has been accumulating since implementation of the last Social Security reform measures in 1983. Its crazy if you ask me!
But if you are in this boat, you best move quickly. Social Security is considering closing down this option. Changes could come either through regulation or legislation. But it’s certainly on the Social Security Administration’s agenda to eliminate this provision, which the agency considers a loophole.
I recently met with my accountant and he said that the average person will never be able to retire on their savings. Social security is the only thing that will help get people through retirement, but even that is uncertain…
Thanks for your article about Social Security Benefits. That’s very useful for us.
usefull information about retirement benefits .. I hope that Social Security is still around when I need it. nice share dude
“If your situation changes after you begin benefits, you can exercise the little know “do-over” provision. ”
The “do-over” provision is often overlooked as a way to alter your financial cash flow, but can make a huge impact.
best,
Dave
Time to save our social security benefits and besides saving and investing… .on retirement benefits or in my social security benefits or can i receive the maximum on both…
this is interesting because i always thought there was a conflict of interested between financial advisors when they are getting commissions for investments. What stops them from recommending you the one that gives them the highest trailing commissions?
I like this article about Social Security Benefits. It is very useful for me because I am currently writing my thesis on this topic.
Thanks for the heads up on the “file and suspend provision.” I never even knew that such an idea existed. This is should certainly be prudently looked into.
I would say that its too good that you have discussed about the retirement, i like the blog and i hope that every one else will also like it in the same way.
Is it true that senior retiring 10 years from now will no longer get their benefits?
It is for sure worth it to wait a few more years to retire in order to get the bigger check.
I know we can get it when we reached age of 65, I’m not really sure about this. But I’m still want to know what benefit will my parent get after retired. Those who looking for the same do not know this information. even in the SS office staff also not know about this. this is very useful information shared.
I want to get the information physically presenting there,i think it will reflect exactly that has been mentioned here exactly. It’s interesting the point about holding off before starting social security benefits due to life expectancy when this current generation is expected to have a lower life expectancy than their parents.
We all know that social security alone will not be enough to retire on comfortably. And a lot of people don’t have a 401k or a large savings to help supplement themselves after retirement. So what is it we can do to insure we will be able to support ourselves in the manner we are accustomed to? A great way I have found is to start my own little business online and set the income from that aside. When I save up enough I then invest it for retirement. A site that helped me out with this is called (Starting Your
Own Company). This site helps entrepreneurs start their own small business online in just a few easy steps. Anyway, great post and I hope everyone thinking about retirement finds a way to generate the money they need to do so.
This article makes you think about savings and having other forms of retirement income. This will allow you to live the way you are currently living while employed and receiving an income. Your checking & saving will not replenish itself just like the planet will not replenish itself. You get one opportunity make the right choices & live a great life. Social Security is not going to make your life comfortable you will need other sources of income. Many socially conscious companies provide valuable services to help you live a more informed lifestyle in regard to finances, career choices, personal growth etc. The responsibility lies on you. Take advantage of it and get informed. Live a great life even after retirement!
It is a scary thing with the economy the way it is to kno just how to bet look after your money. Retirement can seem scary
It’s interesting the point about holding off before starting any social security benefits because of life expectancy. If you consider this current generation is expected to have a lower life expectancy than their parents.
This might just be me, but the only way i trust to prepare for my elder years is do it myself, i have many locked up in various places that i wont access to until i retire, i dont trust my government (uk) to provide with me with a decent pention
This is interesting because i always thought there was a conflict of interested between financial advisor when they are getting commissions for investments. Serious consideration needs to be given to the solvency of the social security system itself. Even higher taxes just won’t be tolerated by the future working class.
I will be having a great time sorting through the various options, some of which are most definitely available to him. Social security is the only thing that will help get people through retirement.
I’d rather work a few years longer than pushing hard to retire a few years earlier and not being able to live the life I want to live!
Social Security (as they say) is not what it used to be nor has it ever been the sole source of income for your complete retirement fund. people that consider it there sole income source for retirement will be able to live the lifestyle they intend to. Consider other sources or investments and look for tax deductions. Your business should look at donating to Non Profit Help and other tax deductions. Enjoy your retirement and plan ahead.
