[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/understanding-social-security-benefits-can-be-a-challenge-greenwich-ct-white-plains-ny\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/understanding-social-security-benefits-can-be-a-challenge-greenwich-ct-white-plains-ny\/","headline":"Understanding Social Security Benefits Can Be a Challenge","name":"Understanding Social Security Benefits Can Be a Challenge","description":"You can have a firm grasp on your benefits. While you may think you understand Social Security benefits, don\u2019t be surprised if you don\u2019t know what you don\u2019t know about them, according to The Motley Fool in “4 Signs You\u2019re Thinking About Social Security Benefits the Wrong Way“. Here are some issues you may not […]","datePublished":"2018-11-08","dateModified":"2023-07-30","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3bdd042.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b022ad3bdd042.jpg","height":1067,"width":1600},"url":"https:\/\/www.amorusolaw.com\/blog\/understanding-social-security-benefits-can-be-a-challenge-greenwich-ct-white-plains-ny\/","about":["Social Security","Spouse","Widow \/ Widower"],"wordCount":502,"keywords":["Benefits","Full Retirement Age","Household Income","Social Security","Spouse","Widow"],"articleBody":"You can have a firm grasp on your benefits.While you may think you understand Social Security benefits, don\u2019t be surprised if you don\u2019t know what you don\u2019t know about them, according to The Motley Fool in “4 Signs You\u2019re Thinking About Social Security Benefits the Wrong Way“.Here are some issues you may not know:Social Security will provide all the household income you\u2019ll need during retirement. We really hope you\u2019re not thinking this, but many Americans do. Here\u2019s the thing: Social Security benefits are designed to replace only 40% of your pre-retirement income. According to most financial advisors, you\u2019ll need at least 70% of your working income to live on during retirement.Don\u2019t count on Social Security to provide the lion\u2019s share of what you need. Invest in an IRA or a 401(k) plan early in your working career. In a perfect world, you should start saving at least 15% of your income, but if you can\u2019t do that at least do something. If you haven\u2019t done anything yet then get started.You plan on filing for Social Security benefits at age 65. How\u2019s this for uninformed: a study from the Employee Benefit Research Institute found that as many as 70%(!) thought they\u2019d start taking Social Security at age 65. However, that line in the sand has moved a lot since your parents took their benefits. Your full retirement age is not likely to be 65. Check the Social Security website for your correct age.Next, most people start taking Social Security at age 62, with age 63 being the median age when people claim their benefits. That\u2019s usually the result of illness or unemployment, not good planning. The problem is, the earlier you begin to claim your benefits, the less you\u2019ll get on a monthly and lifetime basis. The longer you can keep working and postpone claiming, the better.What about your spouse\u2019s income and earnings? Married couples have to do some joint planning when it comes to Social Security benefits. If you are eligible for widow or spousal benefits, you may be able to get higher benefits. If your spouse earned more than you, consider whether claiming under your spouse\u2019s work record may bring more money into the household.If you were married for more than 10 years and did not remarry, you can still claim under your ex\u2019s work record.If you\u2019re the higher earner in the household, think about your spouse when it comes to claiming benefits. When one spouse dies, the surviving spouse has an option to either earn widow\u2019s benefits or their own benefits, whichever is higher. However, if you claim benefits early, you\u2019ve reduced your spouse\u2019s benefits. Will he or she be financially okay after you\u2019ve gone?Reference: The Motley Fool (Oct. 7, 2018) “4 Signs You\u2019re Thinking About Social Security Benefits the Wrong Way”For more information on elder law, asset preservation and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Understanding Social Security Benefits Can Be a Challenge","item":"https:\/\/www.amorusolaw.com\/blog\/understanding-social-security-benefits-can-be-a-challenge-greenwich-ct-white-plains-ny\/#breadcrumbitem"}]}]