Approach Social Security (SS) benefits tactically. Historically, it was wise to take SS benefits early and invest them. Today, that’s not necessarily so. Maximized benefits may best be found through delayed retirement credits. Depending on your birth year, benefits increase by 3-8% annually. So if you wait until age 70 to collect, that monthly check could increase by 25% or more. And a surviving spouse receives the entirety of that benefit upon the worker’s death, making delayed retirement credits even more valuable.
With life expectancy after retirement now standing at 17.2 years for males and 19.9 years for females, that larger monthly check will be most welcome. For couples, special consideration should be given to who first takes the benefit when. One partner can file and suspend, choosing to continue working and accumulate delayed retirement credits, while the other collects spousal benefits immediately. Study the new rules to choose your best course. Click here for more information through SSA.
