I just applied for Social Security “spousal benefits” from Social Security Administration. Diane is going to start collecting Social Security checks in July when she turns 66. I’m going to wait until I’m 70 to collect my Social Security. But, as Get What’s Yours explains, there’s a loop-hole in the Social Security code that allows spouses to collect HALF of their spouse’s Social Security from age 66 to age 70. So Diane will collect her full amount and I will collect half of her Social Security benefit until I turn 70 and collect my full amount. That’s $48,000 (a $1,000 extra dollars each month for four years). There are plenty of other clever ways to maximize your Social Security benefits…legally. Get What’s Yours walks you through all 400 different ways you can collect Social Security. This is a handy little book! GRADE: A
TABLE OF CONTENTS:
1. Getting Nearly $50,000 in Extra Benefits over Tennis
2. Life’s Biggest Danger Isn’t Dying, It’s Living
2. Social Security–from A to Zzzzzzzz
4. Three General Rules to Maximize Your Lifetime Benefits
5. Strategies to Follow the Three Rules
6. Be Careful Taking Social Security’s Advice
7. The Benefits of Not Retiring
8. Playing Social Security’s Marital Status Game
9. Married with Benefits
10. Gay Couples Get to Claim What’s Theirs
11. Divorced? Dark Clouds and Silver Linings
12. Widowed? Why Social Security Is A Major Women’s Issue
13. Never Married or Divorced Too Soon
14. Hidden Benefits for the Disabled
15. Government Pensions and Windfall Penalties
16. 50 Good-News Secrets to Higher Lifetime Benefits
17. 25 Bad-News Gotchas That Can Reduce Your Benefits Forever
18. Whither Social Security?
Acknowledgments
Glossary
Appendix: Actually Filing to Get What’s Yours
Notes
Index
Half of Phil’s is more than all of mine (underemployed my whole life) so when he started collecting at 70, mine went up. Hope it was the right way to go.
Patti, for those who can delay Social Security benefits until they turn 70 the payoffs are huge. But most of our friends started collecting Social Security at 62.
I started collecting last year at 66. If I waited until 70 I would get more but it would take me to 85 to catch up with the 4 years I’m collecting before 70. I would rather have the extra money now while I’m still working.
Steve, we split the difference. My wife will collect next month when she turns 66. I’ll collect spousal benefits (half of Diane’s Social Security benefit) until I turn 70 when I’ll finally collect my benefit. Many of our friends are collecting their Social Security at 66, too.
We figured out what we had, what was coming in from Jackie’s pension, how much we would make taking the money early vs. how old we’d be (at least 76, possibly older) until we caught up, how much we would need, etc. Then Jackie took her Social Security at 62. I’ve paid in over the years as a self-employed person (at a much lower level, of course), so I went for the spousal benefit when I turned 66 in November. We’ll see the difference at 70.
Jeff, every case is different. And, of course, life-spans enter into the equation.
Also, you’re still working, which does make a difference.
Jeff, I’m only going to continue to work for a short period of time. Meanwhile, my Social Security benefit keeps growing.
My husband and I both know we’ll be working well into our sixties and possibly our seventies. I married and had kids later in life; I’ll still have kids in college at 62, so I know I won’t be thinking about retiring!
Deb, you’ll collect 76% more Social Security money at 70 than at 62.
My problem (dilemma) is that I paid into SS for 20 years, then I was a stay-at-home mom for a few years. When I went back to work (on a “mommy-track” job) 12 years ago, I had to pay into our state’s retirement system. At this point, I don’t know what my actual “retirement income” will look like, but I know I’ll need a financial advisor to help me get the most out of it!
Deb, there are good financial managers out there. A good financial plan pays off Big Time at retirement. But plenty of people leave a lot of money on the table.
I never accrued enough quarters, since I was in a County system my whole career. So I get nothing from SS and no spousal on Barbara’s either. BAH.
Rick, if Barbara has Social Security benefits, you’re entitled to spousal benefits if you’ve been married long enough.
I get medical, just no cash.
Rick, something is better than nothing.
So the rich get richer. I retired the moment I could, a couple of weeks after I turned 62. No amount of money could have made me stay in that place any longer. I may not be rich but I make out okay and I’m happy.
Totally agree with the sentiment, Cap’n.
I feel sorry for the people who have to live on just SS but for most of us, it helps.
Deb, doesn’t Social Security send you an annual statement telling you how much you will receive depending on when you retire? You are right about the Louisiana thing, however, as we had a friend who retired in New Orleans and got screwed by the state.
Rick, I don’t get it. If you worked all those years there had to be money going into Social Security. I was self-employed for most of the years I was working but still filed taxes and had money going in. I may not get a huge amount but it is certainly hundreds of dollars more than nothing. I’m confused.
Jeff, I paid into a County-only plan. At the time the County wouldn’t take SS and I wasn’t eligible to pay in to SS because I was in an “equivalent plan”. I do get my County pension, which is a lot more than SS, but if I could dbl dip I would. I do have about 18 quarters, but that’s far short.
Also, when I hit 70 1/2, I’ll start drawing from the annuity I set up with money I set aside in a 401-K type plan and converted. That’ll be in a year or so.
Bob, you have the right attitude. Happiness is everything. And money can’t buy it.