Issue Date: August 16, 2009
MoneySmart |
SHARON EPPERSON |
|
Maximize your Social Security benefits
One payout example
Early (age 62): Get $750/month
On time (66): Get $1,000/month
Late (70): Get $1,320/month
|
Investment losses have made Social Security benefits a more significant source of income for many retirees. But try to wait at least until your full retirement age to file so you'll get the full benefit. Receiving your benefits early will significantly reduce your monthly check. On the other hand, delaying until well after your full retirement age can increase your benefit by hundreds of dollars a month.
To further maximize benefits, married couples at full retirement age should look into options such as suspending a working spouse's benefit while applying for a stay-at-home spouse's benefit. Or, if you both work, then file a restricted application so one spouse can receive a spousal benefit while delaying collecting his or her own benefit until age 70.
To determine your full retirement age and to get more information about your various options, go to socialsecurity.gov. -- Sharon Epperson
Want to know about social security number verification?
|
