Your Customized Social Security Spousal Planning Analysis Prepared For Joe and Anne Sample June 06, 2016 Prepared By Baird Advisor Robert W. Baird & Co. 777 East Wisconsin Ave Milwaukee, WI 53202 Page 1
Your Customized Social Security Spousal Planning Analysis This report shows the Social Security income stream you can expect to receive under differing claiming scenarios based on your primary insurance amount (PIA) as estimated by the Social Security Administration and certain assumptions for life expectancy and future cost-of-living adjustments. Married couples have several decisions to make. When will the husband claim his retirement based on his earnings record? When will the wife claim her retirement based on her earnings record? Will either spouse be eligible for spousal s? The interplay of earned s and spousal s makes for some interesting opportunities for married couples as long as you understand the rules and know which spouse can do what and when. Another important consideration is survivor s. If one spouse dies while both spouses are receiving Social Security, the deceased spouse's stops and the surviving spouse may receive the higher of the two amounts. The income streams shown here incorporate life expectancies for husband and wife. If the husband is expected to die first, for example, the analysis shows his going to zero while the wife either continues with her own or switches to the husband's, depending on which is higher. Part of Social Security planning is survivor planning for when one spouse becomes widowed. Will the survivor be enough to live on? What other resources will be available? As you will see, the lifetime value of Social Security can vary greatly depending on when you decide to claim s. When your only interest is maximizing Social Security s, there is usually one optimal claiming scenario that can provide the most s based on the assumptions you enter. However, it is also important to consider your own personal circumstances your need for income, your health status and life expectancy, and your other resources such as retirement and investment accounts when deciding when to claim Social Security. This report should therefore be viewed within the context of your overall retirement income plan. Page 2
Key Terms Full retirement age (FRA). This is the age at which you may claim full, unreduced Social Security s. Certain strategies, such as suspending s to earn delayed credits, and filing a restricted application for spousal s, can only be done at full retirement age or later. Year of Birth 1943-54 66 Full Retirement Age 1955 66 + 2 months 1956 66 + 4 months 1957 66 + 6 months 1958 66 + 8 months 1959 66 + 10 months 1960 and later 67 Primary Insurance Amount (PIA). Your estimated as shown on this report is based on the PIA you provided. Your PIA is the amount you would receive if you were to claim your at your full retirement age. Each person's PIA is determined by the Social Security Administration at age 62. It is based on an average of your highest 35 years of earnings as applied to a formula. Please note that until you actually apply for Social Security, your exact PIA is unknown. The estimate you received from Social Security via your statement or the Retirement Estimator could change based on your continued earnings (or lack thereof) and future cost-of-living adjustments. Reductions or credits based on claiming age. If you file for Social Security before FRA, your will be some fraction of your PIA. If you file after FRA, your will include delayed credits. These reductions and credits are based on your FRA. Once the reductions or credits are applied, your amount is permanent, affected only by cost-of-living adjustments and additional earnings. That is, if you file at 62 and receive a reduced, it will not go up when you turn FRA. If your full retirement age is 66: Filing Age Benefit = % of PIA 62 75 63 80 64 86.7 65 93.3 66 100 67 108 68 116 69 124 70 132 If your full retirement age is 67: Filing Age Benefit = % of PIA 62 70 63 75 64 80 65 86.7 66 93.3 67 100 68 108 69 116 70 124 Page 3
