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How Should I Coordinate My Benefits Decision With My Spouse?

How Should I Coordinate My Benefits Decision With My Spouse?

By Paul Hynes, CFP®

(This is Part 3 of a series on when and how to claim your Social Security benefits.)

You’re approaching retirement. At last, you can tap into your Social Security benefits. After all, you’ve been paying into the system your entire working career. However, if you’re married, divorced, or widowed, you may be able to coordinate benefits to increase your monthly income. Keep in mind that there’s no “one size fits all” strategy. Each couple and situation is different.

In our previous articles, Parts 1 and 2, we discussed the various decisions a person can make as to when to claim benefits. The options are: at full retirement age (about age 66), early retirement (as early as 62), or delayed, (up to age 70). This article will explore how to coordinate the claiming decision between spouses.

Most people have a record of some earnings over their lifetime. Social Security benefits are calculated based on the highest 35 years of earnings. If you don’t work during any year, that counts as a zero in the calculation. When both spouses retire, each person is entitled to their own benefit, or 50% of their spouse’s benefit, whichever is higher.

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The Importance of a Financial Advisor

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Market Update - April 12, 2019

For the week ended April 12th, 2019 U.S. stocks gained a bit with earnings season slowly beginning and core inflation levels coming in contained.

Morning Market Review April 12, 2019

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Resolved - This Year I Will Prepare [Part 2] (Podcast)

By Byron Moore, posted April 11, 2019

The following segment first aired on KEDM 90.3.

How can you prepare for life's unexpected twists and turns?

Click above to play/pause audio.

 

SIX TIPS FOR LAST-MINUTE TAX FILERS

Earlier is better when it comes to working on your taxes but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly redesigned Form 1040. If you've been procrastinating on filing your tax return this year, here are six tips that might help.

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