The statement of social security benefits is an extremely personal solution for many Americans. It is understandable to feel paid and that it is time to get money early, but it can have expensive consequences. In the YouTube video, Financebuzz has described things, personal finance expert Suze Oman on the subject, as it is a common debate on the money guru. There are three advantages and two minuses, said Oman associated with social security at 67 or 70, not earlier.
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Americans can start claiming social security benefits at the age of 62. Unfortunately, the requirement that early will cost you. “If you are at the end of the 50s and good health, you should seriously consider postponing the delay when you start, so you can make more benefits,” wrote Oman in a Facebook post.
Oman also did not make mistakes. According to the Social Security Administration (SSA), the full age of the retirement age (FRA) is 67 years. Waiting for the claim to add 8% to your annual benefits when you start collecting or reaches 70 years. This can be a great way to increase benefits, especially if you don’t need funds.
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Continuing to work is a reality for many Americans of retirement age. According to BLS (BLS), more than 11 million Americans are still working.
Although it is possible to earn income from social security, it will be expensive for those who will benefit the FRA. You can earn up to $ 23,400 if you claim that the benefits are less than 67 before reducing payments. This number increases to $ 62,160 if you demand a FRA.
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Oman advised the Americans to consider what would be best for their long -term future. “I urge you to continue to return to this thought exercise: what are the financial steps you can take today to be the most enjoyable for your future older yourself? If you don’t need the funds now, wait will be very useful for that older version of you.
Survivors’ benefits can be essential after the death of the spouse. Nevertheless, the surviving spouse can only receive one monthly benefit, not two.
“If your household hopes that social security will cover the essential costs, consider how your income may change in the future. Once your spouse has passed, the survivor can only raise one benefit – their or their spouse. This means a potential monthly income reduction,” Omsan wrote in Facebook. Delayed benefits up to 67 or 70 of the highest revenue to the recipient may be a good way to get the most possible for the survivor.