The Road Less Traveled and Social Security

If you were born before Jan. 1, 1954, you are coming to a fork in the road for an important decision about Social Security.

When it comes to selecting a Social Security filing strategy, perhaps Robert Frost said it best at the end of his famous poem The Road Not Taken: “Two roads diverged in a wood, and I – I took the one lass traveled by, And that has made all the difference.”

For most people, filing for Social Security benefits can be a fairly straightforward decision. The road most traveled is taking benefits at or before full retirement age. However, if you were born on or before January 1, 1954, there is another road to consider and taking that road might well make all the difference in retirement.

For those fortunate people, who are protected by a special grandfather provision of the law, they have the ability to file a “restricted application” for spousal Social Security benefits.

While they are collecting those spousal benefits, their benefits based on their own work record continue to grow at 8% simple interest between age 66 and age 70. The restricted filing strategy can generate more money while you and your spouse enjoy retirement together. It can also build in a larger benefit for the survivor when someone dies. This road into the retirement future could increase your own benefits and the survivor benefits for a spouse, by as much as 32%.

However, as each year passes, this option become available to fewer and fewer workers. By 2024, it will be gone forever. So check the calendar. If your birthday falls on or before January 1, 1954 perhaps, you need to discover what that less traveled road might do for your overall prosperity in retirement. As the poem says, it could make all the difference.


About the Author

Check out the latest issue of our online magazine!

More for You

Topics & Perspectives

May is National Skin Cancer Awareness Month

Simple Tips to Protect Your Skin When Gardening It’s May; It’s May, the Lovely Month of May. And many of us are eagerly digging in the garden, getting ready to plant flowers and vegetables.  May …

Read More
Health & Well-Being

Love Is More than a Bottle of “Heavenly Nights”

There’s a notion, out there, suggesting the amount of happiness and fulfillment in a woman’s relationship is directly related to the amount of goo-goo eyed, hearts-and-flowers romance she experiences. This idea seems to permeate everything …

Read More

Getting Started on Genealogy—The Other Winter Sport

Winter can be dreary, but it’s the perfect time to pick up an activity you’ve long been meaning to do. Genealogy is the study or tracing of one’s family line from an ancestor. These “family …

Read More
error: Content is protected !!