With total lifetime benefits that could exceed $1.5 Million1, your choice for claiming your Social Security have never been more critical. It is even more complicated for couple because they have to weigh many different factors. And decisions about your Social Security strategy should be made with other Retirement Planning factors in mind, including Cash Flow, Income Sources, Lifestyle Needs and Taxes, as just some examples.
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1. “What is the Maximum Social Security Benefit Payable?” - The hypothetical example assumes making $500K and waiting until age 70 to receive $4,555 monthly for 30 years: $4,555×12=$54,660×30 years=$1,639,800.00.