{"id":7896,"date":"2016-09-15T07:05:49","date_gmt":"2016-09-15T14:05:49","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7896"},"modified":"2022-11-04T00:59:56","modified_gmt":"2022-11-04T04:59:56","slug":"when-should-you-begin-receiving-social-security-benefits","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/","title":{"rendered":"When Should You Begin Receiving Social Security Benefits?"},"content":{"rendered":"<p>Did you know that nine out of ten people age 65 and older are receiving <a href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/10-reasons-you-should-consider-claiming-social-security-early\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #0000ff;\"><strong>Social Security benefits<\/strong><\/span><\/a>?\u00a0 Also, social security benefits represent about 39% of the income for the elderly population. Among elderly Social Security beneficiaries, 22% are married couples and about 47% of unmarried persons rely on Social Security for 90% or more of their income.\u00a0 Everyday tens of thousands of people are making their decision to receive their social security benefits however many do not know what options are available to maximize their benefits.<\/p>\n<p>The social security office is well staffed and very well trained.\u00a0 The Social Security Administration answers questions correctly but they are instructed to NOT give advice.\u00a0 Their job is to answer questions and implement decisions.\u00a0 Understanding your social security benefit claiming options is an essential part of your retirement plan.\u00a0 An uninformed choice continues for life and can only by corrected within a year.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69defdac1d0c7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69defdac1d0c7\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#Generally_the_higher_wage_earner_should_delay_benefits\" title=\"Generally, the higher wage earner should delay benefits\">Generally, the higher wage earner should delay benefits<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#Delaying_is_a_great_strategy_for_two_reasons\" title=\"Delaying is a great strategy for two reasons:\">Delaying is a great strategy for two reasons:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#Who_will_be_affected\" title=\"Who will be affected?\">Who will be affected?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#Consider_the_health_of_the_non-primary_breadwinner\" title=\"Consider the health of the non-primary breadwinner\">Consider the health of the non-primary breadwinner<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#Drawbacks_to_taking_your_Social_Security_benefits_early\" title=\"Drawbacks to taking your Social Security benefits early\">Drawbacks to taking your Social Security benefits early<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#Changing_your_mind\" title=\"Changing your mind\u00a0\">Changing your mind\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/retirement\/when-should-you-begin-receiving-social-security-benefits\/#The_Bottom_Line\" title=\"The Bottom Line\u00a0\">The Bottom Line\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Generally_the_higher_wage_earner_should_delay_benefits\"><\/span><strong>Generally, the higher wage earner should delay benefits<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When one spouse is the higher wage earner it typically makes most sense to delay starting social security benefits until the age of 70.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Delaying_is_a_great_strategy_for_two_reasons\"><\/span>Delaying is a great strategy for two reasons:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>Social Security increases your benefit for each month between age 62 and 70 that you delay the start of your earned benefit. This increase in benefit is called delayed retirement credits.\u00a0 If you were <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/delayret.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">born in 1943 or later<\/a><\/span><\/strong> your benefit increase is 8%.<\/li>\n<\/ol>\n<ol start=\"2\">\n<li>When the higher wage earner dies, the surviving spouse will receive his\/her monthly social security benefit which will equal the income amount that the higher wage earner was receiving during his or her lifetime which reflects the delayed retirement credits. Therefore, to maximize your benefits after you pass away, delaying your benefits until 70 is a good strategy.<\/li>\n<\/ol>\n<p>Important Note: If you decide to delay your retirement, be sure to <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/justmedicare.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">sign up for just Medicare<\/a><\/span> at age 65<\/strong>.\u00a0 Keep in mind, if you do not sign up, in some circumstances <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10043.pdf#page=12\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">your Medicare coverage may be delayed and cost more<\/a><\/span><\/strong>.<\/p>\n<p>On November 2<sup>nd<\/sup>, 2015 Congress passed the <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/legislation\/legis_bulletin_110315.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Bipartisan Budget Act of 2015<\/a><\/span><\/strong> which phased out 2 popular social security claiming strategies for married couples.\u00a0 Therefore, determining when you should begin receiving your social security benefits is not an easy question.<\/p>\n<p>The Social Security Administration eliminated \u201cfile-and-suspend\u201d and \u201crestricted application\u201d in an effort to reduce costs.