Social security planning

Should you retire at age 62? at 66? at 70? The answer you give makes a big difference to how much you and your spouse will receive in Social Security benefits.

Did you know that the spouse of a worker whose earnings were much higher can elect to receive a benefit based on the worker's earning history?

How much will the lower wage-earning spouse receive as a spousal benefit? Should he or she choose to receive benefits based on his/her own earnings history or instead elect to receive spousal benefits?

We can assist with these issues. We can run a series of calculations based on the reports that you have received from the Social Security Administration, and provide a comparison of the amounts that you and your spouse will receive based on different retirement dates. We can calculate the "family maximum" that limits the amount that the worker and the spouse can receive if both draw benefits based on the worker's earning history.

This information will allow you to make more knowledgeable choices.