Financial Expert Offers Tips for Getting the Most Out of Retirement Benefits –
At 6:35p ET to begin each work week, I have my Money Monday segment to focus on an aspect of your finances.
Independent retirement advisor Gary Marriage, Jr joined me and said too many people end up getting less than what’s due them from Social Security when they retire because they don’t know the rules and the real financial impacts.
“There’s a lot of talk about the future of Social Security, but we still have this benefit and if you’re 50 or older, you should be planning to make the best use of it,” Marriage says.
Marriage, CEO of Nature Coast Financial Advisors (www.naturecoastfinancial.com), which specializes in maximizing retirees’ finances, shares important facts to keep in mind as you plan for how Social Security will factor in your retirement:
- Four years can mean more than a quarter of a million dollars. Most people are aware that they’ll get less from Social Security if they retire at 62 instead of waiting until they’re eligible for full benefits (age 66 if you were born 1943-54; age 67 if you were born in 1960 and later). If you’re in the older group, retiring at 62 cuts your benefits by a quarter; for the younger group it’s nearly a third. For the older bunch, if you’re eligible for the average $1,222.43 a month and collect early, you’ll lose $44,007.48 if you live to age 90.
- If divorced, were you married for at least 10 years? If you were married for at least a decade and divorced, you may be eligible to receive Social Security benefits based on your ex-spouse’s record. You must be age 62 or older and currently unmarried. If your ex is eligible for benefits but has not yet applied, you can still receive them.
Marriage was also featured in Bloomberg BusinessWeek’s article Americans Lag Woefully Behind in Saving for Retirement, Report Says
CLICK HERE to listen to the entire interview as heard on News/Talk 1470am WMGG.