June 29, 2013

Wives lose when husband claims Social Security at Age 62

"Many husbands file for their Social Security benefits at age 62, a decision that may one day deprive their widowed wives of up to $170 a month."
According to research reported in the Squared Away blog, "almost 40 percent of all Americans claim their benefits the same year they turn 62." When wives outlive their husbands they suffer from his decision to claim benefits as early as possible, resulting in a smaller benefit... until death.  The study’s author, Alice Henriques, an economist with the Federal Reserve Board in Washington, “was able to show that the husbands, when they made their decisions, took into account the impact on themselves of the claiming date they selected. But they showed virtually ‘no response to the large incentives’ of having the ability to provide their widowed wives with more income in the future.”  It’s time for wives to be more involved in crucial financial decisions. Come to the Sept. 11 FPW to learn more about SS claiming strategies. Read the details at the Squared Away Blog: http://squaredawayblog.bc.edu/squared-away/62yo-men-file-social-security-wives-pay/

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