WITH THE RECENT (NOVEMBER 2015) BIPARTISAN BUDGET ACT, SOCIAL SECURITY RULES HAVE CHANGED SIGNIFICANTLY. THE ARTICLE BELOW WAS WRITTEN IN 2014, SOME OF THE STRATEGIES MENTIONED BELOW MAY NOW BE CONTINGENT ON YOUR AGE.
With over 2700 rules affecting Social Security benefits, it’s likely that no one knows everything there is to know about Social Security. Here are four foundational truths about Social Security:
Once you’re eligible, you can start Social Security in any month until you’re 70. While three starting times are quoted on your Social Security report, they are good for reference but are not your only choices.
Married couples do not have to take Social Security at the same time. In fact, there are some great strategies that use different start dates to optimize benefits based on your priorities: early cash flow, the survivor’s check, biggest monthly check or maximum benefits over a lifetime, for instance.