Social Security at 62 & Take Spousal Benefit Later

In this video we will explore the options of taking your Social Security benet at 62 and later you decide to take the Spousal Social Security benefit. Subscribe to our channel 😃 👍 Thank you for a Thumbs Up Who are we? The Wisdom Investor is all about providing valuable information and education to help you with topics like Social Security, investing strategies, how much to save for retirement, when to retire, where to retire, health insurance, financial independence and more. Website 2023 Social Security Cost of Living Adjustement is Huge Can I take Social Security at 62 and still work? Tax Friendly States To Retire With No Social Security Tax Where Baby Boomers Are Moving For Retirement How is Social Security Earnings Limit Payback Calculated? Will My Social Security Check Increase If I Work? What is the Social Security Break Even Age? 600K In Retirement How Long Will It Last For Single Person $400k Retirement How Long Will It Last If Single ...(read more)

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Social Security benefits are an important part of retirement planning for many Americans. While some people choose to wait until their full retirement age or beyond to start collecting benefits, others opt to begin receiving benefits as early as age 62. For those who choose to start collecting benefits early, there is also an option to take spousal benefits later. At age 62, Americans become eligible for Social Security benefits, although the amount they receive will be reduced compared to what they would receive if they waited until full retirement age (FRA). Full retirement age varies depending on the year you were born, but for those born in 1960 or later, it is 67. If you choose to begin collecting benefits at age 62, you can receive up to 30% less than what you would receive at your full retirement age. However, even if you choose to start collecting benefits at age 62, you may still be able to maximize your Social Security benefits in the long run by taking spousal benefits later. Spousal benefits allow a current or ex-spouse to receive a portion of their partner's Social Security benefit if they have not remarried and were married for at least 10 years. The spousal benefit is equal to 50% of the partner's FRA benefit amount. If you start collecting your own Social Security benefits at age 62, you can still take advantage of spousal benefits later in life. However, there are some important things to keep in mind. First, you cannot receive both your own benefits and spousal benefits at the same time. Instead, you will receive the larger of the two benefits. Second, in order to take spousal benefits, your partner must have already filed for their own benefits. So, let's say you decide to start collecting your own Social Security benefits at age 62. When your partner reaches their FRA, they file for their own benefits. At that point, you can choose to begin receiving spousal benefits instead of your own benefits. By waiting to take spousal benefits until your partner files for their own benefits, you can maximize the amount you receive. It's important to note that taking spousal benefits will not impact the amount of benefits your partner receives. In fact, it can even be beneficial for your partner if they plan to delay their own benefits past their FRA. By filing for benefits, you are essentially allowing your partner to delay filing for their own benefits and earn delayed retirement credits, which can increase their benefit amount by up to 8% per year. In conclusion, starting to collect Social Security benefits at age 62 is a common strategy for many Americans. However, by taking spousal benefits later, you can still maximize your benefits in the long run. If you are planning to start collecting benefits early, it's important to consider all of your options and speak with a financial advisor to determine the best strategy for your individual situation. https://inflationprotection.org/social-security-at-62-take-spousal-benefit-later/?feed_id=80018&_unique_id=641934fc3a78b #Inflation #Retirement #GoldIRA #Wealth #Investing #howmuchisthespousalbenefit #SocialSecurityat62TakeSpousalBenefitLater #socialsecuritybenefitsforspouse #socialsecurityspousalbeneift #SpousalSocialSecurityBenefit #takesocialsecurityearlyat62 #whatagecanitakethesocialsecurityspousalbenefit #SpousalIRA #howmuchisthespousalbenefit #SocialSecurityat62TakeSpousalBenefitLater #socialsecuritybenefitsforspouse #socialsecurityspousalbeneift #SpousalSocialSecurityBenefit #takesocialsecurityearlyat62 #whatagecanitakethesocialsecurityspousalbenefit