Financial expert Harvey Warren drops by with some helpful advice!
QUESTIONS - Five important things to consider when determining how and when to file:
- What is my current projected monthly benefit?
- Am I married, divorced, widowed or single?
- Will I have dependent children at retirement age?
- What is the best age for me to retire based on my health and earning capabilities?
- What is my estimated longevity?
INFO & TIPS - Retirement Sample
(estimates based on approx. maximum annuities):
Late filing (age 70) $2400/month
- Full filing (age 66/67) $1800/month
- Early filing (age 62) $1300/month
- Potential 52% LOSS of income
(-$246,000 / 30 years) for early retirement
- Go to SSA.gov for complete Social Security information
- Social Security is the government’s pension funded by your wages.
- Spousal benefits may be available whether or not you are retired
- Ask “May I claim a spousal benefit on my husband or ex husband”
- Social Security is deducted from each paycheck for your retirement
- Social Security benefits are for life once you begin receiving them
- Early claims draw smaller benefits than full or late retirement, permanently!
- Visit LivingTo100.com to estimate your life expectancy
- Go to SSA.gov and create your account
- Monitor your earnings at least once a year
TOP 3 THINGS TO FOCUS ON:
- Open an account and see how you are doing on ssa.gov
- Learn about the benefit options single, married, divorced or widowed
- Determine when is the best time for you to apply for benefits and understand how make a claim on your spouse to maximize your benefit.
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Contact Harvey at HarveyWarren.com and request the Social Security Quiz.
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