Key Terms (continued) Cost-of-Living Adjustments (COLAs). Each year there is a rise in the Consumer Price Index (CPI-W), Social Security amounts are increased to keep up with inflation. The cost-of-living adjustment varies each year, and it is impossible to know what future COLAs will be. To give you an idea of how your might keep up with inflation, this report assumes a fixed COLA in the years ahead. Naturally, the amounts shown in this report will be different if the actual COLAs vary from the assumptions used here. Life Expectancy. Social Security s continue for life. A key purpose of this report is to put your Social Security s in perspective by estimating the amount of s you stand to receive over your lifetime based on claiming decisions you make in your 60s. Your life expectancy is therefore a key assumption in this report. You can look up the average life expectancy for your age by referring to this table: http://www.ssa.gov/oact/stats/table4c6.html or using this calculator: http://www.ssa.gov/planners/lifeexpectancy.htm. Keep in mind that there is a 50% chance you will outlive the average life expectancy. Depending on your genes, your lifestyle, and your health status, you could live many years beyond the average. See LivingTo100 (www.livingto100.com) for a more accurate estimate of your individual life expectancy. Naturally, if your actual life expectancy differs from the assumption used in this report, your lifetime s will be different from the amounts shown here. Spousal s. If you are married, you may qualify for a spousal based on your spouse's work record. If you claim this at your full retirement age, the will be 50% of your spouse's PIA. If you claim it before your FRA, the will be reduced. Your spouse must have filed for his or her in order for you to receive a spousal. Please note that if you also qualify for a retirement on your own work record, and if you file before FRA, you will receive your own reduced first. If you would like to receive a spousal while your own builds delayed credits to age 70, you must file a restricted application for the spousal. This can only be done at FRA or later. The Bipartisan Budget Act of 2015 is phasing out the ability to file a restricted application. Those born on January 1st, 1954 or earlier will still be able to file a restricted application for spousal s. Those born after January 1st of 1954 will not. Survivor s. If your spouse dies, the your spouse was receiving will stop. As the surviving spouse, you will become eligible for a survivor approximately equal to the amount your spouse was receiving at his death. If this amount is higher than your own, you may switch to the higher amount (note: if you are under FRA when you claim, the survivor will be reduced). The important thing to know about survivor s is that the amount the surviving spouse eventually receives is determined by the age at which the deceased spouse originally started his. You will see in this report that scenarios calling for a later claiming age for the higherearning spouse result in a higher survivor to the surviving spouse. Page 4
Comparison of Scenarios 1. Joe files at 64; Anne files at 62 2016: Anne claims on own record at age 62. 2016: Joe claims on own record at age 64. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. 2. Joe files at 66; Anne files at 66 2018: Joe claims on own record at age 66. 2020: Anne claims on own record at age 66. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. 3. Joe files restricted app at 66/Own at 70; Anne files at 62 2016: Anne claims on own record at age 62. 2018: Joe claims on Anne's record at age 66. 2022: Joe claims on own record at age 70. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. 4. Joe files at 70; Anne files at 70 2022: Joe claims on own record at age 70. 2024: Anne claims on own record at age 70. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. Page 5
