Social Security Claiming Strategies

For many retirees, Social Security Benefits represent their largest financial asset.  When to begin receiving benefits and what strategy to follow when claiming your benefits is a crucial and complex decision.

Numerous factors can impact the amount of cumulative lifetime benefits an individual or couple can expect.  These include, but are not limited to the age difference between spouses, the relative lifetime earnings of the spouses, are one or both still working, the life expectancy of each spouse and amount of income needed in retirement.

To create an optimal strategy, benefit projections for each set of applicable factors must be analyzed.  These projections should illustrate the trade offs of the various strategies and enable you to make a more informed decision when selecting your strategy.

A sound strategy can reduce the risk you will outlive your financial resources, increase your standard of living in retirement and maximize benefits for a surviving spouse.  The right strategy may maximize your cumulative lifetime benefit and ensure adequate income should you live a long life.

Social Security personnel are neither trained nor allowed to give advice on claiming strategies.  If asked, they can only give provide information and details on the rules. 

If you have already filed, or if you are already receiving benefits and you change your mind about when your Social Security Retirement benefits start, you may be able to withdraw your claim and re-apply at a future date. However, if you change your mind 12 months or more after you became entitled to retirement benefits, you cannot withdraw your application.

Over a long lifetime, your Social Security benefits can add up to hundreds of thousands of dollars.  What strategy to follow when claiming your benefits is a big decision that becomes permanent after 12 months.  Seek advice to help you make the most informed decision for you and your family.

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