Motley Fool Flags 3 Social Security Rules for 60-Year-Olds as Benefits Replace About 40%
Updated
Updated · The Motley Fool · Aug 19
Motley Fool Flags 3 Social Security Rules for 60-Year-Olds as Benefits Replace About 40%
3 articles · Updated · The Motley Fool · Aug 19
Summary
A new Motley Fool guide says 60-year-olds nearing retirement should weigh more than standard retirement checks, highlighting survivor benefits available from age 60 and disability coverage as possible alternatives.
At 62, spousal benefits can begin, but the guide says waiting until full retirement age can raise them to as much as 50% of a spouse’s primary insurance amount.
The article also stresses that Social Security bases personal retirement payments on a worker’s 35 highest-earning years, making it important to verify earnings records and consider working longer to replace low-income years.
For retirement planning, the guide warns Social Security typically replaces only about 40% of preretirement income—and less for higher earners—so savings may need to cover the gap.