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Products November 20, 2012
How to Maximize Social Security
There are
ways to prevent missing out on the full value of Social Security, a Prudential
white paper illustrates.
Reported by Kristen Heinzinger
“Innovative Strategies to Help Maximize Social Security Benefits” outlines options and strategies that individuals can employ to maximize lifetime Social Security income and contains new content about strategies for those that enter retirement divorced or widowed.
According to the updated paper, limited understanding of the program is preventing many people from maximizing their benefits. More than 70% of retirees elect to start receiving reduced Social Security benefits prior to their full retirement age, and many may be missing out on the ability to collect higher benefits over their lifetimes.
The strategies, applicable to both genders, contain a number of examples to help readers evaluate their available choices, eliminate costly mistakes and select a claiming strategy that best suits their financial needs.
“This research highlights the advantages for women of taking spousal benefits and delaying individual benefits to maximize lifetime Social Security income,” said M. Cindy Hounsell, president, Women’s Institute for Secure Retirement. “Of real value are the practical strategies available for divorced spouses, widows, and widowers as well as the important tax considerations regarding when to take IRA withdrawals and when to claim Social Security benefits.”
Click here for the paper.