Social Security benefits provide the foundation that most Americans will rely on in retirement, and decisions related to the claiming of benefits can have a profound impact on retirement income and overall quality of life. Despite the heavy reliance on Social Security- it provides over 90% of the retirement income for one in three recipients-less than 5% of seniors avail themselves to strategies designed to maximize their benefits.
Effective claiming strategies may be quite simple in certain cases, and rather complex in others. A basic understanding of Social Security benefits and how they are calculated can help you determine whether you can go it alone, or if expert guidance is called for. This article will explore some common, but distinct, scenarios and the claiming considerations associated with each.