Consider This When it Comes Time to Collect Social Security

In today’s economic climate it has become increasingly difficult for many Americans to make ends meet. Particularly for those who are at, or nearing, retirement. Even if things are going OK for you and your family, if it is almost time for your retirement, you need to understand your options for maximizing your Social Security benefits. Unfortunately most people just sign up to receive their Social Security benefits without considering viable options for increasing their overall benefit stream. Here’s a little-known way to boost your benefits.

If a person and their spouse has reached full retirement age, but one of them is still working and plans to do so for a few more years, the working spouse can delay collecting their personal Social Security benefits until they reach 70, thus greatly increasing the amount of their monthly checks. This increase could mean as much as a 35% higher benefit.

However, in the mean time, the retired spouse can collect their full benefits and the working spouse can simultaneously collect a spousal benefit. Then, when the working spouse reaches 70, he/she can begin collecting his/her own higher personal benefits. The net effect is a greatly increased benefit stream and a dramatically improved retirement.

Sometimes I wonder if people really understand how these little bits of knowledge can in fact improve their lives. Everyday thousands upon thousands of people receive less than they could, because they simply don’t know any difference. To them this advice could have produced many tens of thousands of dollars of benefit over their retirement years. Aren’t you glad you’re not one of them? You now know a technique that can make a world of financial difference for you and your future.

We just thought you’d like to know. We’re glad to help.