Approaching retirement soon and still have a lot of critical decisions to be made? This is one question that concerns a lot of people, especially couples. That said, amidst all of these decisions, social security claiming is the one that should be approached thoughtfully. The Bipartisan Budget Act of 2015 of the USA, ended most Social Security claiming strategies. In spite of that, there are still some strategies available for couples.
Since it’s expected that social security would include a significant portion of your retirement income, it’s vital to plan your claiming strategy.
Generally, people tend to claim social security too early, however, the adviser mostly recommend that you should postpone claiming as long as possible. This certainly leaves the couples confused. As per the strategies, between the full retirement age (FRA) and age 70, the benefit is expected to grow 8% for every year you wait.
Post-retirement living forms a third of your life. This means, that coordinating with your spouse would eventually lead to maximum income and benefits. It’s always advisable to not enter retirement without a pre-planned and realistic grasp on both your income, present and future expenditures.
It’s thus recommended to lead a balanced life that inculcates both the present necessities and any unforeseen circumstances. At times, people saving the right amount of money don’t have to be dependent on any sort of social security as they are already doing their bit without any dependency on it. However, for people who haven’t saved all their life and now wish to get social security as a couple then it may not be a bad idea to start now.