\u00a0 These 2 strategies were viewed as loopholes that allowed married couples to claim up to an extra $50,000 in lifetime Social Security benefits.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Who_will_be_affected\"><\/span><strong>Who will be affected? <\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/claiming.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">restricted application<\/a><\/span><\/strong> option will no longer be available to anyone who has turned age 62 by the end of 2015.\u00a0 However, if you attained age 62 in 2015 or before you are in luck.\u00a0 If a married couple is already taken advantage of the file-and-suspend and the restricted application they will be grandfathered in and be unaffected.\u00a0 However, married couples eligible for <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/claiming.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">file-and suspend<\/a><\/span><\/strong> have only 180 days from the date the Bipartisan Budget Act of 2015 was signed into law which is April 30, 2016.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Consider_the_health_of_the_non-primary_breadwinner\"><\/span><strong>Consider the health of the non-primary breadwinner<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The optimal strategy for deciding when to receive your social security benefits often depends upon your health. Spouses in poor health should start their benefits early and spouses in excellent health may want to delay their social security benefits.\u00a0 Keep in mind, Social Security benefits for a non-working spouse cannot be started until the working spouse begins his or her own benefits.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Drawbacks_to_taking_your_Social_Security_benefits_early\"><\/span><strong>Drawbacks to taking your Social Security benefits early<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>It can be tempting to take your social security benefits as soon as possible at the age of 62.\u00a0 Guaranteed monthly income is nice however there are disadvantages to receiving your social security benefits early.\u00a0 Your monthly benefit is reduced by 25% and your spousal benefits are lower.\u00a0 Also, when you pass away your spouse will also receive less.\u00a0 Your annual <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/OACT\/COLA\/colasummary.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">cost-of living adjustment<\/a><\/span><\/strong> (COLA) is based on your monthly payments therefore if you begin benefits at 62 your COLA will be lower as well.<\/p>\n<p>Therefore, waiting to take your benefits may be the best option.\u00a0 But, make sure you review your other income sources in retirement.\u00a0 If you have sufficient income to delay your social security benefits to the age 70, your payout will be higher.\u00a0 However, if you need the income sooner due to expenses and health issues delaying may not be your best option.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Changing_your_mind\"><\/span><strong>Changing your mind<\/strong><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you are receiving social security benefits you have the option to change your mind.\u00a0 You can then restart benefits at a later date to take advantage of a higher payout.\u00a0 However, you only have a 12 month window to make this election.\u00a0 After 12 months you cannot withdraw your application and you are limited to one withdrawal per lifetime.\u00a0 Keep in mind; you must repay all the benefits.\u00a0 For more details about repaying your benefits the following link is a great resource \u2013 <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/withdrawal.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">If you change your mind<\/a><\/span><\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Bottom_Line\"><\/span><strong>The Bottom Line<\/strong><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you are in excellent health and have adequate income to sustain your lifestyle until <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"https:\/\/www.ssa.gov\/planners\/retire\/retirechart.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">full retirement age<\/a><\/span><\/strong> (FRA) or to the age of 70, it is probably best to delay your social security benefits.\u00a0 There are many factors to take into consideration when deciding to take your social security benefits.\u00a0 Therefore, it would be in your best interest to meet with a financial professional who can walk you through your claiming strategies to maximize your benefits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you know that nine out of ten people age 65 and older are receiving Social Security benefits?\u00a0 Also, social security benefits represent about 39% of the income for the elderly population. Among elderly Social Security beneficiaries, 22% are married couples and about 47% of unmarried persons rely on Social Security for 90% or more of their income.\u00a0 Everyday tens of thousands of people are making their decision to receive<\/p>\n","protected":false},"author":77,"featured_media":7900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-7896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When Should You Begin Receiving Social Security Benefits?<\/title>\n<meta name=\"description\" content=\"9 out of 10 people age 65 and older are receiving Social Security benefits. 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