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5 Social Security Tips You Must Know Now

There are five social security tips that you must know now.  Why?  Because they affect your benefit in a big way!   As I was discussing Social Security recently with some folks about to retire, I learned something.  Not a lot of people understand these Social Security tips.  Sure, they know the basics.  However, lack of knowledge regarding the tips listed here can cost you serious money.   Here’s five Social Securitytips that are a must read.   I also highly suggest logging on to the Social Security website ( to make sure you know all the ways you can maximaze your lifetime benefit.

5 Social Security Tips You Must Know Now

1.   You have the option of taking Social Security at 62, 65/66 or at 70.

  • Taking Social Security at 62 means a reduced benefit, at age 65/66 means the standard benefit, and taking Social Security at 70 gives you the maximum benefit.
  • In 1983, Social Security added an amendment which upped the age when a person can collect full retirement benefits.  Check this link to see to verify exactly when you can receive full benefits:
  • Social Security has also added monthes to the year you can retire.  Depending on your birthday, you may not be able to retire until 66 and seven months.

2.  Maximizing the Spousal Benefits

  • Many people do not realize they have the option to claim Social Security benefits based on their spouses earnings record.  This link explains how to maximize spousal benefits:
  • Spousal Benefits can be complex.  I urge you to take the time to follow the link above and make sure you make the right decision for you and your spouse.  This is probably the top item that most people are not aware of or don’t understand.

3.  Benefits for former spouses

  • Even if you are no longer married, you may be able to receive spousal benefits on your former spouse’s work record.  Check the Social Security site below to see if you meet the conditions to qualify.

4.  Each person needs to evaluate the best option for their particular financial circumstances.  

  • There is a benefit estimator at   Since the majority of the population is living longer, it makes sense to plan carefully.

5.  Also, please keep in mind that Social Security takes $104.90 off the top of your Social Security payment for Medicare Part B.  There may also be a cost for Medicare Part A.  Take this into consideration as you plan your retirement dollars.  Not including these costs may cause you an ugly surprise. I hope you enjoyed this post on 5 Quick Tips Maximizing Social Security.  We would love to hear from you on whether this post was helpful.  Please feel free to leave comments.  Thanks.  

Chief Boomer Sue at



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