Five Common Questions About Social Security Planning

Computer Showing Social Security BenefitsAccording to a survey from SimplyWise, people are most often confused and have questions about five areas of Social Security planning. In this blog, we answer these five common questions regarding Social Security benefits.

Question #1: At What Age Can I Maximize My Monthly Earned Social Security Benefit?

You can maximize your Social Security benefits if you wait until you reach the age of 70 to file a claim. Although you can file a claim when you turn 62, your benefits will continue to grow each year the longer you wait.

Question #2: How Soon Can Non-Disabled People Claim Survivor Benefits?

Non-Disabled People can start claiming Social Security for earned benefits and spousal benefits at age 60. However, the SimplyWise survey revealed that just 9% of respondents were aware of this fact.

Question#3: Does One Spouse Have to Receive Social Security Benefits for the Other Spouse to Qualify?

The answer to this question is yes. When two spouses are claiming Social Security, one can either receive their own benefit or half of their spouse’s amount, whichever is benefit is the greater amount

Question #4: Can a Divorced Spouse Receive Survivor Benefits?

The answer to this question is also yes. However, the criteria is different than it is for married people. The marriage must have lasted at least 10 years, and there are additional rules that apply if a spouse remarries. It is important to note that divorced spouses can collect survivor benefits under a deceased ex-spouse.

Question #5: Can Divorced Spouses Receive Spousal Benefits?

A divorced spouse can receive spousal benefits if they were married to their ex for at least 10 years and haven’t remarried.

Do you have more questions about Social Security Planning? Then please reach out to Dorcey Law Firm to get answers from our dedicated and experienced estate planning attorneys. Call (239) 309-2870 today set up your free consultation.