Expert Social Security Advice Sioux Falls, South Dakota
Regardless of what the various situations are, whether you are married or single or widowed or anything else, the right social security planning can help you secure your financial future.
Married
Did you know that you can receive up to 50% of your spouse’s social security benefits? Even if your earnings over the years were much less than your spouse's, you may be eligible for a spousal boost!
What do I need to be eligible for spousal social security benefits?
If you are over 62 and your spouse is already claiming benefits, you may be eligible for the spousal benefit. Depending on your work history, you could be eligible to receive the greater of your own benefit or half of your spouse’s benefit.
When should I claim my spousal or social security benefit?
The best time to take your spousal social security benefit is at 66/67 (full retirement age based on your birthday). Although sometimes there is an advantage to wait before drawing your own benefits, there is no advantage to delaying spousal social security benefits.
What if my spouse has died?
You might be eligible to receive a social security survivor benefit that is 100% of the benefit your spouse was receiving.
What’s the bottom line?
Deciding when and your spouse should file can be confusing, we recommend scheduling a time to visit to ensure you maximize your social security benefits.
Divorced
Did you know you can qualify for social security benefits from your ex-spouse? And the divorced benefit is in addition to your already existing social security benefit payments.
How do I know if I am eligible for benefits from my ex-spouse?
If you were married for at least 10 years, you are at least 62, and are currently single; you may be eligible. You can even receive benefits if your ex-spouse has not yet applied for his or her benefit.
When should I take spousal benefits from an ex-spouse?
If you are over 62 and have been divorced for over two years, you can look into taking your divorced social security benefit.
What’s the bottom line?
You don't have to be in contact with your ex-spouse or know their social security number. Just provide SSA with as much information as possible.
Widowed
Did you know if your spouse has died, you may be eligible for 100% of their social security benefit?
How do I know if I’m eligible for survivor benefits?
If you are 50 or older and disabled, or a widow or widower 60 years or older and have not remarried, you may be eligible for survivor benefits. If you are caring for a young child of the deceased, or if you are a parent of the deceased and were dependent on the deceased, you may also be eligible for a benefit.
How much of a benefit will I receive?
A widow or widower can receive 71% to 100% of the deceased's benefit. And children of the deceased can receive 75% to 82.5% of the deceased’s benefit.
What’s the bottom line?
You may qualify for benefits as a married spouse and as a widow or widower. Make sure you know all the rules and how they apply to your situation.
Single
When is the best time to take my social security benefit?
Figuring out when and how to take your benefits can be a complicated decision, even if you're single.
How large of a benefit can I expect?
The maximum benefit is close to $3800 per month at age 70. Taking benefits early can reduce your maximum to $2300 per month at age 62.
What’s the bottom line?
Consider looking at the big picture before you decide to claim benefits.
Self-Employed
Learn how to decrease your taxes while still receiving the maximum social security benefit.
What do I need to know if I’m self-employed?
Claiming business expenses can make your taxable income lower but can also lower your social security benefits.
Your social security benefit is based on your highest earning in 35 years.
What’s the bottom line?
There are special considerations for the self-employed. Make sure you are informed and have a plan.
