Things to Consider

Social Security is designed to provide a solid foundation and a basic level of financial security throughout your retirement. In the past, Social Security has been thought of as an “automatic” benefit with most individuals and couples simply signing-up for retirement benefits as soon as they reached 62. There was little thought given to how to maximize Social Security benefits. This is changing as more and more Americans are realizing that signing-up at 62 generally results in lost Social Security benefits for life and therefore a lower standard of living throughout their retirement. This is because claiming benefits at 62 (especially for married couples) is generally a suboptimal Social Security strategy that will result in fewer benefits received. The Center for Retirement Research has estimated that Americans are missing out on over $25 billion of Social Security benefits each year that they are eligible for simply because they are unaware of the strategies and options available to them.

Social Security is the largest retirement asset for most individuals and couples and it deserves serious attention and planning. Even financial advisors have historically overlooked the importance of Social Security and are generally not trained in the strategies available and in the special considerations that their clients face when seeking to make the best decisions possible regarding their Social Security benefits.

If the “automatic” sign-up strategy is not best, what is? The answer to this question depends on your personal circumstances, household factors, and your overall objectives. It is critical to take a holistic approach when planning your Maximum Social Security Strategy^SM. Your monthly and lifetime Social Security benefits can be significantly increased by carefully designing and selecting a Maximum Social Security Strategy^SM that is best for you. This is where we can help. At Social Security Advisors^SM, we consider all of the interrelated factors and then customize a Maximum Social Security Strategy^SM that is designed just for you. Best of all, you can rest assured knowing that our service is always backed by our Maximum Social Security Guarantee^SM.

When You're Married

Married couples generally have the most options available to them when seeking to maximize their Social Security benefits. This is generally due to the effects of spousal benefits and survivors benefits. The timing of claiming benefits on one’s own record, in addition to if and when to claim spousal benefits, plays a critical role in determining whether you will maximize your Social Security benefits or whether you will miss out on additional benefits that you should receive.

Very generally, many married couples fare better by having the lower earning spouse claim on his/her own record as early as possible (age 62) while the higher earning spouse claims on his/her record at Full Retirement Age or, ideally, even later (up until age 70) in order to benefit from Delayed Retirement Credits on the higher earner’s record. This general approach would also maximize the survivors benefit over the joint life expectancy of the couple. Beyond claiming on one’s own record, additional strategies involving spousal benefits are also generally available to most married couples. What is best for you as a couple depends on your specific circumstances and it is important to explore all the options so that you can make an informed decision. To help ensure continued financial security, married couples should always seek to maximize the survivors benefits available to the surviving spouse.

• Who is the higher earning spouse and by how much?
• Which spouse will reach his or her Full Retirement Age first and by how many years when compared to the other spouse?
• Who should receive spousal benefits—the husband or the wife or perhaps one spouse first followed by the other spouse?
• Should you consider switching strategies where one spouse may begin receiving spousal benefits, but then later switch to benefits based on his or her own earnings record?
• How will the joint benefit selection strategies of the couple affect the monthly survivors benefits for the remainder of the Survivors life?
• How will each spouse’s current and future work status affect the benefit strategies selected?
• What role does life expectancy and the general health of each spouse play in selecting the most advantageous options available?
• What are your overall financial circumstances and lifestyle objectives?
• Do you wish that you could undo a previous Social Security decision that you made? There may be a way.
• Are you concerned about longevity risk (i.e., outliving your money) and/or inflation risk?
• Are you potentially eligible for retroactive benefits?

When You're Single

On a very basic level, life expectancy is an especially critical consideration for singles. As a starting point in determining your Maximum Social Security Strategy^SM, the shorter your life expectancy, the earlier you should file for benefits (age 62 is the earliest possible) and the longer that you expect to live, the later you should file (up until age 70) in order to benefit from Delayed Retirement Credits.

With the above stated, there are some very unique Social Security strategies available to singles that most singles are not even aware of. Which strategies may be available to you will depend on your specific circumstances.

• Are you still working and what are your future plans regarding work?
• What is your Full Retirement Age and how old are you now?
• How long do you think that you will live?
• What are your overall financial circumstances and lifestyle objectives?
• Do you qualify for benefits based on another person’s record (e.g., a former spouse, etc.)?
• Are you eligible for benefits based on another person’s record in addition to benefits based on your own record? If so, do you know what combination of strategies you should implement?
• Do you know which record you should claim benefits on first and when you should do so?
• Do you have any plans to marry?
• Do you wish that you could undo a previous Social Security decision that you made? There may be a way.
• Are you concerned about longevity risk (i.e., outliving your money) and/or inflation risk?
• Are you potentially eligible for retroactive benefits?

