Modern Social Security Claiming Strategies
The rules for filing for Social Security benefits have changed. Many people still believe that claiming Social Security benefits is as simple as choosing your start date. In the past, many saw the only decision that had to be made was whether you chose to file for benefits at age 62, 65, or 70. But things have really changed.
Age 66 is the new 65 for baby boomers, and up to age 67 is now the norm for younger covered workers.
However, it is still not that simple, and Social Security claiming strategies can be extremely complex.
If you are married, divorced, widowed, if you have minor children, or you are disabled, there may be other strategies or a combination of strategies that may apply to your own, unique situation.
Are you aware, for example, that if you are married and born before January 2, 1954, there is a claiming strategy available that may prove very beneficial to you. That strategy is not available to those born after that date.
If you are divorced after having been married for more than 10 years, you may qualify for yet another very beneficial strategy.
And there is more, many of which may add hundreds or thousands of dollars to the benefits you receive over your lifetime.
However, once you make your selection and a certain amount of time has passed, it is nearly impossible to correct any shortcomings.
We strongly advise that before anyone applies for Social Security benefits, you consult with a qualified financial advisor before you visit your Social Security office.