Senior Insurance Utah

Medicare Insurance Solutions: For Seniors By Seniors

Married Couple's  Who Delay The Date They Receive SSA Benefits Can Save Thou$and$

What's At Stake with Social Security?

Social Security Timing® simultaneously calculates all combinations of claim ages across nine different election strategies to help you find the best strategy for your unique circumstances. This report is intended to show you the difference, in today's dollars, between a good election and a poor one.

 

Mr.Mrs.
Date of Birth:02/27/194212/10/1940
Benefit Amount:1,0001,000
Benefit At Age: 70 70
Expected Longevity: Average Average
Expected Inflation: High
Real Rate:0.0048

What's At Stake?

$47,029

The difference between a good decision and a poor one is often surprising. Find a local advisor to help you make the best decision.


1. The lower earning spouse elects; The higher earning spouse elects a Spousal benefit only, then switches to his or her own benefit.

The lower earning spouse would file a standard application for benefits. The higher earning spouse would file a restricted application for only spousal benefits under the lower earning spouse's record. This will allow the higher earning spouse to collect some benefit while earning delayed retirement credits. When the higher earning spouse files for benefits under his or her own earnings record, the lower earning spouse may become eligible for spousal benefits under the higher earner's record.

2. The lower earning spouse files and suspends; The higher earning spouse Elects Spousal benefits only, then switches to his own benefit later.

The lower earning spouse would file a standard application for benefits. The lower earning spouse would then immediately request that his or her benefits be suspended in order to earn delayed retirement credits. The higher earning spouse files a restricted application for only spousal benefits under the lower earning spouse's record, in order to continue to earn delayed retirement credits on his or her own benefit. Later, the lower earner would request that benefits be paid, and the higher earner would switch to his or her own benefit.

3. The higher earning spouse elects; The lower earning spouse elects only a Spousal benefit first, then later switches to his or her own benefit.

The higher earning spouse would file a standard application for benefits. The lower earning spouse would file a restricted application for only spousal benefits under the higher earning spouse's record. This will allow the lower earning spouse to earn delayed retirement credits until he or she files for his or her benefits under his or her earnings record. The lower earning spouse will file a standard application for benefits under his or her earning record at some point in the future.

The purpose of the “What's at Stake” report is to give married couples and understanding of the difference between a good election strategy and a poor one. The “What's at stake“ number is the present value of all expected cash flows to the life expectancy outlined in the “Inputs” section and discounted by the sum of the inflation rate, plus the daily long-term real rate, which is automatically pulled from the Treasury website daily. When no daily update is available, such as weekend days, the last updated number will be used.

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