Millions of retirees have benefited from Social Security retirement benefits, and many workers eagerly await receiving monthly payments from the Social Security Administration.
While the retirement system is widely discussed and expected, there are other ways senior citizens in the United States can support themselves. Here are four different payment options that may come in handy in your golden years.
1. Survivor Benefits
Survivors’ benefits often provide for those left behind when a loved one passes away. These payments can be received earlier in life than retirement payments, which is especially helpful if you’re taking care of a minor child from a previous relationship. Suppose you and your spouse were married for at least ten years before the death of either party. In that case, you might be eligible for survivor benefits. If your spouse is qualified for these benefits, you are too, even if you have never worked a day.
Seniors living on a fixed income may profit greatly from survivor benefits. Benefits like this are crucial if the higher-earning spouse passes away first, as they allow the lower-earning spouse to continue getting the larger of the two Social Security checks received before the death.
2. Retirement Benefits
With Social Security, you get what you pay into the system. Your benefits are determined by your work history, with an average (inflation-adjusted) pay taken from the 35 highest-earning years of your employment.
The age you are when you begin receiving benefits is also a factor in determining your benefit amount. Although you can start them as early as age 62, you will receive the basic benefit once you reach full retirement age (FRA). Depending on your birth year, the official retirement age ranges from 66 years and four months to 67 years and four months. Delaying benefit receipts past your FRA can help you improve your retirement income, thanks to delayed retirement credits.
3. Supplemental Security Income (SSI)
Low-income seniors and those with disabilities can apply for and receive Supplemental Security Income (SSI) benefits. These payments might be made in addition to your Social Security retirement payout. If your income exceeds the relevant threshold, your benefits can be reduced.
4. Spousal Benefits
Seniors might receive retirement benefits based on their spouse’s employment record if they qualify for spousal benefits. You can file for them if you are still married or divorced for at least ten years.
At full retirement age, a spouse can get spousal benefits worth up to half the primary earner’s benefit amount. Your benefit will be reduced if you receive them before you reach full retirement age. You can start receiving them as early as age 62.
Spend some time familiarizing yourself with the various Social Security benefits available. In retirement, you can maximize your income by planning.
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Bio:
Mark, a lifelong Tulsan graduated from Westminster College, Fulton, Missouri with a Bachelor of Arts in Accounting. Mark served in the United States Army as a Captain in the 486th Civil Affairs BN. Broken Arrow, Oklahoma and retired in 1996. Mark is married to his high school sweetheart Jenny and has four beautiful children. Mark’s passion for his work, which includes over 20 years in the Financial Industry started as an Oklahoma State Bank Examiner. Mark examined banks throughout Oklahoma gaining a vast knowledge and experience on bank investments, small business and family investments. Mark’s experiences include being formally trained by UBS Wealth Management, a global investment firm where he served as a Financial Consultant specializing in Wealth Management for individuals & families. Mark is a licensed Series 24 and 28 General Securities Principal and an Introducing Broker Dealer Financial Operations Principal. Additionally, Mark is a Series 7 and 66 stockbroker and Investment Advisor focusing on market driven investments for individuals, businesses and their families.
Mark specializes in providing financial knowledge, ideas, and solutions for federal employees, individuals, families and businesses. We serve as your advocate, and assist you in the design and implementation of financial strategies while providing the ideas to maximize your security and wealth. Our goal is to give you maximum control of your financial future. We provide the expertise to help you with personal issues such as: practical tax Ideas, risk management, investment solutions, and estate preservation.
Additionally, we’ve counseled hundreds of employees on their transitions from careers in federal government, and private industry to their next life stage, whether that is retirement or a second career. We specialize in devising strategies that roll your TSP, 401(k), pension plan, to a suitable IRA to meet your objectives.
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