Social Security Benefits

Repeatedly, I am asked by my clients for information related to Social Security benefits.  In fact, just yesterday, it happened again.  The benefits available through the Social Security Administration for retired persons are complex.  There are a plethora of options available for those who have reached retirement age.  Questions arise as to whether a person should opt-in and take early benefits at age 62, should they wait until full retirement age, should they wait even beyond full retirement age, should one spouse apply and the other spouse not apply. 

In the Social Security arena, couples especially have many options available to them as to when and how they claim benefits.  Recently, a few different web sites have been created by financial institutions or academic institutions in an effort to assist people with making decisions related to social security benefits.  You may find it helpful to visit any of the following websites: maximizemysocialsecurity.com; socialsecuritysolutions.com; or socialsecuritychoices.com.  Also, AARP and T. Rowe Price have created online calculators for use in determining whether it is logical to claim benefits early or to postpone the receipt of benefits.  Some of these websites charge a fee for the service; however, some are free. 

While it may seem that simply contacting the local Social Security office and telling them that you want to claim benefits is a simple procedure, a retired person will want to make certain that they are maximizing the benefit they receive from Social Security.  My advice is to do your research before you contact the Social Security Administration to arrange for the payment of your benefits.  You may be leaving significant money on the table for you or your spouse by not making the correct choice.