What factors may affect taking Social Security? Income needs Income alternatives Working during retirement Spouse’s earnings Longevity Health

Many Americans plan on working through retirement

Delay or not delay Maximize retirement income More SS than spouse Need higher SS income to sustain income for life Healthy, long lived Sustainable income for life Job intolerable, willing to sacrifice retirement income Not-healthy, short lived Delay Not Delay

Strategy 1: File and Suspend Application Higher-earner spouse files for SS benefits at full retirement age Lower-earner files for spousal benefits based on the earning records of higher spouse Higher-earner spouse withdraws SS application and repays any benefits received before limitation of one year Event though the higher earning spouse withdraws, benefit continues for lower spouse Social Security Administration, “retirement Planner – Benefits for your Spouse.” SSA.gov. Wolrer Kluwer, Social Security Answer Book, 2011, Questions 5:17, 4:87

Strategy 1: File and Suspend Application Social Security Administration, “retirement Planner – Benefits for your Spouse.” SSA.gov. Wolrer Kluwer, Social Security Answer Book, 2011, Questions 5:17, 4:87 Higher-earner spouse Applies for SS Suspends their SS and repays benefits received Much lower-earner spouse Applies for spousal SS benefits Continues spousal SS benefits

Strategy 2: File and Switch Lower-earning spouse files for their SS benefits as early as age 62 Upon retirement of higher earning spouse, the lower spouse applies for spousal benefits (as much as 50%) assuming those benefits are higher Wolter Kluwer, Social Security Answer Book, 2011, Question 4:87

Strategy 3: Withdraw Now, More Later First retiring spouse applies for own SS retirement as early as age 62 Later retirement, and higher earning, spouse at or past full retirement age applies for spousal benefit At age 70, or earlier, higher-earning spouse applies for his/her own SS full retirement benefit based on their own higher benefits Social Security Administration, “Retirement Planner – Benefits for your Spouse,” SSA.gov

Strategy 3: Withdraw Now, More Later Social Security Administration, “retirement Planner – Benefits for your Spouse.” SSA.gov. Wolrer Kluwer, Social Security Answer Book, 2011, Questions 5:17, 4:87 First retiring spouse Applies for SS Later retiring higher earning spouse Applies for SS benefits At age 70 (or upon retirement) higher earner applies for their own benefits

Questions to ask What are my realistic income expectations during retirement? Am I going to work during retirement? Do any of the strategies fit my situation? What is my realistic life expectancy?

Thank You! Call to discuss your social security situation and identify potential options for addressing income gaps Call to discuss your social security situation and identify potential options for addressing income gaps