Maximize Social Security Benefits

As a result of poor planning, many Americans leave thousands of dollars on the table when it comes to Social Security. “Deciding when to file for Social Security is one of the most consequential financial decisions most Americans will make about their retirement.  Opting to claim benefits early, at the full retirement age (FRA), or later can mean hundreds of thousands of dollars in higher—or lower—lifetime benefits for a married couple.” 

There are so many variations in Social Security rules, that picking the right strategy can oftentimes be difficult.  In order to make an informed claiming decision, it may be worth it to purchase specialized software to crunch numbers. 

When you find a software package you like, you need to ask questions so that you are able to pick the one that’s right for you and your spouse.  Consider information such as: retirement, spousal, and survivor benefits; child, divorcee, mother and father benefits; reductions for early retirement; government benefit offset; delayed retirement credit; and other scenarios pertaining to your current situation. 

See John Wasik, Capture the Best Social Security Benefit, Forbes, Nov. 3, 2014. 

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.