Don’t Neglect This Supplemental Social Security Income Source in Retirement

(don’t forget to checkout the video of this blog too)

Social Security is the foundation for most people’s Retirement Income Plan.

Unless you have a pension through work, it might even be your only source of guaranteed, lifetime income in retirement.

That why it’s so important to think through the timing of “turning on” your Social Security retirement benefit.

Often times, delaying your Social Security Income as long as you can make as a lot of sense (as it helps you maximize your lifetime benefit).

But, there’s a supplemental benefit that so many people aren’t fully aware of.

It’s the Spousal Benefit from Social Security.

This benefit can add an additional 50% of the higher earner’s social security income to the total family retirement benefit❕

That can mean almost $2000/month of additional income for retirement.

This additional income can be instrumental in helping your preserve and protect your other assets while simultaneously keeping more money invested in the market for long-term growth and wealth-building.

It can also serve as a great income source to protect your retirement dollars from a possible extended, long-term care event.

Unfortunately a lot of people aren’t even aware of this benefit.

Here’s how it works:

✅ The lower earning spouse can take their benefit whenever they would like

✅ Their benefit will be reduced for having taken it early (so they may want to wait until full retirement age)

✅️ The higher earning spouse should (ideally) wait to collect his or her benefit at full retirement age or later…

✅️ Once the higher earner has filed & is collecting social security the lower earning spouse can collect the spousal benefit

✅️ This is a benefit that will be added to the lower earner’s benefit (think of it as 2 benefits)

✅ This benefit is maxed out at 50% of whatever the higher earner’s benefit is (or would be) at full retirement age

✅ It’s also maxed out if the lower earner waits until their full retirement age to max out their own benefit (not taking it early)

So many couples aren’t aware of this income…

And many don’t collect it simply because they don’t apply for it (even though they qualify).

And almost everybody qualifies if the lower earner’s benefit is less than 50% of the higher earner’s.

So if you’re unsure let’s put together a social security strategy to maximize your retirement income.

Let’s chat 💬😎