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SPOTLIGHT
Help clients maximize their Social Security benefits
When claiming Social Security benefits, it's important for retirees to understand their options to maximize their benefit.
The value of waiting? Up to 8% per year.
Waiting to collect Social Security benefits until age 70 can add up to an extra $1,080 per month.
The hypothetical example assumes that the person is not working in retirement. Sample benefit amounts are not exact due to rounding. They do not reflect annual cost-of-living adjustments or taxes. Had taxes been taken into account, the amounts would be lower. Benefit at full retirement (age 67) is assumed to be $2,000 per month.
Key considerations for when to claim Social Security benefits
Health status
Longevity
Retirement lifestyle
Three claiming strategies to consider
There may be opportunities for clients to boost their Social Security benefits1
Strategies for couples
Spouses should evaluate options to determine when to file for benefits
Survivor benefits
Typically works best if one spouse is expected to outlive another
Former spousal benefits
Ex-spouses may be eligible for a portion of benefits
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Social Security
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1. 2022 Retiree Health Care Cost estimate based on a hypothetical opposite-gender couple retiring in 2022, 65 years old, with life expectancies that align with Society of Actuaries' RP-2014 Healthy Annuitant rates projected with Mortality Improvements Scale MP-2020 as of 2022. Actual assets needed may be more or less depending on actual health status, area of residence, and longevity. Estimate is net of taxes. The Fidelity Retiree Health Care Cost Estimate assumes individuals do not have employer-provided retiree health care coverage, but do qualify for the federal government's insurance program, Original Medicare. The calculation takes into account cost-sharing provisions (such as deductibles and coinsurance) associated with Medicare Part A and Part B (inpatient and outpatient medical insurance). It also considers Medicare Part D (prescription drug coverage) premiums and out-of-pocket costs, as well as certain services excluded by Original Medicare. The estimate does not include other health-related expenses, such as over-the-counter medications, most dental services, and long-term care.
2. Fidelity Benefits Consulting, 2022.
3. U.S. Census Bureau, January 2018.
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