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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.
Monthly Benefits
Age 62
Age 67
Age 70
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.
3
areas to assess before claiming 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
| 1 | 2 | 3 |
| Strategies for couples | Survivor benefits | Former spousal benefits |
| Spouses should evaluate options to determine when to file for benefits | Typically works best if one spouse is expected to outlive another | Ex-spouses may be eligible for a portion of benefits |
| 1 | Strategies for couples |
| Spouses should evaluate options to determine when to file for benefits | |
| 2 | Survivor benefits |
| Typically works best if one spouse is expected to outlive another | |
| 3 | Former spousal benefits |
| Ex-spouses may be eligible for a portion of benefits |
- 1. Shareholders should contact their financial advisor for more detailed information on these three options.
- The information above is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Your clients should consult a tax professional regarding their specific legal or tax situation.
- Past performance is no guarantee of future results.
- Keep in mind that investing involves risk, including the risk of loss.