Expert Help to Maximize Social Security Retirement Benefits

It is estimated that 10,000 baby boomers are retiring every day. Most will depend heavily on Social Security retirement benefits. Particularly for a married couple, the decision on when and how to claim Social Security can be complex.  This has resulted in the launch of services designed to advise you on how to maximize Social Security retirement income, based on your individual circumstances. I like the concept and will probably use one or more of these services when I approach full retirement age. I turn 62 next month but I already know I will not claim that early.

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Taking Social Security While You Can Get It

I am on a Social Security roll this week. I hear this a lot:  ”I am claiming Social Security as soon as I turn 62 so that I can get my retirement benefits before the government takes them away from me.” There are several different ways of assessing this argument. None of them have persuaded me that this alone is a sufficient reason for claiming at age 62.

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Another Voice for Social Security Means Testing

Bill Keller is a columnist for the New York Times. He recently wrote a column challenging his fellow baby boomers to support cutbacks in “entitlement” programs, i.e. Social Security and Medicare. He referred to boomers as the “entitled generation.” I dislike use of the term “entitlement” in this context because so many of its users throw it out as a pejorative against those who receive the benefits. Keller supports some form of Social Security “means testing.” Let’s talk about that for a moment.

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Social Security Benefits When Your Spouse Retires Early

In 2009, I wrote a post on the key concepts of Social Security spousal benefits. This popular post continues to receive numerous search hits and comments. I regularly receive email questions about different claiming strategies involving married couples and Social Security. A frequent area of confusion is what happens if the spouse with lower lifetime earnings retires early and begins receiving Social Security retirement benefits at age 62.

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Your Social Security Statement is Now Online

Like me, the Social Security Administration is trying to reduce its paper load. It took a major paper-killing step forward yesterday when it went live with online access to your Social Security Statements. Previously, these were snail-mailed to you annually.  You could generate a benefit estimate using the SSA retirement benefit estimator but other important information (such as earnings history) could not be accessed.

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Taxes and Social Security: Random Thoughts and Concepts

My experience as a volunteer tax preparer tells me that there is a lot of confusion among retirees about how Social Security benefits are taxed. This is a significant topic and not just for tax planning purposes. Taxation of benefits is also important to the threshold decision on when to claim Social Security retirement benefits. So let’s review some basic Social Security vs. income tax concepts.

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Filing a Restricted Application for Social Security Retirement Benefits

Today I am writing a little about filing a restricted application for Social Security retirement benefits.  I turn 62 later this year but have no intention of applying for an early retirement benefit. I have not yet had any personal interactions with a representative of the Social Security Administration. I have heard from others that when a retiree seeks to apply for benefits, they are told what to do and how to do it but generally that is the extent of it.

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