Married couples who want to maximize their Social Security benefits can benefit from expert tips. By leveraging strategies that take into account their individual ages, earnings, and retirement goals, they can potentially increase their monthly payments and reduce their tax burden. In this blog post, readers can discover some of the top tips from industry experts on how to get the most out of their Social Security benefits as a married couple.
Introduction:
As we age, our financial needs and demands tend to change. Making the right retirement decisions can be confusing, especially when it comes to claiming Social Security benefits. It’s crucial to understand how these benefits work and how married couples can maximize their benefits. SeniorLiving.org has created a helpful video interview with financial planner Mary Beth Franklin. This article will review the video, emphasizing the main expert tips on how married couples can get the most benefits.
Background on Social Security Benefits:
Social Security benefits are a crucial part of retirement-income planning for many seniors in the United States. According to the Social Security Administration, around 9 out of 10 Americans above the age of 65 receive Social Security benefits. These benefits can be claimed at different ages, ranging from 62 to 70, and can be based on the individual’s employment history or their spouse’s work record.
Expert Tips for Married Couples to Maximize Social Security Benefits:
- Seek Expert Advice:
Mary Beth Franklin is a Certified Financial Planner and an expert in maximizing Social Security benefits. She emphasizes the significance of seeking advice from financial planners who specialize in retirement income planning. Additionally, she advises that married couples should consider consulting accountants and attorneys to help decide on the best strategy. Seeking expert advice can result in thousands of dollars in savings.
- Understand Retirement and Survivor Benefits:
Social Security benefits include retirement, survivor, and spousal benefits. It’s critical to understand these benefits’ differences and determine the best strategy to maximize them. Franklin emphasizes that the key to optimizing Social Security benefits for married couples is to maximize the survivor benefit for the remaining spouse.
- Maximize Retirement Benefits:
To achieve the maximum survivor benefit, one spouse should receive the biggest possible retirement benefit. Franklin advises that married couples aim to have one spouse delay claiming their benefit as long as possible while the other spouse claims early. This strategy can result in the couple receiving higher benefits over their lifetime.
- Avoid Paying Taxes and Debt:
Seniors who are worried about paying taxes can consult with their accountant to determine how to best manage their income to reduce their taxable amount. Additionally, seniors do not have to worry about paying back old debts, such as student loans, when claiming Social Security benefits. It’s vital to understand the limits and guidelines for debt collection as it can differ based on the state laws.
Conclusion:
Married couples need to understand how to optimize their Social Security benefits. Seeking expert advice and understanding retirement and survivor benefits are crucial steps in achieving this. By maximizing the retirement benefit of one spouse and making the correct claiming decisions, the remaining spouse can receive the highest possible survivor benefit. Seniors can also avoid paying taxes and old debts by following certain guidelines and understanding the laws. SeniorLiving.org is a helpful resource for seniors, with its YouTube channel providing a wealth of tips and advice, including the expert interview with Mary Beth Franklin.
FAQs:
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Should married couples always maximize their Social Security benefits?
No, it depends on various factors, including each spouse’s work history, income, and health conditions. -
Is it possible to change Social Security benefit claiming decisions after they have been made?
Yes, it’s possible to withdraw an application within the first 12 months; however, you must pay back any benefits received. -
Can one spouse claim a benefit based on the other spouse’s record?
Yes, if they meet certain criteria, including being married for over ten years and being 62 years or older. -
What happens to Social Security benefits if one spouse passes away?
The surviving spouse can receive a survivor benefit based on the deceased spouse’s work record, enabling them to maximize their benefits. -
What resources does SeniorLiving.org provide for seniors?
SeniorLiving.org offers a variety of resources, including articles, videos, and tools related to Social Security, retirement, and senior living. Additionally, its YouTube channel provides helpful tips and advice for seniors.
