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February 2022
Social Security calculators that help you decide when to claim D
ear Savvy Senior, Can you recommend some good resources that can help my wife and me determine the best claiming ages for maximizing our Social Security retirement benefits? ~ Just Turned 62 Dear 62, Deciding when to start collecting your Social Security benefits is one of the most complicated and consequential decisions in retirement. The difference between a good decision and a poor one could cost you and your wife tens of thousands of dollars over your retirement, so doing your due diligence now is a very smart move.
tors like Maximize My Social Security (MaximizeMySocialSecurity. com) or Social Security Solutions (SocialSecuritySolutions.com). Both of these tools, which are particularly helpful to married couples as 70. These estimates are well as divorced or widbased on your yearly owed persons, will run earnings that are also what-if scenarios based on your circumstances listed on your report. Once you get your esti- and show how different mates for both you and filing strategies affect your wife, there are a the total payout over the number online Social same time frame. Maximize My Social Security strategy calcuweb-based lators you can turn to Security’s that can compare your service costs $40 per options so you can make year for a household, while Social Security an informed decision. The best one that’s Solutions offers severcompletely free to use al levels of web-based is Open Social Securi- and personalized phone ty (OpenSocialSecurity. advice ranging from $20 com), which runs the to $250. math for each possible claiming age (or, if you’re In-person advice married, each possible You may also be able combination of claiming to get help through a ages) and reports back, financial planner. Look telling you which strate- for someone who is a gy is expected to provide fee-only certified finanthe most total spendable cial planner (CFP) that dollars over your life- charges on an hourly time. basis and has experience But if you want a more in Social Security analthorough analysis con- ysis. sider fee-based calculaTo find someone, use
The Savvy Senior BY JIM MILLER Columnist
ty, whether you plan to work in retirement, along with spousal and survivor benefits. To help you weigh your claiming strategies, you need to know that Social Security Administration (SSA) claims specialists are not trained or authorized to give you personal advice on when you should start drawing your benefits. They can only provide you information on how the Factors to consider system works under difAs you may already ferent circumstances. To know, you can claim get advice you’ll need to Social Security any time turn to other sources. between the ages of 62 and 70, but each year Online tools you wait increases your Your first step in getbenefits between 5 and 8 ting Social Security percent. claiming strategy advice However, there are is to go to SSA.gov/ other factors you need myaccount to get your to take into account to personalized statement help you make a good that estimates what your decision, like your health retirement benefits will and family longevi- be at ages 62 through
the National Association of Personal Financial Advisors online directory at NAPFA.org, or try the Garrett Planning Network (GarrettPlanningNetwork.com), which is a network of fee-only advisers that charge
between $150 and $300 per hour. Send your senior questions to Savvy Senior, P.O. Box 5443, Norman, OK 73070 or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.
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