Did you know that the age at which you start collecting Social Security has a big impact on the amount of money you receive every month from the program? Waiting to collect your benefit could cause it to grow by up to 8% until the age of 70, but collecting before your full retirement age could result in as much as a 25% permanent reduction of your benefit amount.
But there are other factors to consider rather than simply age alone.
When choosing the best way to file in order to maximize your lifetime Social Security benefit, you have more options available if you are currently married, divorced or widowed. For instance, you could be eligible to receive a benefit on your ex-spouse based on their earnings record if you were married for at least ten years and are 62 or older.
At Eric Scott Financial, we have special software that can run hundreds of scenarios using your unique financial details to help ensure you find the best way to file in order to ultimately receive the maximum benefit amount.
Discover more about spousal and survival benefits, how you can increase your benefit by delaying your filing, and how earnings are factored by downloading our whitepaper. You can download at the bottom of this page: https://ericscottfinancial.com/our-process/, or simply call us and we will email you a copy.
For more information about Social Security, as well as any other retirement concerns, please call Eric Scott Financial at 435.773.9444.