Retirement Basics: Do This Before Filing For Social Security Benefits
Via Investor’s Business Daily:
Collecting Social Security may be one of the boons of older age, but if you don’t nail when and how to file. Figuring out when to start collecting Social Security should be important to every beneficiary. Waiting to collect until age 70 — when you can get your maximum benefit — is often wise if you can do so, some experts say, since you could live another 25 to 30 years. But if you’re married, the factors behind when to file for Social Security can balloon as you consider both parties’ needs. How long are you and your spouse likely to live? How do you provide for the surviving partner? If the family needs income, which spouse should file for Social Security first — and when? James Mahaney, vice president, strategic initiatives, at Prudential Financial, spotlights some key Social Security claiming techniques. Read about the strategies available to you here.