Tip 5: Confused About Social Security Planning? Here are 2 Ideas To Help Clear Things Up
So you’re still a little confused about…
This is the 5th tip in our series entitled “The Nuts & Bolts of Social Security in 7 Easy Tips.”
…your social security planning?
It’s okay, because it can be complicated.
So here are 2 ideas that might help you get a better idea of things.
If both spouses are covered under social security, one of the spouses can elect to receive 50% of his or her spouse’s benefit when the other is not at normal retirement age.
This strategy will result in increased benefits later and increased survivor-ship benefit calculations when the first spouse passes away.
Repay all benefits received and restart benefits at a higher benefit amount.
There is a one-time election that can be made and under the right circumstances can pay off with increased benefits to the electing individual and increased survivor-ship benefits.
“The Nuts & Bolts of Social Security in 7 Easy Tips” is also available as a FREE eBook at my website: www.Makara-Assoc.com/ebooks/.
If you have any questions about a Social Security Planning, contact me, or give me a call at (239) 384-9688.
– Mark
This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.
