Considering the forest of complexities that is our social security system, it’s not difficult to understand why so many Americans have such a hard time receiving the full amount of benefits available to them.
That’s why my job at this moment is to make sure you know the most vital aspects of the “retirement rulebook,” so that you get what you deserve.
With that in mind, here’s the retirement loophole that will ensure you receive the two benefits you’re owed…
Avoid the Social Security “Gotcha!”
Please allow me to explain…
First of all, it’s important to understand that most of the people who work at Social Security don’t even know the rules well enough to cleverly trick you out of your potential benefits.
So, to the best of your abilities, try not to lose it on a Social Security employee if you realize you’re not receiving all you could be.
But that also means that those same people don’t know the rules well enough to guide you to the maximum benefits either. So what I want you to do right now is change your mindset – don’t count on others to do it all for you. Instead, take responsibility for your own retirement and use all the resources (this column included) to receive the maximum benefits possible.
And the very first resource you should have at your disposal is the knowledge of how to avoid Social Security’s big “gotcha…”
THE GOTCHA: When you take 2 benefits at once, you basically lose 1 altogether.
The way it’s all phrased and laid out, Social Security doesn’t just deny you 1 of the benefits you should be receiving. Instead, they say that you get your retirement benefit, and then the excess of between that benefit and the other 1, such as your spousal benefit.
In essence, you really just end up receiving an amount very close to what the larger of the 2 benefits is, and lose the other.
So how do I receive both benefits?
THE LOOPHOLE: Rather than taking both benefits at once, figure out how you can delay taking 1 of those benefits.
Social Security won’t allow you to take 2 benefits at once, but if you can begin taking 1 at, say, age 62 and the other at age 70, you’ll receive BOTH of those incomes in retirement!
