Momentum - Business to Business Online Magazine MOMENTUM September 2018 | Page 25

So, let’s talk a bit more about the options and misunderstandings about claiming benefits. You see, some people believe that if they received, for example, $1800 a month in benefits, but if they waited 4 years they would only receive $2,000 a month, so why wait? Well, they fail to calculate that the extra percentage they make adds up. It’s like getting an extra bonus if you wait. Some of the claiming options are often overlooked by many people— a good example is the option called Claim and Suspend. As a rule, you have to be collecting Social Security payments before your spouse can claim spousal benefits. But if you have reached full retirement age (age 66), you can file for your benefits and then suspend them until a later date. Then, your spouse can start receiving spousal Social Security checks based on your work history, as long as he or she is 62 years of age, and the value of your future benefits keeps rising. This strategy works best for couples with very different earnings histories, where the higher-earning spouse would like to keep working, and the lower-earning spouse wants to retire and would be better off with the spousal benefit than his or her own. There are many more options to investigate like Survivor Benefits, and Claim Now, Claim More Later strategies; these are just a few of them. For more information on benefits please visit http://www.socialsecurity.gov/retirement/retirement.htm Of course, it is also understandable that some people believe the Social Security Administration will run out of money and they won’t get their benefits if they wait too long. According to retirement experts, there is also a widespread belief among Americans that benefits in the future are going to be lower than they are today. They say the fear is unfounded and the government would sooner default on its debt than cut benefits for someone who is currently age 62. Remember.... who votes most in most elections? It's not the young people out there voting in elections, it's the people who are currently on Social Security or nearing the age to collect. So the last thing politicians are ever going to do is make any kind of major change to Social Security. This is where a professional financial team can help people understand their benefit options and make the best choice for their lifestyle, now and in the future. This article was written and prepared by the Burrows Auttonberry & Agol Investment Group and S. LeBlanc & Company (760. 929.134); email: [email protected]. The Burrows Auttonberry & Agol Investment Group, which is a marketing name for a group of registered representatives within Hilltop Securities Inc., a member of NYSE, FINRA, and SIPC and a registered broker dealer and registered investment adviser that does not provide tax or legal advice, with headquarters at 1201 Elm Street, Suite 3500, Dallas, TX 75270, 214.859.1800. Though information provided in this article was prepared by sources believed reliable, Hilltop Securities Inc. does not guarantee its accuracy or its completeness. This article is a paid advertisement for the Burrows Auttonberry