I have a friend who is counting the days to his retirement in a few months. After nearly 40 years with the same company he says it is time. Along with the anticipation of the daily work routine coming to a close, comes the uncertainty about not collecting a regular paycheck.
My friend has done a good job of saving for his retirement and so he and his wife will not be dependent upon what they receive from Social Security. In fact, they are debating whether they should wait a few years before claiming their Social Security benefits.
If you find yourself in this fortunate situation there is a little known strategy to help you maximize your Social Security benefits. If your normal Social Security retirement age is 66, you can file for Social Security, but then suspend collecting benefits until age 70 which will give you 32% more in benefits then if you started collecting at age 66. At the same time though, your wife can apply for the spousal benefits at age 66 and begin receiving payments. These payments would be in addition to her own Social Security benefits which she could also claim but suspend until age 70 and get the same 32% increase that her husband received.
Bob Skillings – Financial Advisor – SouthPoint Financial Services
Securities and advisory services offered through Cetera Advisor Networks LLC, member FINRA/SIPC. Investments are: • Not FDIC/NCUSIF insured • May lose value • Not financial institution guaranteed • Not a deposit • Not insured by any federal government agency. Cetera is under separate ownership from any other named entity.
Located at SouthPoint Federal Credit Union - 706 N. German St., New Ulm, MN 56073
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