Mike and Sandy were delaying their Social Security benefits, trying to maximize their long-term income. However, they didn’t realize their strategy was costing them thousands. Today, we discuss maximizing Social Security when one spouse has worked little or none here in the States.
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Summary
Social Security Strategies for Retirees
Bryan discussed the complexities of Social Security benefits for cross-border retirees, particularly focusing on spousal benefits. He explained that while delaying Social Security can increase benefits for some, it may not be beneficial for those relying on spousal benefits, which do not increase past full retirement age. Bryan provided examples to illustrate this point, highlighting that for couples where one spouse qualifies for a high benefit and the other for a spousal benefit, delaying could result in a significant loss of income with no benefit. He advised caution for those considering early collection due to potential clawback of benefits and emphasized that every situation is unique, recommending personalized planning. Bryan invited potential clients to reach out for a complimentary consultation to develop a tailored Social Security strategy.