Determining the appropriate the dates and methods for when both members of a married should start to draw Social Security raises several issues that must be considered. Many factors are involved and no single answer is right in every case.
Issues to consider before choosing to draw Social Security—for yourself or your spouse:
There is no one correct answer that applies to everybody because many factors must be considered. Those single and not previously married, only need to decide when to start to draw. For every year an individual waits between ages 62 and 70, the benefits go up by 8%. The key variable then is the estimate of how long a person will live and draw benefits. For married individuals or those single now but previously married, the ability to take a spousal benefit from the higher earnings benefit base creates other issues to consider.
GCD Advisors can help married clients determine the most advantageous scenarios. To do so, we will need the following information:
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