Planning for retirement is tricky; it’s difficult to know how much money will be enough. One growing trend is that retirees are depending on Social Security benefits for a greater percentage of retirement income with each passing year. Consequently, maximizing benefits is more important than ever, and Phoenix Social Security Disability Lawyers can be instrumental in devising such a strategy.
Deferring Benefits
The Social Security Administration (SSA) offers you a choice of when to collect benefits. You may choose to receive retirement as early as 62, but must take benefits at the maximum age of 70 years old. What the SSA considers full retirement age is currently 66 years, and this is gradually increasing to 67 years old. A monthly check will change as one defers collecting benefits. For most, the benefit at age 62 is 75 percent of what the full retirement benefit would be. However, waiting until age 70 will approximately double most recipients’ benefits.
Options for Married Couples
Married couples have some advantages, other than the advantage of having two retirement incomes. Although Phoenix Social Security disability lawyers will emphasize that an individual may collect only one type of Social Security benefit at a time, a person may have a choice of what type of benefit to collect.
One such choice, for example, involves either taking one’s own retirement benefit or a spousal benefit, which is approximately fifty percent of what his or her spouse collects. If you elect to collect at 62 and your spouse defers until 70, the spousal benefit for you may be larger than your spouse’s once he or she actually turns 70. This can allow for some income early on and increased benefits later. Your lawyer can determine how you and your spouse’s specific situations can be optimized.
Contact Phoenix Social Security Disability Lawyers for Legal Advice
Social Security rules and regulations are constantly being updated. Be certain you have the correct information in planning your retirement. For any questions or concerns, contact our Phoenix Social Security disability lawyers by calling Schiffman Law Office, P.C., PC at (602) 235-0539.
