Rules around Social Security

Certified Financial Planner and Senior Director of Choreo, Michelle Buria, explains rules for drawing on social security.

“In order to be able to receive social security, you do need to work and pay in,” Michelle tells us.

You have to work for 10 years, and your payout is based on your top 35 earning years working. Log into ssa.gov to get a recap of this income.

“Think back to 35 years. That’s 1988,” Michelle says, meaning that the longer you work, the more zeroes you will replace.

You can take social security earlier reduced at 8%, starting at age 62. And you can delay to age 70, which comes in at an 8% increase.

Spouses who are not eligible may be able to draw on social security from their spouse, at up to 50%. Their spouse does have to be withdrawing at the time.

You can also draw off of an ex-spouse’s social security- if you were married 10 years and divorced for 2. The difference in this is that the ex-spouse does not to be drawing social security, in order for a person to withdraw on their behalf.

When a spouse dies, there is a calculation done for social security. It comes to be about the higher of the two social security that the surviving spouse receives going forward. They, however, do not receive both.