4 Factors To Consider When Deciding When To File For Social Security


Social security benefits are available to you either before, during, or after you reach retirement age. If you decide to claim them before you reach full retirement age, you won't get as much as if you had waited until after retirement age.  Here are some different factors that might help you determine a good age for claiming benefits.

Your Current Health Status

If you are in poor health, you should not delay in filing for social security benefits. Being in poor health might mean you have a shorter lifespan than others your age. This is a good reason to file for benefits early so you get the help you need. If you are still working and suffering from a severe illness, you can quit your job to get rest but still get money each month from social security. On the other hand, you might find it worth it to wait until you reach full retirement age if you are currently in good health.

Your Current Job Situation

Another factor to consider when deciding if it is time to file for social security is whether or not you are currently employed. If you are still working and feel okay to continue working, that is a great reason to delay filing for social security. Once you file, the Social Security Administration (SSA) will calculate your earnings based on hours you have already worked and how much you earned. The longer you work before filing for social security, the more money you will receive. As long as you are working, you are continuing to add to the overall amount you will earn through benefits when you do file for them.

Your Break-Even Point

There are three benefit amounts you can get, which are calculated if you file before full retirement age, at full retirement age, or past full retirement age. There is an age when two of the benefits will be equal to each other, which is calculated based on when you were born and what your employment earnings are. You can speak to an accountant or a social security attorney to figure out what your break-even point is. Once you do that, you will be able to determine whether or not you think you will live past the break-even point. If you think you will live past this age, it is a good idea to delay benefits until after retirement age.

Your Marital Status

If you are married, you and your spouse should sit down and discuss who should file for benefits and when. If one of you earns considerably less than the other, the person who earns more should work longer in order to get the maximum amount of social security benefits. This makes more sense since it gives you more overall for retirement between the two of you. If the spouse that earns more dies first, the surviving spouse gets the full social security benefit amount.

Find more information with your social security attorney.


22 April 2015

Starting the Healing Process

When I was a child, my father was the pastor of a small evangelical church in my hometown. I always enjoyed going to church in order to play with my friends. One of these friends suffered a horrific accident at a local gas station one day. As he was walking towards the entrance to the gas station, he was struck by a vehicle. His leg was seriously injured during the accident. To help with the expenses of recovery, his father hired an accident and personal injury attorney. This professional helped my friend’s father sue the person who struck his son. On this blog, you will discover the advantages of hiring an accident and personal injury attorney after incurring injuries from a devastating accident.