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We found an interesting article about Social Security and “when” to sign up for it’s benefits. Some people are taking the lower benefits but getting them earlier, at age 62, while other Americans are choosing to take the benefits later.. giving them a larger sum of retirement income. Which do you choose? Here’s an interesting article that might inspire retired New Jersey seniors to look at social security and it’s benefits differently.
3 Unusual Strategies for Claiming Social Security Benefits by Emily Brandon
If you are debating onÂ what ageÂ to sign up for Social Security, this is probably theÂ most important retirement decision you make. Social Security is the largest source of income for over half of retirees, and the age you begin receiving payments can vastly affect the amount of money you receive over your lifetime.
Strategy 1: Borrow and Invest
If you sign up for Social Security at age 62, you receive reduced benefit payouts for life; that is, unless you can afford to pay the money back. If you return every cent you’ve already received, without interest, you can qualify for higher payments for the rest of your life.
Strategy 2: Claim Now, Claim More Later
A married worker with a retired spouse can claim a spousal benefit at full retirement age and then switch to his or her own benefit at a later date.
Strategy 3: Claim and Suspend
A spousal benefit is generally equal to half of the higher earner’s due, although claiming it before full retirement age diminishes the amount of the benefit.
Read the full story on Strategies to sign up for Social Security.