In last week’s blog we discussed several reasons why File and Suspend for married couples was a good idea because it maximizes spousal benefits.  Since the strategy is used mostly by married people, we are often asked why would a single person want to suspend their benefits?  After all, when you suspend your benefits you […]

File and Suspend is a Social Security claiming strategy that was made possible via the Senior Citizens’ Freedom to Work Act of 2000.  Under this provision Social Security recipients are allowed to file for then subsequently suspend their retirement benefits.  By suspending one’s benefit they can take advantage of delayed retirement credits up to age […]

We recently received an e-mail question from a blog post listener who wrote: I am 63 and still work with a salary that would cancel my Social Security benefits if I were to file. But I also have an eight year old daughter. Should I file so she can receive minor benefits? Or would my […]

We have talked on previous posts about the dollar benefit reduction if you file for Social Security before your full retirement age (FRA), but the costs of claiming Social Security early go well beyond just the basic benefit itself.  The additionally significant affect is a loss of flexibility: flexibility in filing strategies and flexibility in […]

The unfortunate reality of today’s divorce rate causes many questions to arise about how the Social Security system handles benefits after a divorce.  When you are married for at least 12 months you qualify for a spousal benefit based on your spouse’s earnings record or your own benefit if you qualify with your own earnings […]

As we discussed last week, waiting to claim your Social Security benefits has its advantages. The longer you wait before filing, the more you will receive. Age 62 will pay your smallest retirement benefit, while age 70 pays your largest.  Your monthly income is based on a percentage of your Primary Insurance Amount (PIA), which […]

Depending on your circumstances, waiting to claim your Social Security benefits can have its advantages. You can generally begin receiving your Social Security retirement benefits anytime between age 62 and 70.  Of course the earlier you file, the less you will receive; while the longer you wait, the more you will receive. This is because […]

The Social Security Administration publishes an annual Beneficiary Report, containing a variety of facts and figures regarding the Social Security system. This week we take a look at the top ten highlights from the 2013 report: In 2014, over 59 million Americans will receive almost $863 Billion in Social Security Benefits. Nearly nine out of […]

Nearly 15 years ago the Social Security Administration (SSA) began mailing paper Social Security benefits statements to everyone 25 or older. These statements were intended to help people track their reported earnings, estimate their future retirement benefits, and monitor important Social Security funding information.  In short, the statements encouraged people to better plan for their […]

In last week’s blog post, we talked about Retroactive Benefits.  This week, we explain a close cousin of Retroactive Benefits; Suspended Benefits.  Suspended Benefits is a claiming strategy available only after you reach your Full Retirement Age (FRA). Social Security recipients younger than their FRA are not able to suspend their benefits until they reach […]