Married couples have several options available when deciding when and how they want to claim Social Security payments. However, a little bit of planning right now can go a long way to help you and your spouse make the most of your Social Security benefits in the future.
There are basic Social Security rules that apply to every person, but couples have more options since the individuals can claim different dates. Plus, they might be eligible for spouse benefits.
Here are a few planning tips to consider when you are preparing for future Social Security payments in your marriage:
Tip #1: Look at Benefit Estimates
Start by evaluating your current Social Security estimates. You can look at the Social Security Administration (SSA) website. Or, better yet, talk to a financial advisor for personalized recommendations. Pay attention to the difference in estimates between you and your spouse.
Tip #2: Choose Who Will Collect First
In our opinion, One good strategy is to have the lower earner collect Social Security benefits first, with the higher earner pushing their collection date a little later. Over time, the increases will be better for the higher earner, so it makes sense to wait before starting to collect this Social Security.
Tip #3: Collecting on the Same Earnings Records
Another thing to consider is if one partner’s earnings are more than double the others. In this situation, consider having the two of you collect on the same partner’s earnings records to maximize available funds. For example, the spouse with the lower benefits starts claiming first using their own earnings record. Then, this lower-earning spouse applies for spousal benefits at the time the higher-earning spouse starts to collect Social Security payments.
Tip #4: Wait to Collect Your Benefits
Did you know that delaying your collection of Social Security can result in higher benefits for both spouses? Before you start receiving checks, talk to a financial advisor to see how much more money will be available if you delay collecting these benefits for a few years. If you decide to delay, you can revisit this decision at any time if your life circumstances change.
Consult with a Financial Planning Expert
Not only do you need to consider a Social Security strategy, but it is also wise to see how these benefits fit in with the rest of your retirement savings. Our team at Bulman Wealth Group provides a comprehensive approach to financial planning, providing each client with a personalized strategy based on their unique situation. Contact us today to learn more about the ways that we can help.
Disclosure: All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual adviser prior to implementation. Advisory services are offered by Chris Bulman Inc. dba Bulman Wealth Group an SEC Investment Advisor notice filed in California, Pennsylvania, Texas, and Nevada. Investment Advisory Services also offered through Retirement Wealth Advisors, LLC. a Registered Investment Advisor. Bulman Wealth Group and Retirement Wealth Advisors, LLC. are separate entities, independently owned. Insurance products and services offered through Chris Bulman Inc dba BWG Insurance Agency and Ameritas Life Insurance Corp. CA Insurance License #0D57586. Being registered as an investment adviser does not imply a certain level of skill or training. Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the States of California, Pennsylvania, Texas, Nevada, or where otherwise legally permitted. Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results.
Opinions expressed herein are solely those of Chris Bulman Inc. dba Bulman Wealth Group and our editorial staff. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. All information and ideas should be discussed in detail with your individual advisor prior to implementation. Investment advisory services are offered through Chris Bulman Inc dba Bulman Wealth Group, an SEC Registered Investment Advisor. Insurance products and services are offered through Chris Bulman, Inc. dba BWG Insurance Agency and Ameritas Life Insurance Corp., CA State Insurance License # 0M46922. Being registered as an investment advisor does not imply a certain level of skill or training.
Bulman Wealth Group, BWG Insurance Agency and Ameritas Life Insurance Corp. are not affiliated with or endorsed by the Social Security Administration or any other government agency.
Any statements or opinions expressed should in no way be construed or interpreted as a solicitation to sell, or offer to sell, advisory services to any residents of any State other than the States where otherwise legally permitted.
Images and photographs are included for the sole purpose of visually enhancing the website. None of them are photographs of current or former Clients. They should not be construed as an endorsement or testimonial from any of the persons in the photograph.
Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
