Debbie hired our firm for a consultation about claiming her Social Security benefits. She initially indicated she was single, but after only a few minutes of conversation, I learned Debbie was divorced. Here’s my overly simplistic, abbreviated version of the conversation:
Me: Single?
Debbie: Divorced.
Me: Married 10 years?
Debbie: 22.
Me: Did he make more?
Debbie: He was a surgeon.
Me: Divorced spouse benefit for you!
Debbie: Great, but he died.
Me: Bonus!
My intent is definitely not to offend anyone, but rather to give a glimpse into how women are often unaware of important rules about Social Security that may provide more income.
I’ve spent years consulting with Americans about their benefit claiming strategies. Whether single, married, widowed or divorced, women tend to be the least prepared for these discussions and are often unknowingly willing to make claiming mistakes that cost tens of thousands – or more – in lifetime benefits. Here are the 4 biggest mistakes I see women making with their Social Security benefits:
My point is that the rules of Social Security are complicated and voluminous. Women often aren’t aware of the different types of benefits that can be combined for additional cumulative income. It’s also not a “one-size-fits-all” scenario. Each household will have unique factors that influence how benefits should be claimed.
These four mistakes can cost women substantial income in retirement – thousands of dollars each year in some cases. It’s important that women understand their options and how various benefits can be claimed to maximize benefits. But it’s impossible to figure all of this out on your own. Software that considers all of the options available to you and tells you exactly how to get the most in benefits is a wise investment. Our software, available at www.SocialSecuritySolutions.com, has a menu of options with a service affordable for any budget.
By Robin Brewton
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