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CNBC Sharon Epperson - Social Security Benefits

Sharon Epperson shares tips for women to take advantage of Social Security Benefits. CLICK THIS IMAGE to view the full video.


 

Women Can Boost Their Income Later in Life

A woman who holds off on collecting Social Security after her full retirement age will receive delayed retirement credits that will boost her benefit as much as 8 percent for every year she waits until age 70. In other words, a woman whose full retirement age is 66 would receive a benefit reduced by as much as 30 percent if she retired at 62, but if she waited until age 70, it could increase by as much as 32 percent.

 

In addition, women who have been divorced after at least 10 years of marriage may have another way to boost their Social Security benefit: by using their ex-spouse’s benefit. The Social Security office can even tell you what the amount is. You don’t even have to go to him. Women divorced after 10 or more years of marriage are eligible for a benefit equal to half of the ex-spouse’s. So, if the benefit of half of the ex-spouse’s amount exceeds what you (as a woman) stands to receive on your own, that option is available to you.

Read the full article for more Social Security Benefit tips for women.
Source:
Kelley Holland – NBC News – Aug 11, 2015
http://www.nbcnews.com/business/retirement/biggest-mistake-women-make-social-security-benefits-n407816

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