Expert Commentary

Why mortality is so important in creating a strategy

2 Criteria for selecting a Social Security Strategy – I’m always talking about how to “get more” Social Security. You should look to maximize your “cumulative benefits”…what does this mean. Add up all your income over your life time and the life time our your spouse if you are married.This last component is the most important part. Social Security is based on your “joint” life expectancy if you are married. Check out this attached slide. The probability of a one person living to 80 years out of a couple that is both 62 years old is 85%. This is important because the rule of thumb to maximize your benefits is to have the higher earning spouse delay taking benefits if one spouse lives past 80 years of age.

The bottom line is “run your numbers”…see the difference in cumulative benefits so you can make a good decision. Remember this is the largest financial decision you will make in your life. And, you can’t change once you make an election.

Photo: 2 Criteria for selecting a Social Security Strategy - I'm always talking about how to "get more" Social Security. You should look to maximize your "cumulative benefits"...what does this mean. Add up all your income over your life time and the life time our your spouse if you are married. </p><br />
<p>This last component is the most important part. Social Security is based on your "joint" life expectancy if you are married. Check out this attached slide. The probability of a one person living to 80 years out of a couple that is both 62 years old is 85%. This is important because the rule of thumb to maximize your benefits is to have the higher earning spouse delay taking benefits if one spouse lives past 80 years of age.</p><br />
<p>The bottom line is "run your numbers"...see the difference in cumulative benefits so you can make a good decision. Remember this is the largest financial decision you will make in your life. And, you can't change once you make an election.