Social Security Strategies
There are over 8,000 Claim Combinations. Prepare in order to maximize.
There are over 8,000 claim combinations. A whopper of a number!
Social Security is the bedrock of our nation’s retirement. Claiming the benefits just right for you is a process of education, consideration, and discussion, with your loved ones and with your professionals. We have narrowed it down a bit to get you oriented and started.
Please Note: We are not licensed or able to advise you on Social Security claim strategies. It is our hope that the content on this page provides you with basic information and direction. We suggest you reach out to your local CPA or Financial Advisor for specific advice on your specific situation armed in hand with the basic direction provided on this page.
Benefits vary depending on whether you:
- Are single;
- A Surviving Spouse;
- A Divorced Spouse; or
- Have eligible children to claim with you.
Where do you start? When do you start?
You can start claiming as early as 62 and as late as 70. Remember the term “FRA”: Full Retirement Age. Claim at your FRA and you are likely to obtain 100% of your benefit. Before then, less. After that, more. Let’s start with the FRA table:
Next, the table gets a little more detailed.
What is your birth year? Now at what age are you thinking about claiming? Claim at your Full Retirement Age and you are likely to receive 100% of your benefits. Before that, less. >After that, more.
See if you can follow the table below (note, if you are an accountant, the table below is music to your ears! For the rest of us, we may need a minute to digest it!).
Breathe. Inhale. Exhale. You can do this!
Since this is a Government benefit, you guessed it! They have an entire book to get you started on Social Security Benefits. Try to be awake when you read it. It puts most people to sleep! But it’s a decent start at understanding your benefits. The information can help you have informed discussions with professionals on your best claim strategy. Download the book below and make sure your ebook reader is ready!
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