Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

What if I planned to work to age 67 or age 70 to receive full social security benefits but lost my job and cannot find work?

Social Security Access Investment Funds Little Rock, Arkansas
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Edward Mahaffy, MBA, CFP, ChFC
Taking SS sooner may  be a solution. There are strategies to mitigate the impact to long-term benefits.  If you are single, you could file at Age 62, receive benefits until your income is restored then stop the mo they checks, repay the months of income received if possible and work until 67 or 70. If desired.

For baby boomer married couples, there is a restricted -application whereby the spouse who earned the least during their career files for SS at age 62. The other spouse must be 67 or older and has not filed for SS. The older spouse instructs SS that no benefits are required until age 70 and that they want to start receiving monthly checks as a spouse of the younger SS recipient.

This strategy provides income now. The older spouse waits until age 70 and instructs the SS Administration that they want to stop receiving benefits as a spouse and start receiving their own benefit.

Also, if the older slide predecessors the younger spouse, This strategy enlarged the surviving spouse’s benefit.

There is however a cutoff for those born after January 1954.
Request A Copy of "How To Select A Financial Advisor" at

www.clientfirstwm.com/download-my-book
Leave a Comment 36 weeks ago

User Photo
Michael Cash
Plans don't always work out. If you lost your job you can apply for unemployment as long as you are looking for work. You can also apply for Social Security earlier than you planned. Your benefits will not be reduced if you are at or beyond your full retirement age.
Leave a Comment 19 weeks ago

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today