Strategies for applying for advantages: For singles only

This article is aimed toward individuals who Single and have was never married. Most articles on profit claiming strategies give attention to the evaluation for a married couple. This is just because planning for married couples revolves around these three criteria:

1. Maximize Social Security advantages for top earners.
2. Coordinate advantages between spouses.
3. Maximize Social Security survivor advantages.

If you’re currently single and marriedfollow the factors above.

For those that have never been marriedPoints 2 and three don’t apply, so your planning strategy is different. Your planning is different since you never had a spouse, so nobody is entitled to a spousal or survivor profit out of your pension. This article is just not about disability advantages. Your concern is about point 1. As a single person, you continue to have lots of the same concerns as couples. Below are the relevant questions it’s worthwhile to answer.

Relevant questions

• What is my full retirement age?
• What is my health condition and may I expect to live to the age of 80?
• Do I currently need the money flow from social security?
• How long do I plan to work?
• Should I claim my advantages early despite the fact that I do know they will probably be reduced?
• Will the annual earnings limit apply if I take advantages early?
• Should I delay taking advantages and use the deferred pension credits?
• If I receive advantages late, should I receive advantages retroactively?
• How long am I more likely to live if I delay advantages?
• If I receive one other state or local pension (uncovered pension), how does this affect my application strategy?
• What are the income tax consequences?
• Does the Income Related Material Adjustment Amount (IRMAA) affect my Medicare premiums?
• How does applying for Social Security advantages fit into my overall planning and the way does it affect my overall portfolio?

There isn’t any substitute for going through the numbers and preparing a customized evaluation specific to your needs.

In my experience, the next general rules apply to singles:

• If you would like the money flow to finance your lifestyle, apply early and consider the annual income limit.
• If you’re ill: Apply early and bear in mind the annual earnings limit.
• If you expect to live between ages 62 and 80, file for advantages at age 62. The reason for that is that total lifetime advantages remain relatively the identical whether you file at age 62 or 70.
• If you expect to live to be 81-84 years old, apply for advantages once you reach full retirement age.
• If you expect to live past the age of 85, apply for advantages at age 70.

The general rules listed above are designed to maximise your lifetime advantages. These general rules may or may not suit your plans. You may conclude that your life expectancy is 90 based in your current health and family history, but you do not need to play longevity roulette together with your Social Security advantages. Instead of waiting until age 70 to say advantages, take them at 62 – your decision. The good aspect of this consideration is that you simply are only affecting yourself. This is unquestionably a person decision.

Always remember: If you are taking the fallacious Social Security profit on the fallacious time, it’ll all the time be less and last eternally.