Social Security is a vital component to almost everyone’s retirement income planning.
You may begin claiming as early as age 62 or as late as age 70. Most people realize that the earlier people claim, the smaller the monthly benefit will be. So when should you claim? Single individuals may simply plot out the costs and benefits at each of the nine claim years to determine when to start collecting.
But for spouses, things can get a little more complicated. Since each person has nine options, there are (9 x 9) 81 different combinations of Social Security start dates. Picking the right combination can be difficult – and costly – since you may not be maximizing your benefit.
Since Social Security timing is a big concern for many of our clients, we offer this complementary analysis tool to help couples learn more about their options and develop an optimal strategy.