Last year, Congress made significant changes in the Social Security Act that now limits the options husbands and wives have to maximize their Social Security payments. In the past there were many different variants to be examined when deciding when to start your Social Security benefits. Do you start at age 62, or do you wait until age 70 or some number in between those two? Because of the different earning capacities of most married couples, it was always beneficial for the lower earning spouse to begin receiving benefits earlier than the higher earning spouse. This provides greater benefits once both spouses reach age 70 and provides greater benefit for the survivor of the two spouses. Now, Congress has changed the law to take away some of the options you had available.
At Hughes & Associates, we are not financial planners. However, we work with many reputable financial planners to make sure that our clients’ estate plans are thought through and are proper for each client. We do not use a cookie cutter approach in our estate planning. For more information, please contact us at your first opportunity.