By making the right election, people can withdraw from their social security benefits and for married couples over the age of 65 years old, there are over 1300 possible claiming strategies to choose from, according to Nicole Mayer, a financial expert with RPG Life Transitions in Chicago, Illinois.
Mayer recommends seeking the advise of a qualified financial professional rather than going to the Social Security Administration, as they're only allowed to tell you what the benefit amount is going to be at a particular age without offering guidance of any kind.
For those wanting to take their benefits now for fear there won't be any down the road, Mayer tells people that it's the worst way to think about it. The Social Security Administration and Social Security Fund was in worse shape in the 1980's than it is today. The Social Security Fund is in good shape until 2037 and likely what they'll do is make a few changes, such as changing the retirement age or how much is taxable, to create a surplus in the fund.
At worst, Mayer says that Social Security is only 85% taxable right now so by taking it early and you continue to work, you're limited on how much you can make, otherwise your Social Security is reduced. Mayer recommends looking at the whole picture, as there are a lot of things that play into what the best strategy is for each person.
Nicole Mayer is a financial expert with RPG Life Transition Specialists in Chicago, Illinois. For more information about her, click here. Mayer spoke with Retirement News Today in this interview. Retirement News Today, a featured network of Sequence Media Group, provides online, on-demand retirement news video content.