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Claiming Social Security: Smart Moves for Your Situation |
You already know Social Security is a key part of your income. But when and how you claim your benefits can make a big difference in your monthly check and your long-term security. Here are clear, practical tips-straight from the experts-to help you make the best choice for your needs. |
1. Working? Timing Matters |
If you're still working before your Full Retirement Age (FRA), waiting to claim can help you avoid having your benefits reduced by the earnings test. If you're not working and need the money now, claiming as early as 62 is an option-but your monthly benefit will be smaller.
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2. Health and Life Expectancy |
If you're in poor health or have a shorter family life expectancy, claiming earlier might make sense. If you expect to live past your late 70s or 80s, waiting until FRA or even 70 can mean a bigger lifetime payout.
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3. Married? Coordinate for More |
Often, the lower earner claims early while the higher earner waits, so the survivor benefit is maximized. Widows and Widowers: You can claim survivor benefits as early as 60, then switch to your own benefit at 70 if it's higher.
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4. Watch Out for Taxes and Medicare Costs |
If your income is above certain levels, up to 85% of your Social Security may be taxed. Higher income can also mean higher Medicare premiums (IRMAA). Delaying Social Security can help keep these costs down.
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5. Special Situations |
Planning Roth conversions? Delaying Social Security may lower your taxes. Retiring before 65? Make sure you have health insurance until Medicare kicks in. Your Full Retirement Age (FRA) determines your benefit amount. If you were born in 1960 or later, your FRA is 67. Claiming before this age reduces your benefits, while waiting until age 70 can increase them significantly.
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Real Life Examples |
John, 62, with health issues: Claimed early to use the money while he could enjoy it.
Sarah and Michael, working couple: Michael claimed at FRA, Sarah waited until 70, boosting their survivor benefit.
Lisa, widow at 60: Claimed survivor benefits first, then switched to her own higher benefit at 70.
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Your Next Steps |
Think about your health, family history, and financial needs. Talk to your spouse about coordinating your benefits. Check your income to avoid tax surprises and higher Medicare costs. Reach out to a benefits counselor or financial advisor for help with your unique situation.
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You've earned these benefits-make them work for you! |
Stay tuned for more tips in the next issue of The Insider from Benefits Insider. |
This newsletter is for information only. Always double-check your options with a professional before making big decisions. |
 | Free Medicare Help with Chapter | 90% of American seniors are on the wrong Medicare plan. Thankfully, Chapter is here to help! They can help you switch to the right plan and save $$$. Chapter saves the average senior $1,100 per year! Plus, it is 100% risk-free! Give them a call to find out how much you could save: 539-205-2147. | askchapter.org/insider |
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What's Trending on YouTube |
Check out our latest YouTube videos and catch up on what you may have missed! |
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A News Source That Brings Everyone to the Table |
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America's growing divisions are hard to ignore — and we have all felt the deeply personal rifts, especially when politics enters the conversation at the family dinner table. But what if there was a news source that everyone, from progressives to conservatives and everyone in between, could read without all that partisan spin? |
Introducing Tangle: a free, independent newsletter that covers one major news story per day from all perspectives. In just 10 minutes, you get a fact-based summary and seven different points of view, so you can form your own opinion. In a world of extreme divides, Tangle helps dial down the heat. Join 375,000 readers and sign up below. It's free. |
Start reading. |
| Free Medicare Help with Chapter | 90% of American seniors are on the wrong Medicare plan. Thankfully, Chapter is here to help! They can help you switch to the right plan and save $$$. Chapter saves the average senior $1,100 per year! Plus, it is 100% risk-free! Give them a call to find out how much you could save: 539-205-2147. | askchapter.org/insider |
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