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Questions and Answers
How does the decision on when to take benefits differ for single individuals and married couples?
For single individuals, the decision may depend on the amount of retirement savings, while for married couples, the decisions made by both spouses will affect their combined income in retirement.
What is the ideal age to start taking Social Security benefits?
The ideal age to start taking Social Security benefits is at age 70 in order to maximize the benefit.
What is the 'wait and take' strategy in relation to Social Security benefits?
The 'wait and take' strategy is a compromise option for couples who prefer retiring before age 70. It involves choosing to receive benefits at a later age.
Why might someone need to begin taking their Social Security benefits sooner than expected?
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At what age do both spouses become eligible to receive Social Security benefits?
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Many couples prefer retiring before age 70, says Christine Fahlund, senior financial planner with T. Rowe Price. In that case, we suggest they consider the option of choosing compromise known as a 'wait and take' ______.
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If both you and your spouse could choose to receive benefits as early as age 62, when you become ______
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Despite your best planning, you may need to begin taking your Social Security benefits sooner than expected, 'Many individuals may need the ______ Social Security provides,' says Fahlund.
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If you are married, however, you have more options to consider, and the decisions you and your spouse make will affect your combined income in ______.
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Ideally, you would maximize your Social Security benefit by working until age 70 before applying for any ______.
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