2. Or not maximizing your survivor benefits
After our spouse dies, the last thing we have on our mind is maximizing our Social Security benefits. But it’s quite important to think it through and get it done. If you both worked and they sadly passed away, you can file for survivor benefits by the age of 60, which is the earliest age you can file for these benefits.
If you file for these, by the age of 70 you will have your Social benefits increased. After that, you can switch and benefit only from the Social Security payments if the income is sufficient to live by.
However, if the Social benefits are smaller you can do the reverse until one of the peaks and then switch to the bigger one. Not a lot of people know about this option and it’s an extremely helpful one.
3. Claiming them while not retired
If you file for benefits before January 1st and before reaching your retirement age, while also earning more than $18,960/ year, the government will cut down $1 for every $2 of income in excess of that amount.
This is a surprise for most people who claim the Social Security benefits and still work, but there’s some silver lining at the end of the tunnel. Once you have reached your retirement age, the government will pay you back.
