With Social Security such an important piece in most everyone’s retirement pie, there’s no room for missteps.
The experts weigh in with strategies for dealing with the changes.
If you have already reached your Full Retirement Age (FRA), or will reach it on or before April 29, 2016, then initiating a File and Suspend filing with the Social Security Administration on or before April 29, 2016 will preserve the option for your spouse to receive a spousal benefit while your Social Security benefit continues to grow.
If you’re a divorcee, were married at least 10 years and divorced for at least two years, relax, you’re not affected by rule changes. Why not? It has never been a requirement that our former spouse even file for benefits in order for you to receive your spousal benefit. However, if you are a divorcee, were married for at least 10 years, but not divorced for at least two years, then the new rules apply to you.
If your spouse is deceased, you are not affected by these rule changes. You can still file for a spousal "survivor" benefit as early as age 60, allow your benefits to grow until 70, and then filed for a combination of benefits based on your own personal record and that of your deceased spouse.
The bottom line – talk to your financial advisor. Call me at 813 964 7100, Mike Minter www.MintcoFinancial.com
Couples should understand whether these changes will affect their benefit. If so, they should have some perspective on how much of a loss they might incur. They might want to work a little longer to make up for these losses if they were counting on Social Security as part of their financial plan, and determine how they can reduce spending in retirement.
Call 813 964 7100 and let Mintco Financial Independent Financial Advisors help you to understand the Social Security Maximization options you may have.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.