Deciding when to claim Social Security can be tricky. There are a lot of things to consider, not the least of which is how Social Security fits into your overall retirement strategy. The fact is, Social Security was never intended to be your sole source of retirement income, so understanding how it fits into your broader retirement plan is key. In other words, deciding when you are financially able to retire from work, and deciding when to claim your Social Security benefit are two separate things. Nevertheless, there are consequences if you don’t properly coordinate the two.
Claiming Social Security before reaching your full retirement age will result in a smaller payment, but working while collecting Social Security early can result in even fewer benefits. Waiting longer to claim will result in a higher monthly payment, but that only makes sense if your life expectancy is at least average. Marital status is important too, because waiting to claim a higher benefit can mean a correspondingly higher survivor benefit for your spouse. Point is, deciding when to claim Social Security should be done while looking at your complete circumstances, as explained in this encore Ask Rusty article. If you prefer to listen instead of read, go to this podcast.
Good Day, I’m wondering if Rusty provides individual consultations.
Thanks so much,
Ann Marie
Ann Marie,
You will find that all of the Social Security Advisors at the AMAC Foundation are equally qualified and are experts in all areas of Social Security. If you simply call 1.888.750.2622 you will be connected to a fully accredited and AMAC-certified Social Security Advisor who can assist you with all your Social Security questions. It is possible to schedule a meeting with a specific advisor (including Rusty) if you believe that is necessary, but I suggest you call the above number first. An expert Social Security Advisor will answer the phone and, if you are not satisfied with that conversation, the advisor will make arrangement for you to speak directly with Rusty. We look forward to hearing from you again soon.
Russell Gloor
National Social Security Advisor
The AMAC Foundation
I’m a retired firefighter that did not pay into social security/Medicare. I currently need 5 quarters to reach my 40. I turn 65 next year. Can I claim on my ex husband’s social security to qualify for Medicare and how much does that cost?
Laura
If you were married to your ex-husband at least 10 years, and he is at least age 62, you can apply for Medicare under his record. Medicare Part A will be free and the current standard premium for Medicare Part B is $174.70. As you don’t qualify for benefits on your own record, you will not be able to apply online. I recommend you contact your local Social Security office and make an appointment to apply in person or over the phone.
You may contact us by emailing [email protected] or calling (888)750-2622.
Sharon Kleczka, Social Security Advisor
AMAC Foundation
http://www.AmacFoundation.org
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