{"id":6545,"date":"2015-10-21T06:36:37","date_gmt":"2015-10-21T13:36:37","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=6545"},"modified":"2023-02-03T05:26:24","modified_gmt":"2023-02-03T10:26:24","slug":"double-dip-triple-dip-into-social-security","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/double-dip-triple-dip-into-social-security\/","title":{"rendered":"Double Dip or Triple Dip into Social Security"},"content":{"rendered":"

We are not talking about ice cream here but it does sound good, doesn\u2019t it? \u00a0These\u00a0Social Security strategies, however, could ultimately buy you a lot more than a few ice cream cones!<\/p>\n

Social Security is becoming a big deal to the throngs of Baby Boomers tapping their benefits now and over the coming years.<\/p>\n

A couple\u00a0reaching full retirement age (FRA)\u00a0can opt to have one of the two capture the spousal benefit of the other while they can both leave their benefits to increase up until age 70. \u00a0For someone whose FRA is 66, this can amount to approximately 33% increase in benefits for the rest of their lives along with a cost of living (COLA) increase on those benefits.<\/p>\n

To make it simple let\u2019s say a couple, ages 66, have full retirement benefits amounting to $2,000 per month each.\u00a0 One can collect $1,000 per month in spousal benefits and both can let their Social Security retirement benefits grow until age 70.\u00a0 Each can switch to their \u201cwork history\u201d Social Security benefits<\/a> at age 70 and hence get approximately $2,660 each (times two).\u00a0 This brings their annual Social Security income up by nearly $16,000.00 per year permanently!<\/p>\n

This is a \u201cDouble Dip\u201d: getting a spousal benefit and letting the other benefits grow so the couple can get more later.<\/p>\n

Now a \u201cTriple Dip\u201d scenario might be where a couple at full retirement age (age 66) with one spouse having a FRA benefit of $2,400 per month and the other spouse\u2019s FRA benefit amount is near half of the other\u2019s, say $1,150 per month. Here the spouse with the lower work history benefit can take the spousal benefit, which is 50% of the other\u2019s.\u00a0 In this case that is $1,200 per month.\u00a0 Now the lower earning spouse waits for their benefit until age 70 in which case ($1,150 increases by about 33% more) they will switch over to a benefit of about $1,530 per month.<\/p>\n

So the lower paid spouse went from $1,200 per month at 66 to $1,530 at 70.\u00a0 If the higher paid spouse started collecting $2,400 per month at age 66 and has been getting cost of living increases on their benefits, as normally is the case with Social Security, of say a moderate 1.5% and dies 10 years later, the lower paid spouse can switch over to that benefit which will now be about $2,800 per month.<\/p>\n

This is now the third dip for the lower paid spouse having received a spousal benefit, switched later to their work benefit, and finally switched to a survivor benefit.\u00a0 At that point the third\u00a0of the triple dip may be bitter sweet but sweeter nonetheless. \u00a0It gets even better on the third\u00a0dip if the higher paid spouse was able to defer their benefit until age 70, in which case the benefit would be about $3,200 per month to the survivor.<\/p>\n

The age someone collects Social Security should not necessarily be looked at as having to coincide with retirement age.\u00a0 If there are other assets available this may fill the gap between retirements and when Social Security is taken.\u00a0 There are many ways to phase into retirement with variations on the themes above.<\/p>\n

A couple age 65 has about a 50% chance that one of them will live until age 90 or older. \u00a0The complexity of Social Security and increasing longevity are important\u00a0reasons to get great advice from a professional financial advisor<\/strong><\/a> and to do your homework so that you have the best opportunities\u00a0to keep up with inflation and not run low on money<\/strong><\/a><\/span>\u00a0<\/strong>in retirement.<\/p>\n

Guy A. Paredes, RFC is a Registered Representative offering securities and advisory services through Cetera Advisors LLC, member FINRA\/SIPC.\u00a0 Some advisory services also offered through Rockdale Financial Services, Inc., a Registered Investment Advisor (RIA).\u00a0 Cetera is under separate ownership from any other named entity.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

We are not talking about ice cream here but it does sound good, doesn\u2019t it? \u00a0These\u00a0Social Security strategies, however, could ultimately buy you a lot more than a few ice cream cones! Social Security is becoming a big deal to the throngs of Baby Boomers tapping their benefits now and over the coming years. A couple\u00a0reaching full retirement age (FRA)\u00a0can opt to have one of the two capture the spousal<\/p>\n","protected":false},"author":70,"featured_media":6464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-6545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\nDouble Dip or Triple Dip into Social Security | Paladin Registry Blog<\/title>\n<meta name=\"description\" content=\"Social Security is becoming a big deal to the throngs of Baby Boomers tapping their benefits over the coming years. 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