Personal Finance News Tuesday 6/4

Phil's Personal Finance Tip of the Day:

When to Start Taking Social Security Benefits

by Donna Fuscaldo

Published May 31, 2013

FOXBusiness

When it comes to maximizing Social Security benefits, it’s all about timing.

“If you look at a married couple, there are 81 different strategies on how to claim Social Security,” says David Richmond, founder of Richmond Brothers. “A lot of times people don’t know their options.”

Filing too early for Social Security can mean getting a smaller check and potentially leaving thousands of dollars on the table, while waiting until Full Retirement Age (FRA) can maximize monthly payments.

Social Security benefits are designed to supplement retirement income, but too often people rely on these benefits as their only cash flow in retirement.

“Most clients assume they should take it right away at 62 and many times that’s not the best way to do it,” says Richmond. “Social Security went from a safety net to a primary source of income, and that’s not what the program was designed for.”

To determine when to start collecting benefits, financial experts say you must identify your FRA, which is when you can collect Social Security benefits without penalties. The Social Security website can help calculate this number.

Read more: http://www.foxbusiness.com/personal-finance/2013/05/31/when-to-start-taking-social-security-benefits/#ixzz2VGzCVEdH


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Hi my name is Philip J. Miano and I am the founder of PJM Personal Finance and Productivity Coaching specializing in Budgeting, Debt Reduction, Bank Reconciliations, Goal Setting, Time Management, and Organizational skills. Please visit my website: http://pjmcoaching.com.