While you're restricted in how much money you can be paid when you are under full retirement age and collecting Social Security, as soon as you attain full retirement age you may make as much as you desire without your retirement benefits being lowered.
Yet another plan may be to take a part time job when you finally retire so that you can postpone collecting Social Security benefits.
Here's a hypothetical example. Leslie is about to reach her full retirement age of 66, but she wants to postpone filing for Social Security benefits so that she can increase her monthly retirement benefit from $2,000 at full retirement age to $2,640 at age 70 (32% more).
However, her husband Lou (who has had substantially lower lifetime earnings) wants to retire in a few months at his full retirement age (also 66). He will be eligible for a higher monthly spousal benefit based on Leslie's work record than on his own $1,000 vs. $70 So that Lou can receive the higher spousal benefit as soon as he retires, Leslie files an application for benefits, but then immediately suspends it.
Leslie can then earn delayed retirement credits, resulting in a higher retirement benefit for her at age 70 and a higher widower's benefit for Lou in the event of her death.
When you are married, you can claim your spouse's benefits. Even if you never held a job yourself you are entitled to share your spouse's Social Security benefits. If you wait until both of you are of retirement age (currently 66 years old) you can claim 50% of your spouse's benefit.
If you claim it before age 66, the percentage goes down. Social Security has no marriage penalty, so there's absolutely no downside in claiming both benefits. Social Security allows a widow or widower to claim their spouse's benefits, even if they remarry.
You can claim a deceased spouse's benefits as early as age 60, and add their own benefit whenever necessary though waiting until age 70 will bring the highest benefit possible.
Yet another plan may be to take a part time job when you finally retire so that you can postpone collecting Social Security benefits.
Here's a hypothetical example. Leslie is about to reach her full retirement age of 66, but she wants to postpone filing for Social Security benefits so that she can increase her monthly retirement benefit from $2,000 at full retirement age to $2,640 at age 70 (32% more).
However, her husband Lou (who has had substantially lower lifetime earnings) wants to retire in a few months at his full retirement age (also 66). He will be eligible for a higher monthly spousal benefit based on Leslie's work record than on his own $1,000 vs. $70 So that Lou can receive the higher spousal benefit as soon as he retires, Leslie files an application for benefits, but then immediately suspends it.
Leslie can then earn delayed retirement credits, resulting in a higher retirement benefit for her at age 70 and a higher widower's benefit for Lou in the event of her death.
When you are married, you can claim your spouse's benefits. Even if you never held a job yourself you are entitled to share your spouse's Social Security benefits. If you wait until both of you are of retirement age (currently 66 years old) you can claim 50% of your spouse's benefit.
If you claim it before age 66, the percentage goes down. Social Security has no marriage penalty, so there's absolutely no downside in claiming both benefits. Social Security allows a widow or widower to claim their spouse's benefits, even if they remarry.
You can claim a deceased spouse's benefits as early as age 60, and add their own benefit whenever necessary though waiting until age 70 will bring the highest benefit possible.
from SOCIAL SECURITY BENEFITS EXPLAINED - Blog http://ift.tt/1GazVPZ
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