Previous articles I read discussed the maximizing of benefits for married couples waiting until 70 to start payments or the approach of using the spousal benefit for the younger person to increase total payouts. The recent articles I've read discuss how to claim benefits at 62 and then later increase ones benefits signficantly at the full retirement age of 70.
A hidden Social Security benefit by MSN.com and Trade in Your Social Security Check by Forbes.com both share the following strategy:
- Starting taking reduced benefits at 62.
- Increase payments to maximum benefits at 70, by repaying all benefits received since 62.
All of these articles provide interesting insights on how to maximize the benefits from Social Security. As we get closer to qualifying for Social Security benefits, I will work with our financial advisor to do a more detailed analysis on what is best for our situation.
For more on Reaping the Rewards, check back every Friday for a new segment.
This is not financial advice. Please consult a professional advisor.
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