What’s more exciting than a heated debate with your sweetheart? 😍🤼 Our all-time fave is how to properly load the dishwasher. Leave one plate out of place and the gloves are coming off! 🫧
While it’s not exactly the steamiest date night convo, chatting your honey up about Social Security should be on your menu. 🍽️💰 Let’s line up some table topics.
Here’s Five Fast Facts on having a Social Security chat:
- ☕ Coffee Talk - If you’re in your 50s, you should start talking about Social Security before retirement is right around the corner. Planning a little early gives you more time to adjust your savings, retirement age, or spending goals before it is time to tap those benefits.
- 💵 Topping Off - There’s a good chance Social Security won’t cover all your needs. For the average worker, it replaces about 40% of pre-retirement income. Couples who want to travel, keep their home, or maintain the same lifestyle may need other savings to fill the gap.
- ⌚ Patience Pays - The age someone claims Social Security can have a big impact on their monthly check. Benefits can start at 62, but claiming before the full retirement age of 67 lowers the payment. Waiting longer can increase it by about 8% a year until age 70.
- 👩❤️👨 Claim Game - Hot tip: married couples don’t have to claim Social Security at the same time. In some cases, the lower-earning spouse can claim earlier while the higher earner waits for a larger benefit. This could also raise the survivor benefit down the road.
- ✍️ Plan B - In case Social Security changes, get a backup plan together. The trust fund that pays retirement benefits is projected to cover only about 78% of scheduled payments after 2032 if lawmakers don’t act. Make sure to chat about what you’ll do if your benefits are lower than expected.
🔥Bottom line: With Social Security’s future kinda up in the air, it’s smart to have a game plan to cover your future finances. Starting these chats early can save you a lot of stress. The American Dream looks a lot different than it did in the past. Check out this article to learn how much it’s changed.
Do you receive Social Security payments?
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