THE CARDINAL GUIDE TO:

Maximizing Your Social Security Benefit

￭ You can start collecting reduced Social Security benefits as early as age 62. Full Retirement Age, when you are entitled to full Social Security benefits,  is currently age 66. (It will be increasing to 67 for people born in 1960 or after.) But you can delay staring Social Security until age 70. The longer you hold off, the larger your monthly payments will be.

￭ Spousal benefits and spousal survivor benefits are affected by the age at which the primary earner starts receiving benefits.

￭ You will pay income taxes on your Social Security check if your other  income exceeds certain levels.

￭ If your household relies on two Social Security checks, when the first one of you dies, the survivor will continue receiving the larger of the two checks, and the smaller payment goes away. You can plan to compensate for this income reduction with investments, annuities, or life insurance.

￭ Social Security planning has long-term care implications. Social Security is the base income used to pay the long-term care bill, and any remaining balance must be made up from other income if you are paying the bill yourself.

￭ Cardinal can prepare a complimentary Social Security timing report for you – just fill out the form on the bottom of this page!

The document below, from the Social Security Administration, presents information regarding retirement benefits.

Read the Social Security chapter from “The Complete Cardinal Guide to Planning for and Living in Retirement”.