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Social Security-Finally Know When The Best Time to File
Filing for Social Security benefits can be a complex decision with various scenarios to consider.

Our website has available a tool that can help with that decision.
https://www.suncascadessa.com

Here are some common scenarios and considerations:

1. Early Retirement
Scenario: You start claiming benefits at 62, the earliest possible age.
Considerations: Benefits are reduced compared to what you’d receive if you wait until your full retirement age (FRA). If you continue working, your benefits might be further reduced if you earn above a certain threshold.
2. Full Retirement Age (FRA)
Scenario: You claim benefits at your FRA, which is between 66 and 67 depending on your birth year.
Considerations: You receive your full benefit amount without any reductions. If you continue working, there’s no impact on your benefits, and you may even get an increase due to delayed earnings.
3. Delayed Retirement
Scenario: You delay claiming benefits past your FRA, up to age 70.
Considerations: Benefits increase by about 8% annually if you delay past your FRA. This can result in significantly higher monthly benefits than starting at FRA or earlier.
4. Spousal Benefits
Scenario: One spouse files for benefits while the other spouse is eligible for spousal benefits.
Considerations: The lower-earning spouse can claim up to 50% of the higher-earning spouse’s benefit. Timing and strategy can affect the total benefits received.
5. Divorced Spouse Benefits
Scenario: You were married for at least 10 years and are now divorced.
Considerations: You may be eligible to claim benefits based on your ex-spouse’s work record if you are not remarried. The benefits you receive don’t affect your ex-spouse’s benefits.
6. Survivor Benefits
Scenario: You are a surviving spouse or dependent of a deceased worker.
Considerations: You may be eligible for survivor benefits based on the deceased person’s work record. The timing of your claim can affect the amount you receive.
7. Family Benefits
Scenario: You have dependent children.
Considerations: Children can receive benefits based on a parent's record if the parent is receiving Social Security retirement or disability benefits. Benefits typically cover children under age 18 or up to age 19 if still in high school.
8. Disability Benefits
Scenario: You are unable to work due to a disability.
Considerations: You may be eligible for Social Security Disability Insurance (SSDI) benefits if you have a qualifying disability and have worked enough to be covered. SSDI benefits convert to retirement benefits once you reach full retirement age.
9. Working While Receiving Benefits
Scenario: You begin receiving benefits before your FRA while still working.
Considerations: There’s an income limit, and if you exceed it, your benefits may be temporarily reduced. Once you reach FRA, there are no income limits, and your benefits can increase based on your earnings.
10. Cost-of-Living Adjustments (COLAs)
Scenario: Benefits are adjusted each year for inflation.
Considerations: COLAs are designed to maintain the purchasing power of benefits over time. The amount of the adjustment can vary based on inflation.

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