6 Secrets to Maximizing Your Social Security Benefits Under the New Rules
The original Social Security Act provided only retirement benefits for wage and salary earners. In 1939, benefits were added for family members after the worker's death or retirement. Most amendments have expanded the scope of the Social Security program - by extending coverage to more groups of persons, by increasing benefits or by increasing the wage base for taxes and benefits.
I'm sure your clients have a plethera of concerns (and they are not alone). Here are six different talking points to peak your client's interest to attend your next Social Security workshop:
1. The most important means to maximize your lifetime benefits was and remains to try to start benefits only after they have stopped growing.
2. If you are married, you may still qualify to use the file and suspend strategy.
3. If you are divorced (after having been married for 10 or more years) and turn 62 no later than Jan. 1, 2016, you can still file just for your divorce(e) spousal benefit at full retirement age and wait until 70 to collect your own retirement benefit.
4. If you are married and you and your spouse are more than four years apart in age, but the younger of the two of you will reach 62 by the end of this year, that younger spouse is still free to file just for a full spousal benefit when he or she reaches full retirement age and still let his or her retirement benefit grow through age 70. This is possible, because the older spouse will be taking retirement benefits by then.
5. If you are married and reach 62 no later than Jan. 1, 2016 and your older spouse won’t reach 66 by May 1, 2016, your older spouse can file for a retirement benefit before age 70, but after you reach full retirement age, permitting you to take just your spousal benefit at that point and then wait until 70 to collect your own retirement benefit.
6. Suppose you are a married younger spouse and that you were born after Jan. 1, 1954 and that your spouse was born after May 1, 1950.
If you're interested in learning more about these talking points (and perhaps adding another six points into the mix), you can read more on this by clicking here for the entire PBS column titled, "12 secrets to maximizing your Social Security benefits under the new rules".