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Joe files at 64; Anne files at 62 2016: Anne claims on own record at age 62. 2016: Joe claims on own record at age 64. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. Year Joe's Age Joe's Joe's annual Anne's Age Anne's Anne's annual annual cumulative 2016 64 1,907 22,881 62 1,125 13,500 3,032 36,381 36,381 2017 65 1,958 23,499 63 1,155 13,865 3,114 37,363 73,744 2018 66 2,011 24,133 64 1,187 14,239 3,198 38,372 112,116 2019 67 2,065 24,785 65 1,219 14,623 3,284 39,408 151,524 2020 68 2,121 25,454 66 1,252 15,018 3,373 40,472 191,996 2021 69 2,178 26,141 67 1,285 15,424 3,464 41,565 233,561 2022 70 2,237 26,847 68 1,320 15,840 3,557 42,687 276,248 2023 71 2,298 27,572 69 1,356 16,268 3,653 43,840 320,087 2024 72 2,360 28,316 70 1,392 16,707 3,752 45,023 365,111 2025 73 2,423 29,081 71 1,430 17,158 3,853 46,239 411,350 2026 74 2,489 29,866 72 1,468 17,621 3,957 47,487 458,837 2027 75 2,556 30,672 73 1,508 18,097 4,064 48,769 507,606 2028 76 2,625 31,501 74 1,549 18,586 4,174 50,086 557,693 2029 77 2,696 32,351 75 1,591 19,088 4,287 51,439 609,131 2030 78 2,769 33,225 76 1,634 19,603 4,402 52,827 661,959 2031 79 2,843 34,122 77 1,678 20,132 4,521 54,254 716,212 2032 80 2,920 35,043 78 1,723 20,676 4,643 55,719 771,931 2033 81 2,999 35,989 79 1,769 21,234 4,769 57,223 829,154 2034 82 3,080 36,961 80 1,817 21,807 4,897 58,768 887,922 2035 83 3,163 37,959 81 1,866 22,396 5,030 60,355 948,277 2036 84 3,249 38,984 82 1,917 23,001 5,165 61,984 1,010,261 2037 85 3,336 40,036 83 1,968 23,622 5,305 63,658 1,073,919 2038 86 0 0 84 3,426 41,117 3,426 41,117 1,115,036 2039 87 0 0 85 3,519 42,227 3,519 42,227 1,157,263 2040 88 0 0 86 3,614 43,367 3,614 43,367 1,200,631 2041 89 0 0 87 3,712 44,538 3,712 44,538 1,245,169 2042 90 0 0 88 3,812 45,741 3,812 45,741 1,290,910 2043 91 0 0 89 3,915 46,976 3,915 46,976 1,337,886 2044 92 0 0 90 4,020 48,244 4,020 48,244 1,386,130 2045 93 0 0 91 4,129 49,547 4,129 49,547 1,435,677 2046 94 0 0 92 4,240 50,885 4,240 50,885 1,486,561 2047 95 0 0 93 4,355 52,258 4,355 52,258 1,538,820 2048 96 0 0 94 4,472 53,669 4,472 53,669 1,592,489 2049 97 0 0 95 4,593 55,118 4,593 55,118 1,647,608 Page 7
Joe files at 66; Anne files at 66 2018: Joe claims on own record at age 66. 2020: Anne claims on own record at age 66. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. Year Joe's Age Joe's Joe's annual Anne's Age Anne's Anne's annual annual cumulative 2016 64 0 0 62 0 0 0 0 0 2017 65 0 0 63 0 0 0 0 0 2018 66 2,320 27,845 64 0 0 2,320 27,845 27,845 2019 67 2,383 28,597 65 0 0 2,383 28,597 56,441 2020 68 2,447 29,369 66 1,669 20,028 4,116 49,397 105,838 2021 69 2,513 30,162 67 1,714 20,569 4,228 50,730 156,569 2022 70 2,581 30,976 68 1,760 21,124 4,342 52,100 208,669 2023 71 2,651 31,812 69 1,808 21,694 4,459 53,507 262,176 2024 72 2,723 32,671 70 1,857 22,280 4,579 54,952 317,127 2025 73 2,796 33,553 71 1,907 22,882 4,703 56,435 373,562 2026 74 2,872 34,459 72 1,958 23,500 4,830 57,959 431,521 2027 75 2,949 35,390 73 2,011 24,134 4,960 59,524 491,045 2028 76 3,029 36,345 74 2,065 24,786 5,094 61,131 552,176 2029 77 3,111 37,327 75 2,121 25,455 5,232 62,782 614,958 2030 78 3,195 38,334 76 2,179 26,142 5,373 64,477 679,434 2031 79 3,281 39,369 77 2,237 26,848 5,518 66,218 745,652 2032 80 3,369 40,432 78 2,298 27,573 5,667 68,005 813,657 2033 81 3,460 41,524 79 2,360 28,317 5,820 69,842 883,499 2034 82 3,554 42,645 80 2,423 29,082 5,977 