3. You Need To Pay Off Debt
Living your golden years without having to worry about paying off any debts sounds great. The truth is that sometimes it’s better for you to pay off some debts before retirement. If you have a debt with a high rate, then claiming Social Security early may be a clever idea.
Depending on your interest rate, the credit of 8% yearly that you earn for each year you delay taking your benefits past full retirement age may not be worth the greater monthly benefit.
That’s why claiming the early benefits may help you to reduce or even eliminate your debt faster. This also means that you’ll be able to enjoy more of your retirement benefits in the future.
Some basic information that every retiree needs to know in evaluating when to pull the trigger on Social Security Benefits. Thank you.
We tried but were denied.
Why can a widow not claim her husbands survior benefits if married 38 years if she worked for a City government and she only get $350 and she would receive $1000 on his side which would help her payoff the credit card debt he left her on her card-they say it is because of her City check is a little higher but that should not factor into it – she supported him for 38 years – WHY can’t she not get the beneft to help pay off the credit card?
I hope that people making the decision of when to take their social security payments know that it is taxable income(when you start receiving payments). I believe it is part of a formula, but just be aware it could increase your income taxes. So you may want to talk to/with your tax prep person or accountant????
I have worked past 16 yrs at fire depth and we do not pay into social security. So I imagine my mo benefit will be quite low even tho I made a good salary. If I wish to check my ex husband’s account to see which would be higher…how do I go about doing that? Seems they want you to do all online nowadays but don’t find where to check ex spouses numbers. (Married 16 yrs)