Tips for Planning Your Retirement: Social Security Benefits

LONGMEADOW, Mass. (Mass Appeal) - There are ten things you should know when planning your retirement. Each week we'll share a new tip with you. This week, Dylan Bond, Owner of Bond Financial Services, explained part seven, Social Security benefits.

Bond Financial Services
171 Dwight Rd, Longmeadow, MA 01106
info@bondfinancialservices.com
(413) 754-4747
BondFinancialServices.com

10 Things You Should Know When Planning Your Retirement Income:

Tip #1. Plan for a Long Life:
Tip #2. Health Care Expenses Will Increase
Tip #3. You'll Need a Housing Plan
Tip #4. Plan for Long-term Care Assistance
Tip #5. Inflation May Matter More in the Future
Tip #6. Transition Your Goals

Tip #7. Social Security Benefits
You may be able to apply for Social Security benefits as early as age 62. However that will permanently reduce the payout you are eligible to receive.
If you wait until full retirement age, you'll be eligible for the maximum amount of payout available based on your lifelong earnings.
Delaying beenfits as long as you can will increase the amount you are eligible to receive.

Sample Benefits Based on Retirement Age
Starting Age / Monthy Benefit

62 - $1,125
63 - $1,200
64 - $1,300
65 - $1,400
66 - $1,500
67 - $1,620
68 - $1,740
69 - $1,860
70 - $1,980

Spousal Benefits
Once you reach full retirement age, you may claim either your own benefit or a derivative (505) of your spouse's benefit, whichever is higher.
Determinging factors are the length of marriage, work history and the age of both spouses.
Each spouse needs 10 years of work history to qualify for individual benefits, which will be based on an average of the 35 years of highest earnings.

To receive benefits based on a spouse's work history:
Both spouses must be at least age 62
They need to have been married for a least one year
The spouse with the stronger work history must apply for Social Security retirement benefits in order for the other spouse to collect.

Widow(er) Facts
The death of a spouse increases the survivor's benefit.
Widows and widowers are entitled to the higher earner's full retirement benefit and may begin receiving benefits at age 60.

Upcoming Investment Seminars - "7 Fundamental Strategies to NOT Outlive your money":
Designed for people 50 and older with questions about retirement income planning.

Wednesday, February 27th
La Cucina di Hampden House
1 Allen Street, Hampden

For more information or to make a reservation call (413) 246 - 7608.