– When should you file for social security? Most people think they should start taking social security payments as soon as they retire, but that misconception can lead to losing hundreds of thousands of dollars over their lifetime!
In this episode, Jeremy Keil talks about the most common mistakes he sees people make with social security. He addresses what most people get wrong about social security – when you should file for it – and explains how you can avoid those mistakes and maximize your social security benefits over your lifetime.
- The importance of longevity in determining when you should start taking Social Security
- The biggest misunderstanding people have between their social security date and retirement date
- The 3 things to keep in mind when determining your longevity and finding the best time to file for social security
- Why couples need to consider their longevity together, not just as individuals
- And more
When Should You File For Social Security?
Social Security is an important source of income for many Americans during their retirement years. However, deciding when to file for Social Security benefits can be a complicated decision that depends on several factors. In this post, we will explore some of the key considerations that can help you determine when to file for Social Security.
How To Determine Your Longevity
When deciding when to file for Social Security, one important factor is your health and expected longevity.
It’s important to consider the joint life expectancy rather than just the life expectancy of each individual spouse. The joint life expectancy is the average length of time that one or both spouses will live, and it’s important because Social Security benefits are designed to provide financial support for both spouses throughout their lifetimes.
Determining your longevity is easier than you may think! There are resources available like longevityillustrator.org to help you calculate your life expectancy and ssa.gov to get your own personalized Social Security estimate.
What’s Best For Your Financial Needs
Your financial needs are another important consideration when deciding when to file for Social Security benefits.
Many people make the mistake of deciding when to take their social security benefits based their political beliefs or how they feel about the government, and without running the math of their benefits or properly estimating their longevity. Instead, make sure you take the time to do the math and make your decision based on what’s best for your financial needs instead.
If you need income immediately to cover basic living expenses, you may want to file for benefits as soon as possible, even if it means a lower monthly benefit. However, if you have other sources of income or savings that can cover your expenses, waiting to file for benefits can help you maximize your monthly benefit.
The Different Considerations For Couples
If you are married, it’s also important to consider your spouse’s needs when deciding when to file for Social Security benefits. Make sure you include your spouse’s longevity estimate and social security estimates in your calculations instead of just your own because this decision affects both of you.
Spousal benefits can provide a significant boost to your overall social security income, so it’s important not to overlook them when considering your options.
If you file for benefits early, your spouse may be eligible for a reduced spousal benefit. Additionally, if your spouse passes away before you, you may be eligible to receive survivor benefits, which can be a substantial source of income during a difficult time.
It’s important to understand the decisions you make when married affect the widow down the road and are probably the most important decisions to make around Social Security.
Seek Professional Advice
Ultimately, the decision about when to file for Social Security will depend on your individual circumstances, and there may be factors that are unique to your situation. Consider seeking professional advice from a financial advisor or retirement planner to help you make an informed decision.
By keeping these tips and considerations in mind, you can make a more informed decision about when to file for Social Security, and ensure that you maximize your benefits and overall financial well-being in retirement.
To learn more about when you should file for social security, check out the resources below!
If you have any questions, feel free to contact us using the contact information provided below!
- How To Fix America: Social Security
- Get What’s Yours – Revised & Updated: The Secrets to Maxing Out Your Social Security
- Kiplinger: What’s Your Strategy for Maximizing Your Social Security Benefits?
- SSA Checklist for Online Medicare, Retirement, & Spouses Application
- Form SSA-10 | Information You Need to Apply for Widow’s, Widower’s or Surviving Divorced Spouse’s Benefits
- SSA Retirement Ready Fact Sheet For Workers 18-48
- SSA Retirement Ready Fact Sheet For Workers 49-60
- SSA Retirement Ready Fact Sheet For Workers 61-69
- SSA Retirement Ready Fact Sheet For Workers 70 And Up
- SSA Publications: SSA.gov/pubs
- Free Retirement Planning Video Course: 5stepretirementplan.com
- 3 Things You Should Know Before Choosing A Financial Advisor
- 7 Questions That Could Make or Break Your Retirement
- Subscribe to Retirement Revealed on Google Podcasts
- Subscribe to Retirement Revealed on Apple Podcasts
Connect With Jeremy Keil:
- Keil Financial Partners
- LinkedIn: Jeremy Keil
- Facebook: Jeremy Keil
- LinkedIn: Keil Financial Partners
- Book a call with Jeremy
Results and figures presented within the above links are hypothetical, unaudited and are intended for illustrative purposes only.
Keil Financial Partners assumes no liability or responsibility for any errors, omissions, or other issues with the links and their respective contents. This includes both the website content and any potential bugs, viruses or other technical threats.
No Tax Advice
Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.
No Investment Advice
The content and information provided through the links should not be interpreted as being investment advice or a recommendation of suitability for any particular security, portfolio of securities, transaction, or investment strategy, or related decision. Please seek assistance from a qualified investment professional for any and all investment matters.
Investments may increase or decrease significantly. All investments are subject to risk of loss.
Advisory Persons of Thrivent provide advisory services under a “doing business as” name or may have their own legal business entities. However, advisory services are engaged exclusively through Thrivent Advisor Network, LLC, a registered investment adviser. Keil Financial Partners and Thrivent Advisor Network, LLC are not affiliated companies. Please visit our website www.keilfp.com for important disclosures.
Listen to Retirement Revealed on: