... to maximize the money you collect. Rules for collecting social security can be utilized so one or both spouses can start collecting some money before full retirement age and later collect more.
Full retirement age right now is 66. If you take early retirement at 62, you will have a permanent reduction of 25 percent in your benefits. This is to take into account the fact that you will probably be collecting social security for a longer period of time. If you wait until age 70 to begin collecting, your annual benefit will be 32 percent higher than if you started collecting at age 66.
An article at Reuters.com explains how, by the spouse with the higher income electing social security, then suspending payments, the other spouse could then collect benefits based the those earnings- if that would be higher. The spouse with the higher income could continue working, ultimately increasing his/her own benefits. In another scenario, if one spouse was previously married for ten years to someone else, they could collect 100 percent of that benefit if the previous spouse died. Later, they might elect to take their own benefit or their current spouse's - again, depending on which payment is the higher one.
It's a little complicated, but it could pay to read the article so you can talk to a representative at Social Security and decide upon the way that will maximize your benefits in the long run for your RV retirement. If you find you can begin collecting some money earlier than you thought, that could help you get on the road that much sooner. Jaimie Hall Bruzenak
Comments