Claiming Social Security at 70 may not always be the Best Choice

When it comes to Social Security, while delaying claiming until 70 is generally a good idea; it is not always the best choice. We can help you not only by “running the numbers” but by developing a detailed claiming strategy for you. Did you know that the much publicized “restricted filing” option has actually not been eliminated? Did you know that for those born before January 1, 1954 this is still an excellent claiming strategy? We can guide you through the process to maximize your Social Security benefits and provide you with a detailed claiming strategy.

Restricted filing works something like this: the lower wage earning spouse claims Social Security upon reaching full retirement age. The higher wage spouse simultaneously claims spousal benefits (up to 50% of the spouse’s full benefits) while delaying his or her own filing until age 70. So, for the years between 66 and 70, they are collecting one and one half times the spouses benefit! That’s a lot of cash to leave on the table by failing to properly develop a claiming strategy. This may vary with individual circumstance, but can produce a better result than just waiting until 70 to file.

Not only should you be cognizant that the restricted filing is still a viable option for many, but also that we can show you how to maximize your Social Security benefits. There is a lot at stake since lifetime benefits for a working couple can be roughly $1,000,000, and clearly thousands of dollars are at stake.

 Contact us today to discuss your individual circumstances.