SGR Learns of Social Security

Lance Stallings, an agent with Guardian Life Insurance residing in Tooele, spoke on the topic of Social Security, noting, “there are 1000 ways to collect and 2400 ways to decide.”  He also opined, “Social Security as it currently exists is unsustainable, so some changes need to be made.  Social Security will only continue if the government decreases benefits, increases taxation or if enrollment is delayed for millions of seniors.”

According to Stallings, women are the most likely to be uninformed and negatively affected by their decisions.  Most don’t know they can collect Social Security from the husband they have divorced, as long as they were married for at least ten years.  Men and women who remarry before age 60 will lose benefits from their prior spouse, so consult a Social Security expert and then move forward cautiously. 

A working spouse can “file and suspend” Social Security benefits until age 70, but the non-working spouse can still claim his / her benefits.

Applying to receive Social Security benefits at age 62 can result in the lose of 25% of benefits … but the longer you delay applying you will see an 8% increase for each year you delay.

The SS expert spoke on “how to ensure adequate retirement income,” reiterating the importance of delaying as long as possible, looking for other ways to cover your fixed costs, build a cash cushion, go for investment growth and, “most importantly, manage your spending!”

For more information, see www.socialsecurity.gov on the web.