Being a newer generation company, we specialize in (wholesale boxes) Our employees are not as worried about Social Security. But when I have a chance to speak up I do inform them that they will be entitled to the benefits of Social Security one day. I also try to instill in them that they should not rely on Social Security alone.
This might just be me, but the only way i trust to prepare for my elder years is do it myself, i have many locked up in various places that i wont access to until i retire. A financial plan is an excellent tool for someone to better understand their financial ability to retire while taking into account when, or when not, to receive social security.
well, its a long discussion if you see the historic… lol
in my opnion the social networks today is a very safety place but we need to keep our eyes open, so give only informations that will not hurt you in the future or put your job in risk…
Delay your retirement for three to five years. Your benefits will increase for each year you delay retirement until you reach age 70. Also, consider a partial retirement if working full-time is not an option. Working part-time can give you the free time you desire while still allowing you the benefit of delaying when you start drawing social security.
Great advice on Social Security Benefits. If you play your cards right you can have all the money you need in retirement. I’m personally looking forward to spending my retirement skiing on my favorite K2 skis that I just bought from evo.com
It’s interesting the point about holding off before starting any social security benefits because of life expectancy. If you consider this current generation is expected to have a lower life expectancy than their parents…
Thanks for the article. It is impostant to think about social security, but at the time I will retire I guess the system will change 10 times.
cursus time management
I have invested in the iraqi dinar for retirement thats how bad I think current investments are
This might be a bit off subject. But I met a gentleman last night who said that as of May he must either take his Social Security benefits by auto deposit or get a credit card to us that will charge him interest. Thought this might be the way they can be sure to keep the Social Security afloat.
Problem is for him is he is NOT a computer man, doesn’t own one and likes to get his check in the mail and head down to the bank to deposit and say hi to the folks in the bank. He is very nervous about the change as he thinks he won’t be able to tell if he is getting his correct benefits.
Social Security does seem important. Great article, lots of significant information. Thanks for sharing it. Headlight Deflectors
Great article! Unfortunately our Politicians use social security as a political lightning rod instead of finding solutions that actually benefit the people. Great advice on how to maximize your social security checks. Hopefully enough people are in the financial position to delay the payments.
Further to my previous post, there is a great website that has many informative videos on Social Security benefits and retirment planning called Checks and Balances TV. It is a weekly web-based TV show that focuses on retirement planning, social security benefits, etc. Your knowledge and expertise on the topic would be welcomed interaction on the website which is
It’s very important to be armed with knowledge on issues like this. Everyone especially retirees must read this so that they know what benefits they deserve.
I think we’re fortunate to have a future generation of fiscally responsible people, or at least people who learned how to be fiscally responsible to be fair, whether or not they are we don’t know. Thank you for the information.
Great article! Unfortunately our Politicians use social security as a political lightning rod instead of finding solutions that actually benefit the people. It’s very important to be armed with knowledge on issues like this. Interesting one can collect while other wits to make their benefits higher. Thank you.
It’s amazing to me that this stuff is so complicated. Unfortunately our Politicians use social security as a political lightning rod instead of finding solutions that actually benefit the people. Great advice on how to maximize your social security checks. A financial plan is an excellent tool for someone to better understand their financial ability to retire while taking into account when, or when not, to receive social security.
My husband and I have been considering our retirement options and this website made things more clear. I Hope other people in our situation can benefit from it as well. http://wealthguards1.wordpress.com/
Social Security benefits are taxed depending on your total income from all sources, social security benefits may be non-taxable or partially taxable.
hey, yes, it is an important issue. But, wouldn’t you agree that it is more important to be able to build your own wealth rather than think about social security benefits? It is at least going to build you safe future
I thing we have to do investment when we are on the job for our future and take benefits of it on our retirement. We can investment some money in pension plans and investment plans.
Great article! Thanks for sharing your blog with us Unfortunately our Politicians use social security as a political lightning rod instead of finding solutions that actually benefit the people. It’s very important to be armed with knowledge on issues like this. Interesting one can collect while other wits to make their benefits higher. Thank you.
I have 4 wives. who will get my social security benefits?
Dont know–you need to ask social security that one, but I ma sure it wont be all 4
I think Social Security should be handed over to us and be allowed to be invested in the private sector. I mean, what do we got to lose? Our social security? Us young folks are gonna be left high and dry without a penny paid back to us. It’s robbery the way I see it right now.