I am grateful and fortunate to have a wonderful community of kind-hearted customers, each of whom excels in their respective fields. What they have in common is their selfless desire to help others.
As you’re aware, I seldom endorse businesses, and the few I do, do not compensate me in any way. The only individual I’ve previously acknowledged on TripInsuranceStore.com is my programmer and friend Amrit Hallan. Today, I’m introducing my customer (since 2008) and friend, Mark Hendelson.
During the pandemic I needed to start collecting my Social Security (SSA) retirement benefits sooner than later. It’s a monthly check that replaces part of your income when you reduce your hours or stop working altogether.
Mark worked for the Social Security Administation and kindly took his personal time to educate us. My situation wasn’t simple, so, without Mark’s help, I definitely wouldn’t have gotten all the benefits I was legally owed when I started collecting SSA benefits 7 years early.
I asked Mark to put something together for my Blog because you yourselves or your family members will have to wade through this and I want you to be prepared.
Mark will take it from here:
When you’re years away from retirement, Social Security seems straightforward: Leave your job, file for benefits and receive a monthly check for the rest of your life – easy, right? But in truth, getting the most from Social Security is far from simple. As retirement draws closer, the choices you make can seriously affect your income, and some of them are set in stone. You’ve got to tread carefully to maximize this income stream.
My aim is to assist you in understanding your Social Security benefits and steering clear of costly mistakes. SSA administers complex programs that require careful planning. This has been my career expertise for 38 years working for the SSA. I’ll guide you in carefully assessing all your options. You’ll learn how best to maximize your benefits, navigate the system, and make the right choices.
Here are 10 essential details you need to know:
- What is my Social Security Full Retirement Age and why is that important to know?
- How many quarters of covered FICA earnings do I need to be eligible for Social Security retirement benefits?
- How are my Social Security benefits computed?
- What is the impact of the annual Cost of Living Adjustment and future work on my monthly benefits?
- Will my monthly Social Security benefit increase the longer I wait to claim?
- Is there a potential Social Security benefit payable to my spouse?
- How might other pensions impact my Social Security benefit?
- Are Social Security Survivor benefits payable to Spouses and Children?
- Can I claim Social Security benefits earned by my ex-spouse?
- Can I undo a Social Security benefit claiming decision?
Question: I’m struggling to decide at what age I should file for my Social Security benefits. What factors should I consider when making this decision?
Answer: First, let’s start with some basics. You can start getting retirement and spouse’s benefits as early as age 62, but you will permanently receive up to 30% less in each check than if you had waited until your full retirement age, which is age 66 for those born from 1943-1954 and gradually rising to age 67 for those born in 1960 or later. If you delay taking your benefits from your full retirement age to age 70, you will get an 8% increase in your benefits for each year you delay.
If you are single and have never been married, spousal and survivor benefits aren’t a factor. Therefore, your decision about when to file really centers around how long you think you will live. If you can afford to delay taking benefits and are considering waiting until age 70, an important question is do you expect to live past age 80?
Research shows that at about age 80, the total benefits received is about the same whether you started your benefits at age 62,age 70 or anywhere in between. With this in mind, if you believe that you will not live to age 80 don’t delay filing until age 70. If you anticipate living past age 80 it might be prudent to delay the receipt of your benefits until age 70.
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be permanently reduced. Each individual’s situation is different. It is important that you also take into account your health, longevity in your family, your income and expenses, and the impact of taxes.
Steve’s note:
If you want to get in touch with Mark Hendelson, his website is YourSocialSecurityPro.com and his email is Mark@YOURSocialSecurityPro.com
I hope this makes sense. If you want the right travel insurance advice, call us at 1-888-407-3854 and we'll help you figure it all out.
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