If you are single, deciding how to file for Social Security benefits can be challenging. The truth is, you have things that you have to think about that married couples don’t have to consider. In this video, I’m going to dive into what every single person needs to know before they decide to file for Social Security.
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Resources mentioned in the video:
Survivors’ Benefits: Exceptions to the Marriage Length Requirement
SSA Life Expectancy Calculator
Devin’s Break-Even Calculator
Devin’s Retirement Budget Calculator
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🎤 If you’re preparing for retirement or already enjoying it, you’ll definitely want to catch my podcast, Big Picture Retirement. Your retirement’s success hinges on seeing the “big picture” and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I’m joined by my co-hosts – attorney John Ross and yours truly, financial planner Devin Carroll.
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Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
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📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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The Ultimate Social Security Filing Guide for Singles
Social Security is a vital part of retirement planning, and understanding the best filing strategies is crucial for maximizing benefits. While married couples often have a variety of claiming options, singles face different considerations when it comes to Social Security. This guide aims to provide singles with a comprehensive overview of their options, helping them make informed decisions regarding their benefits.
1. Understand eligibility requirements:
To qualify for Social Security benefits, you must accumulate enough credits based on your work history. Generally, you need 40 credits, with a maximum of four credits earned per year. Eligibility age starts at 62, but delaying benefits until full retirement age (FRA) or beyond can result in higher monthly payments.
2. Determine the ideal claiming age:
The timing of your Social Security filing is crucial, as it directly affects the amount of your monthly benefit. While you can file at 62, your benefit will be reduced. On the other hand, delaying your claim until after your FRA (which ranges from 66 to 67 depending on your birth year) can increase your monthly payout by up to 32%.
3. Factor in life expectancy:
Considering your health, life expectancy, and financial situation is necessary when deciding your claiming age. If you expect to live longer, it may be beneficial to wait and maximize your benefits. Conversely, if you require income as soon as possible, you may choose to claim early despite lower monthly payments.
4. Understand spousal benefits:
Even for singles, spousal benefits can come into play if you were previously married for at least ten years. If your ex-spouse has a higher lifetime income, you may be eligible for divorced spousal benefits, provided you remain unmarried and are at least 62 years old. This benefit is particularly useful if your ex-spouse had a higher income or longer work history than you.
5. Consider survivor benefits:
Singles should also consider survivor benefits, which can be quite significant. If you have a high earning history, delaying your claim to maximize your benefit could ensure a higher income for your surviving spouse or dependents in the event of your death.
6. Weigh work income and Social Security benefits:
If you plan to continue working while receiving Social Security benefits, be aware that there are “earnings limits” that could affect your payments. If you have not reached your FRA, your benefits may be reduced if your earnings exceed a certain threshold. Once you reach your FRA, there are no earning limits, and you can earn as much as you want without affecting your benefits.
7. Consider taxation on benefits:
Depending on your income level, your Social Security benefits may be subject to federal income taxes. Understanding the tax implications can help you plan your overall retirement income strategy effectively. Consult with a financial advisor or tax professional to assess your specific situation.
8. Seek professional advice:
Navigating the complexities of Social Security can be challenging, especially for singles. Seeking expert advice from a fee-only financial planner familiar with Social Security rules is highly recommended. They can assess your situation and help determine the most advantageous filing strategy tailored to your needs.
In conclusion, singles face unique considerations when it comes to Social Security filing. Understanding your eligibility, ideal claiming age, potential spousal or survivor benefits, income limits, and tax implications are crucial for optimizing your Social Security benefits. By being well-informed and seeking professional advice, singles can make smart decisions that will enhance their financial security during retirement.
Is it possible to get more info on disabled adult child benefits?
Your calculations for taxes are only for traditional ira's…for a single person with only a Roth ira I would like you to consider those factors….for singles. Thanks for addressing topic to our single state in life
@Devin Carroll this is the best video I’ve seen. Thank you!
I'm in complete awe at how I went from living an average life to making over 63k per month. It's amazing. The financial markets are full with opportunities, but I've learned a lot over the past few years to doubt that.
The key is knowing where to focus. Well appreciated.
Marcia Ann Bice
Hi. A friend of mine gets Social Security and SSI. She is an immigrant. Worked 15 years in the US. Small taxable income about 5k per year. Now she is retired. She gets $300 Social Security plus $600 SSI. How did they calculate it? How does it work when two plans come together ?
I am retired on SSDI. I am 53 and I have been on SSDI for 14 years.
They supposedly have come to an agreement on the debt ceiling today 5/28 which freezes to 2022 levels for everything but military spending. Does that mean the 2023 inflation upgrades will be taken away for social security? Thanks for any info on this
Love your videos. What if working full time until 67 (FRA) then going to 30 hours a week, semi retired, and keeping real cheap subsidized benefits, until 70?
You relate too much to the fox fake tv show. Republicans are criminals that should be jail. Don the con is next.
Forced to retire due to health. Three weeks after turning 62 Won SSDI, which was a 2 year battle back and forth with SS. Received 3 years back pay, which most went towards LTD payments. Receive FRA pay at 62, plus LTD until turn 65, when lose LTD. Figured on needing $1,500 a month at 65 with SSDI pay. Thank goodness saved in 401k and took lump sum pension which resides in a rollover IRA. Loaded up in CD's with that cash.
Googled in a retirement calculator with 5% return scenario, will never run out of money by taking $1,500 a month forever. Of course as inflation changes or more health issues, that need may be more adjusting. Lets hope SS and Medicare will be still around. Good thing since on SSDI, receive Medicare too at SSDI award. Saving me $700 a month versus private medical insurance. Something future retirees need to always consider, the monthly premiums.
Single male, never married. No kids. Trying part is to figure out where my leftover money will go since no way my spoiled nephews or brother will get it. Still haven't listed a beneficiary for my pension IRA. That's harder to figure than SS.
Hello Devin,
I'll be 65 this year, 2023, divorce in 2016 cost me a fortune. I'm not getting anything from anywhere cost my earning is and has always been more than his.
my savings is only 30K. I'm planning on working until 68 God willing. Good health so far.
I would like to start collecting at 67, save all my SS checks in a separate account, I'll have no car payment just my necessity. I'll continue to work part-time after that point with another company that I'm with as well. Save that and now my saving has gone from 30K to over 90-100K by not touching my saving until after retirement if I have to.
I feel if I wait to retire later then my saving would much less. And this is provided I'm still in good health which I believe that I will.
Tell me your thoughts about my plan? Thank you so much
How can I get an appointment to speak with you
You are a phony
Thank you Devin for including us singles! Please do more.
Hey Devon, I’ve just got accepted to SSDI I lost my wife during Covid and was getting survivor benefits. My question is on the back pay I’ve only received part of the back pay I had a lawyer and they have been paid but it ‘s been months since I got that part back pay so I have been getting my payments every month but the paralegal keeps telling me she keeps calling them and I haven’t received the rest of my back pay what can I do?
Hi Devin. Thank you for doing this video. Most channels for retirement use married couples for their examples so I appreciate you doing one for singles. I'm 62 and single, retiring soon and will live off my pension until I file for SS at 67.
The best way forward is to plan for the long game (file at 70) but review one’s plan annually. If sequence of return is bad, then decide to start SS earlier.
The good thing about waiting is that its adaptable. Maybe plan for 65 first. Once you get there you re-evaluate can you wait to 67 or not. Then do it each year after. You don't have to commit to 70 at 62.
Thanks for doing a singles oriented video.