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This report presents a personalized analysis of Social Security retirement income strategies for Mr. and Mrs. Matthew, based on their provided profile and life expectancies. It compares three different filing strategies: filing at Full Retirement Age (FRA), filing at age 70, and utilizing a Restricted Application. For each strategy, it outlines the estimated monthly and cumulative benefits, taking into account individual and spousal benefits, as well as survivor benefits.
The report provides a detailed breakdown of yearly benefits for each strategy, highlighting key events such as the commencement of individual and spousal benefits, and the transition to survivor benefits. This allows for a clear comparison of the financial outcomes associated with each approach, empowering Mr. and Mrs. Matthew to make informed decisions about their Social Security filing strategy.
Furthermore, the report includes a comprehensive glossary of key terms and definitions related to Social Security benefits, such as FRA, spousal benefits, survivor benefits, and the implications of filing at different ages. It emphasizes the importance of consulting with a financial professional for personalized advice and acknowledges that the provided estimates are based on current Social Security rules and individual data, and may be subject to change.
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