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Social Security Archives - Wealthspire Advisors

social security

Social Security Optimization – What You Should Know

By , and Guides & Whitepapers
It is no secret that many Americans are ill prepared for retirement (excluding our clients, of course). With the continued disappearance of defined-benefit pension plans (apart from public sector employees), inadequate savings, and low interest rates, people are depending on Social Security now more than ever before. Despite these facts, billions of dollars in lifetime benefits are lost each year because retirees make uninformed decisions about claiming Social Security benefits. This white paper will discuss various concepts to consider in order to help maximize lifetime Social Security benefits. Regardless of whether you feel Social Security will be a major factor…
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when to collect social security benefits

Weighing Your Options on When to Take Social Security

By Blog
Determining when to start collecting your Social Security benefit is an important financial decision that requires careful consideration of many factors. While many people don’t anticipate taking benefits before full retirement age, certain life events may force them to do so. A Transamerica Center for Retirement Research survey found that more than half of retirees (56 percent) retired sooner than they had planned. When can you take Social Security? “Full retirement age” as specified by the Social Security Agency (SSA) depends on your birth year. A table can be found here. While there’s no universally “correct” age to begin claiming…
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social security

Understanding Social Security Benefits Available to Ex-Spouses

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The Social Security laws that went into effect in 2016 had a major impact on how both spouses and ex-spouses apply for benefits. The basics regarding social security benefits for divorced spouses are as follows: If your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record. The earliest age that you can start collecting is age 62. Your ex-spouse has to be at least age 62 also (but does not need to have applied for his or her own benefits). The benefit you will receive is the higher of your own retirement benefit or your…
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social security

Getting Spousal Social Security Benefits if Your Last Names Do Not Match

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Aging reality hits you when you reach your “FRA,” or Full Retirement Age as defined by the Social Security Administration. Although the FRA was 65 for the longest time, it is now creeping up based on your year of birth. Currently, FRA is 66 for folks born in 1943-1954 and it will rise gradually to 67 for folks born in 1960 and later. So, three months before my 66th birthday, I tried to sign up for spousal benefits – deciding  to delay my benefits until age 70, which is still a grandfathered provision for us 1951ers. As good as the…
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