Statistics show that delaying Social Security benefits, as opposed to claiming immediately at 62, is becoming more popular. People realize the impact that a well thought out strategy can have on their bottom line, and they seek guidance from experts on how to implement such a strategy. More and more, people have stepped in to [...]
Archive for June, 2012
Social Security COLA Watch: June 2012
New data have been released. Check here for more! The CPI-W for May 2012 was released this morning by the Bureau of Labor Statistics, and the news is not good for Social Security recipients hoping for a raise leading into next year. The CPI-W index fell from 227.012 to 226.600, which is 1.5% higher than the [...]
How Do I Maximize My Social Security Benefits?
There are two answers to the question expressed in the title. First, if you are interested in maximizing your monthly Social Security retirement benefits, all you need to do is wait until age 70 to claim your benefits. If you are looking to maximize your monthly spousal benefits, then you should wait until your full [...]
A Misleading Tool: Social Security Break-Even Calculator
Those thinking about whether to claim their Social Security benefits now or later often ask the following question: “If I delay claiming and give up benefits now in return for greater benefits later on, how many years must I wait to get those forgone benefits back? This is known as the “Social Security breakeven time [...]
Can I Double My Monthly Social Security Benefit by Claiming at 70?
Answer: Maybe In a recent posting on Reuters, Lynn Brenner writes about an example provided by T Rowe Price’s Christine Fahlund where someone who claims at 70 can double the monthly benefit that they would have received if they had claimed at 62. This is a surprising result. The usual calculation is that the difference between [...]