When You're Divorced

Very generally, if you are divorced, you may be eligible for divorced spousal benefits. Divorced individuals typically have more options than is immediately apparent. Many divorcees pass up significant amounts of Social Security benefits that they should be receiving simply because they are not aware of the options and unique strategies that may be available to them. Unless you seek external advice from a qualified Social Security Advisor, no one is going to tell you that you are missing out on these benefits. It is up to you and your Advisor to take action to ensure that you are collecting all of the benefits that you have earned and deserve. Maximizing Your Social Security^SM requires careful planning, consideration, and a detailed action plan.

Which Social Security Strategy^SM to implement for divorcees is greatly dependent on the specific circumstances of each individual.

• Are you still working and what are your future plans regarding work?
• What is your Full Retirement Age and how old are you now?
• How long do you think that you will live?
• What are your overall financial circumstances and lifestyle objectives?
• Do you qualify for benefits based on another person’s record (e.g., a former spouse, etc.)?
• Are you eligible for benefits based on another person’s record in addition to benefits based on your own record? If so, do you know what combination of strategies you should implement?
• Do you know which record you should claim benefits on first and when you should do so?
• How long were you married?
• How long have you been divorced?
• Do you have multiple former spouses?
• Is a former spouse now deceased?
• Are you currently married or do you have any plans to remarry?
• Do you wish that you could undo a previous Social Security decision that you made? There may be a way.
• Are you concerned about longevity risk (i.e., outliving your money) and/or inflation risk?
• Are you potentially eligible for retroactive benefits?

When You're a Widow or Widower

A widow(er) is generally entitled to full survivors benefits at the widow(er)’s Full Retirement Age (FRA) or reduced survivors benefits as early as age 60. A disabled widow can receive reduced benefits as early as age 50.

Widow(er)s typically have more options available to them than is immediately apparent and simply claiming benefits at one specific age is generally not the best way to maximize your Social Security. Many widow(er)s pass up significant amounts of Social Security benefits that they should be receiving simply because they are not aware of the options and unique strategies that may be available to them. Unless you seek external advice from a qualified Social Security Advisor, no one is going to tell you that you are missing out on these benefits. It is up to you and your Advisor to take action to ensure that you are collecting all of the benefits that you have earned and deserve. Maximizing your Social Security requires careful planning, consideration, and a detailed action plan.

Which Social Security strategy to implement as a survivor is greatly dependent on the specific circumstances of each individual situation.

• Are you still working and what are your future plans regarding work?
• What is your Full Retirement Age and how old are you now?
• How long do you think that you will live?
• What are your overall financial circumstances and lifestyle objectives?
• Do you qualify for benefits based on another person’s record (e.g., a former spouse, etc.)?
• Are you eligible for benefits based on another person’s record in addition to benefits based on your own record? If so, do you know what combination of strategies you should implement?
• Do you know which record you should claim benefits on first and when you should do so?
• Do you have multiple former spouses?
• Are you currently married or do you have any plans to remarry?
• Do you wish that you could undo a previous Social Security decision that you made? There may be a way.
• Are you concerned about longevity risk (i.e., outliving your money) and/or inflation risk?
• Are you potentially eligible for retroactive benefits?

For Your Family

Providing for your family during your living years and protecting them thereafter should be a top priority when considering which Social Security strategy may be best to implement.

Generally, strategies that seek to maximize survivors benefits should be pursued when possible. Additionally, there are numerous strategies available to those with minor children and/or children in-care.

Many families pass up significant amounts of Social Security benefits that they should be receiving simply because they are not aware of the options and unique strategies that may be available to them. Unless you seek external advice from a qualified Social Security Advisor, no one is going to tell you that you are missing out on these benefits. It is up to you and your Advisor to take action to ensure that you are collecting all of the benefits that you have earned and deserve. Maximizing your Social Security requires careful planning, consideration, and a detailed action plan.

• Are you still working and what are your future plans regarding work?
• Are you the sole breadwinner for the household or are there others?
• What is your Full Retirement Age and how old are you now?
• How long do you think that you will live?
• What are your overall financial circumstances and lifestyle objectives?
• If something were to happen to you, who would your survivors be and how can you make the best decisions possible to ensure that they receive the highest levels of survivors benefits?
• What are the ages of any children that you may have and do the children require care?
• Are you doing everything possible to maximize your Social Security for your entire family and are you aware of the rules and strategies available to do so?
• Do you wish that you could undo a previous Social Security decision that you made? There may be a way.
• Are you concerned about longevity risk (i.e., outliving your money) and/or inflation risk?
• Are your family members potentially eligible for retroactive benefits?

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