You should have a sizable sum of money saved up by the time you retire. However, even in that case, you can find yourself becoming rather dependent on Social Security after realizing how costly life can be while you’re not earning. Knowing the specifics of Social Security is crucial for this reason.
Full Social Security Benefits After FRA
When you attain FRA, you are eligible to receive your full every month Social Security benefit depending on your individual income history. Depending on your birth year, the legal drinking age is 67 if you have been born in 1960 or after. Additionally, if you want a greater monthly payout, you might postpone filing for Social Security past FRA. And you could be tempted to do that when you’re keen to make up for a lack of money as you approach retirement. One thing to keep in mind is that once you turn 70, you can no longer accrue the delayed retirement benefits that lead to increased Social Security benefits.
Social Security Spousal Benefits
There is a cap on how much of a boost you can receive, so don’t believe that you can continue putting off filing your claim indefinitely. Due to this regulation, delaying your Social Security request above the age of 70 is not financially advantageous. Doing so can prevent you from receiving money to which you would otherwise be entitled. By postponing the paperwork when you’re requesting benefits on your individual earnings record, you can increase the amount you receive in Social Security payments for life. However, that strategy won’t work if you’re requesting a spousal benefit.
The most you may expect is 50% of the Social Security benefits the present or ex-spouse is eligible for. And at FRA, you’ll be qualified for your entire spousal benefit. However, urging yourself to wait till you are older to file has no use. For a smaller payout, you are permitted to file for Social Security before FRA. This can be done as early as age 62. If you change your mind and want to apply for Social Security at a later date for a greater monthly benefit, you can revoke your file once throughout your lifetime.
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