retirementLast month, I told you about a new seminar called Preparing for Retirement and how it covers the three essential keys you should take into consideration to create a comfortable retirement for yourself, including how to maximize your social security.

You may be surprised to know that there are many decisions that need to be made that affect how much of a benefit you’ll receive when it comes time to collect.

So, when is the best time to collect Social Security benefits?

I always assumed I would file and start collecting as soon as I was able to — at the age of 62. But did you know that if you file at 62, you’ll get only 75% of what you would get if you waited until your Full Retirement Age (which by the way is 66 for those born between 1943 and 1954)?

And if you wait it out even longer, your benefit rises 8% per year until you reach age 70.

Good to know, but does that mean it’s best to wait? No, not necessarily. It’s not that cut and dry. There’s so much more to consider because your own personal circumstances are what should ultimately drive your decision. There can be a big difference in how much someone is going to collect, depending on how old they are when they file, but personal factors outweigh the math every time.

What do you need to consider if you’re married?

The answer? Everything! That’s because in order to maximize your benefits, you need to have a strategy that integrates when and how your spouse files for benefits as well.

A strategy? Yes, an optimization strategy — and here are three to consider:

  • File and Suspend
  • Restricted Application
  • A combination of both

The seminar will walk you through how these strategies work and give examples of each. The bottom line: Failing to understand how your benefits and how your spouse’s benefits interact with each other can end up costing you thousands of dollars in income.

And by the way, if you’re divorced, did you know that you have the same rights to spousal benefits that you would if you were still married — as long as you were married for 10+ years, divorced for two or more years, still unmarried and your ex is eligible and at least 62.

Social Security is an important part of your overall retirement strategy

It’s crucial to make an informed decision. You’ve got to know how Social Security works in order to make it work for you.

Again, the seminar is called Preparing for Retirement — it’s fun, informative and only $15 per person or $25 per couple. It’s presented by Edelman Financial Services and each attendee will receive a free copy of the national bestseller,1 The Truth about Retirement Plans and IRAs by Ric Edelman.

Register for free with this Promo code: BA50Blog


1The Washington Post, Washington Bestsellers Paperback Nonfiction/General. April 20, 2014.


Ric Edelman, Chairman and CEO of Edelman Financial Services LLC, a Registered Investment Advisor, is an Investment Advisor Representative who offers advisory services through EFS and is a Registered Principal of and offers securities through SMH. Advisory Services offered through Edelman Financial Services LLC. Securities offered through Sanders Morris Harris Inc., an affiliated broker/dealer, member FINRA/SIPC.

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