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    Social Security ... What I Like About It (and What I Don’t)

    by Michael Aloi, CFP® Aug 14, 2021 3 minutes

    To say Social Security is complex is an understatement. There are 9,409 different age-claiming combinations and 5,917 spousal benefit combinations, according to Social Security’s Office of Retirement and Disability Policy. There are rules for family benefits, disability benefits, divorced spouses and widows. Yet, Social Security is extremely important for retirees, as “nearly nine out of ten people age 65 and older receive benefits,” representing about 33% of the income of the elderly.

    If you are on the cusp of retiring or wanting to know more, below are a few rules and tips to keep in mind. (For a deeper dive, join me for a free webinar on Aug. 19.)

    What I Like about Social Security

    There is a lot to, from just 95,000 in 1990. That means an 80-year-old may live another 20 years, or a 65-year-old could have a 35-year retirement. Income for life, not capped at any age, and payable for two lives instead of one, is a huge benefit for retirees.

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