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Are You Applying for Social Security Too Late or Too Soon?

Everyone who is reaching the age of 62 is wondering whether they should apply for social security right away to grab as much as they can as soon as they can, or whether they should delay benefits to receive the higher amount.

It really depends on your personal situation. For example, if you’re still working, it may not make sense to apply for early benefits. But, if you’re not working and having trouble making ends meet, then it might make sense to grab those benefits early. It really depends on your overall financial plan, but here are a few things to take note of…

  • At age 66, you can receive your full, unreduced primary insurance amount (PIA).
  • If you delay the onset of benefits past age 66, you will earn delayed credits. For each year you delay, your benefit will increase by 8% up until age 70. For example, if ‘Bob’ waits until age 70 to apply, his $2,466 PIA will be increased by 32% to $3,255!
  • You can apply anytime between your 66th and 70th birthdays and receive prorated credit for the delay.
  • Applying at 70 earns you the most credit and results in the highest benefit.

Contact me at dmcmurryiic@msn.com to receive a free Social Security planning evaluation to help you make the decision that’s best for you. You can also access the Retirement Earnings Test Calculator on the Social Security website: http://www.ssa.gov/OACT/COLA/RTeffect.html to get a better idea of where you stand.

By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona


Maximize Your Social Security: Working While Collecting

Retirement is a time of excitement for a whole new chapter in life, but it’s also a time of research to ensure you’re maximizing you social security benefits…

My last post, “Maximize Your Social Security: Will Not Getting a Paycheck for Multiple Years Reduce Your Social Security Benefits” talked about how to plan ahead for retirement while this post is diving into those details right before you reach the ripe old age of retirement.

You most likely already know that you can collect social security during the year of your 66th birthday…even if you’re still working. What you may not realize is that if you are still working, you could lose out on a lot of money if you’re not careful. This is one year where you don’t want to make a lot of money until your 66th birthday. If you have a January birthday, you don’t have to worry as much as someone who has a birthday in November and is planning to work that full year.

With these variables come a lot of questions and ones you really need to take the time to answer. For example, you may be better off retiring sooner than you thought or would be smart to wait a few more months. Our government doesn’t make it easy on our soon to be retirees, but there is help out there if you need someone to walk through the details with. Contact me at dmcmurryiic@msn.com for more information or visit my website: http://www.integratedinsuranceconcepts.com/index.html.

By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona

How to Increase Your Social Security Monthly Income by 20%

Did you know that there are certain periods of time where retirees shouldn’t claim their social security benefits? An article on MarketWatch provides a good summary of a session given by William Meyer, author of “Social Security Strategies”.

In that summary, Meyer defines these periods of time as ‘rat holes’ of which all retirees should be aware of and avoid in order to receive better benefits and ultimately, more money.  For example, “Individuals born between 1943 and 1954 shImageould never claim benefits between the ages of 62 and one month through 63 and 11 months, nor should they claim benefits between 65 and five months through 67 and seven months.” Meyer also gave an example in his session where a person claimed benefits at 62 years of age, just before the ‘rat hole’ which resulted in 20% more in monthly income.

So as you can see, deciding on when to claim your social security benefits during retirement is a bit more complicated than “should I take them now or later?” In order to receive the most benefit, you’ll want to do you research.

At Integrated Insurance Concepts, we can help you with that research. We have the material and calculators needed to help you make informed decisions in dealing with Social Security. We can make sure you stay clear of those ‘rat holes’ and more. Contact me at dmcmurryiic@msn.com for more information.

By Doug McMurry, Owner of Integrated Insurance Concepts in Arizona