SOCIAL SECURITY: ONE SIZE DOESN'T FIT ALL

Whether you are married, divorced or are a surviving spouse, when and how you take your benefits can dramatically impact your bottom line.

In a 2012 report issued by Prudential Financial, it was revealed that many Americans are missing out on the full benefits of Social Security. Part of the problem is a general lack of understanding regarding age and circumstance-specific strategies for collecting benefits; with Social Security, one strategy does not apply to all.

Various strategies apply to both genders, while some are especially beneficial to women. For example, married women are encouraged to look at the advantages of taking spousal benefits first and delaying distribution of personal benefits to a later date. This strategy alone can significantly maximize lifetime benefits. There are also numerous practical strategies for divorced spouses, widows and widowers, along with considerations regarding when to take IRA withdrawals versus claiming Social Security benefits. Some key findings of the study:

· A divorced spouse has the same rights as a married spouse to spousal benefits, if you were married 10 years and have not remarried.

· A divorced spouse becomes eligible for spousal benefits as soon as your former spouse becomes eligible, if you have been divorced for at least two years.

· If you are divorced and your former spouse passes away, you may be eligible to step into a survivor benefit if it is higher than your own.

· If you are widowed, you have several options, including taking the survivor benefit at age 60, and switching to your own worker benefit at age 62 or later.

Today’s retirement income climate is all about choices. Employing a strategy that helps you avoid common pitfalls and costly mistakes may help youmaximize your lifetime Social Security benefits. While many of the options can seem confusing, understanding and evaluating your available choices and selecting Social Security claiming strategies that best suit your specific financial needs is an important step to building financial security in retirement. A good resource to review is the Prudential Financial white paper, “Innovative Strategies to Help Maximize Social Security Benefits,” online at www.Prudential.com.

Prudential Financial, its affiliates, and their financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.

0239897-00002-00, Ed 07/09/2014, Exp 05/12/2015

Provided courtesy of Prudential, Newark, NJ. For more information, contact Mark Gabriel, a Financial Professional Associate with The Prudential Insurance Company of America’s North Western Hills Financial Group agency located in Warren, N. He can be reached at and (908)731-4074.