A reminder popped up on my calendar yesterday – “Tell John Smith to re-file Social Security benefits at age 70.” This is the first of many similar reminders that will come up over the next handful of years. John filed a restricted application for Social Security benefits years ago. This allowed him to get free money based on his wife’s Social Security benefit while allowing his benefit to continue to grow at 8% per year.
This has worked out well for John and his wife. However, there is one pitfall to this strategy. John needs to re-file his benefits when he turns 70 to start receiving a much higher amount for the rest of his life. If he misses this step, he will continue to receive a much smaller benefit than he is entitled to.
Small details can make a big difference in life. Are you a detail person? If not, you should consider working with someone who is.
Legal Disclaimer: These posts do not constitute an offer or recommendation to buy or sell any securities or instruments or to participate in any particular investment or trading strategy. They are for informational purposes only. CTW gathers its data from sources it considers reliable. However, CTW makes no express or implied warranties regarding the accuracy of this information or any opinions expressed by the author and may update or change them without prior notification.