The Cash Flow Clock: For Retirees - Book - Page 90
The Cash Flow Clock
receive in our 80’s and 90’s will not be worth as
much as the money we could be receiving in our 60’s.
And that, of course, assumes Social Security will be
solvent for that long.
That doesn’t mean we should take Social Security at
age 62. Prior to our Full Retirement Age (66 and
some months or 67 depending on our birth year), our
Social Security benefits will be reduced if we have
earned income (W-2 or self-employment income).
Once we reach our Full Retirement Age, however, we
can make as much money as we want with no impact
on our benefits.
If we do not qualify for Social Security benefits on
our own, we may be entitled to a spousal benefit (up
to half of our spouse’s benefit). This benefit applies
even if we are no longer married, as long as we were
married for more than 10 years. The survivorship
benefit can be up to 100% of the spouse’s benefit and
also applies for former spouses.
There are several factors to consider when deciding
when and how to take Social Security. A Social
Security Maximization Report should always be part
of our retirement plan. This report will help us know
how much of an income gap there will be between
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