{"id":20497,"date":"2015-05-19T20:00:19","date_gmt":"2015-05-20T01:00:19","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=20497"},"modified":"2015-05-19T16:26:06","modified_gmt":"2015-05-19T21:26:06","slug":"frazier-allen-gives-savvy-social-security-strategies","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2015\/05\/19\/frazier-allen-gives-savvy-social-security-strategies\/","title":{"rendered":"Frazier Allen gives Savvy Social Security strategies"},"content":{"rendered":"

Consider these ideas to help you make the most of your benefits<\/strong><\/em><\/span><\/p>\n

\"F&MClarksville, TN<\/strong> – Alongside other sources of income, Social Security can be a critical component of your total retirement resources, so it\u2019s important to consider ways to optimize the value it can bring.<\/p>\n

After all, these payments account for up to 40% of most retirees\u2019 income, according to the Social Security Administration (SSA), with savings, pensions and retirement accounts making up the rest. Here are a few things you (and your spouse if you\u2019re married) should think about as you get ready to retire.<\/p>\n

\"Social<\/a><\/p>\n

When should I file?<\/h3>\n

While several factors come into play, the simple answer is when you need the extra income. If that\u2019s age 62, so be it. But if you have flexibility thanks to savings, consider delaying until at least your full retirement age (FRA) when you\u2019re entitled to full benefits.<\/p>\n

Filing too early means you’ll receive permanently reduced benefits for life.<\/i><\/div>\n

Filing earlier means you\u2019ll receive permanently reduced benefits for the rest of your life, and it could limit survivors benefits paid to your spouse if you were the higher earner.<\/p>\n

Waiting just three to four years past full retirement age (either 66 or 67, depending on when you were born) allows you to accrue delayed credits up to age 70, which will increase your benefits by 7% to 8% a year.<\/p>\n

How should I claim my benefits?<\/h3>\n

The age you claim affects your options for receiving benefits. At full retirement age, you have more creative strategies at your disposal. And, couples have options as to how each will independently claim benefits in order to optimize the amount of money you both collect over your lifetimes.<\/p>\n

Can I claim a do-over?<\/strong><\/p>\n

You generally have one shot to claim a \u201cmulligan.\u201d Here\u2019s what to do:<\/p>\n

File an application to withdraw within 12 months.<\/p>\n

Pay back all the benefits you\u2019ve received (ouch!).<\/p>\n

Delay benefits until a later age for higher checks. (If you claimed benefits on your own record before full retirement age, you can suspend payments.)<\/div>\n