71,727 955,226 2035 83 3,650 43,797 81 2,489 29,867 6,139 73,664 1,028,890 2036 84 3,748 44,979 82 2,556 30,674 6,304 75,653 1,104,543 2037 85 3,849 46,194 83 2,625 31,502 6,475 77,695 1,182,238 2038 86 0 0 84 3,953 47,441 3,953 47,441 1,229,679 2039 87 0 0 85 4,060 48,722 4,060 48,722 1,278,401 2040 88 0 0 86 4,170 50,037 4,170 50,037 1,328,438 2041 89 0 0 87 4,282 51,388 4,282 51,388 1,379,827 2042 90 0 0 88 4,398 52,776 4,398 52,776 1,432,603 2043 91 0 0 89 4,517 54,201 4,517 54,201 1,486,803 2044 92 0 0 90 4,639 55,664 4,639 55,664 1,542,467 2045 93 0 0 91 4,764 57,167 4,764 57,167 1,599,634 2046 94 0 0 92 4,893 58,711 4,893 58,711 1,658,345 2047 95 0 0 93 5,025 60,296 5,025 60,296 1,718,641 2048 96 0 0 94 5,160 61,924 5,160 61,924 1,780,565 2049 97 0 0 95 5,300 63,596 5,300 63,596 1,844,160 Page 8
Joe files restricted app at 66/Own at 70; Anne files at 62 2016: Anne claims on own record at age 62. 2018: Joe claims on Anne's record at age 66. 2022: Joe claims on own record at age 70. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. Year Joe's Age Joe's Joe's annual Anne's Age Anne's Anne's annual annual cumulative 2016 64 0 0 62 1,125 13,500 1,125 13,500 13,500 2017 65 0 0 63 1,155 13,865 1,155 13,865 27,365 2018 66 791 9,493 64 1,187 14,239 1,978 23,731 51,096 2019 67 812 9,749 65 1,219 14,623 2,031 24,372 75,468 2020 68 834 10,012 66 1,252 15,018 2,086 25,030 100,498 2021 69 857 10,282 67 1,285 15,424 2,142 25,706 126,204 2022 70 3,407 40,888 68 1,320 15,840 4,727 56,728 182,933 2023 71 3,499 41,992 69 1,356 16,268 4,855 58,260 241,193 2024 72 3,594 43,126 70 1,392 16,707 4,986 59,833 301,026 2025 73 3,691 44,291 71 1,430 17,158 5,121 61,449 362,475 2026 74 3,791 45,486 72 1,468 17,621 5,259 63,108 425,583 2027 75 3,893 46,715 73 1,508 18,097 5,401 64,812 490,394 2028 76 3,998 47,976 74 1,549 18,586 5,547 66,562 556,956 2029 77 4,106 49,271 75 1,591 19,088 5,697 68,359 625,315 2030 78 4,217 50,602 76 1,634 19,603 5,850 70,204 695,519 2031 79 4,331 51,968 77 1,678 20,132 6,008 72,100 767,619 2032 80 4,448 53,371 78 1,723 20,676 6,171 74,047 841,666 2033 81 4,568 54,812 79 1,769 21,234 6,337 76,046 917,712 2034 82 4,691 56,292 80 1,817 21,807 6,508 78,099 995,811 2035 83 4,818 57,812 81 1,866 22,396 6,684 80,208 1,076,019 2036 84 4,948 59,373 82 1,917 23,001 6,864 82,373 1,158,392 2037 85 5,081 60,976 83 1,968 23,622 7,050 84,598 1,242,990 2038 86 0 0 84 5,219 62,622 5,219 62,622 1,305,612 2039 87 0 0 85 5,359 64,313 5,359 64,313 1,369,925 2040 88 0 0 86 5,504 66,049 5,504 66,049 1,435,974 2041 89 0 0 87 5,653 67,833 5,653 67,833 1,503,807 2042 90 0 0 88 5,805 69,664 5,805 69,664 1,573,471 2043 91 0 0 89 5,962 71,545 5,962 71,545 1,645,016 2044 92 0 0 90 6,123 73,477 6,123 73,477 1,718,493 2045 93 0 0 91 6,288 75,461 6,288 75,461 1,793,954 2046 94 0 0 92 6,458 77,498 6,458 77,498 1,871,452 2047 95 0 0 93 6,633 79,591 6,633 79,591 1,951,042 2048 96 0 0 94 6,812 81,740 6,812 81,740 2,032,782 2049 97 0 0 95 6,996 83,946 6,996 83,946 2,116,728 Page 9
Joe files at 70; Anne files at 70 2022: Joe claims on own record at age 70. 2024: Anne claims on own record at age 70. Current year: 2016, COLA: 2.7%, Current age: Joe 64, Anne 62, PIA: Joe $2200, Anne $1500, Life expectancy: Joe 85, Anne 95. Year Joe's Age Joe's Joe's annual Anne's Age Anne's Anne's annual annual cumulative 2016 64 0 0 62 0 0 0 0 0 2017 65 0 0 63 0 0 0 0 0 2018 66 0 0 64 0 0 0 0 0 2019 67 0 0 65 0 0 0 0 0 2020 68 0 0 66 0 0 0 0 0 2021 69 0 0 67 0 0 0 0 0 2022 70 3,407 40,888 68 0 0 3,407 40,888 40,888 2023 71 3,499 41,992 69 0 0 3,499 41,992 82,881 2024 72 3,594 43,126 70 2,450 29,400 6,044 72,526 155,407 2025 73 3,691 44,291 71 2,516 30,194 6,207 74,484 229,892 2026 74 3,791 45,486 72 2,584 31,009 6,375 76,496 306,387 2027 75 3,893 46,715 73 2,654 31,846 6,547 78,561 384,948 2028 76 3,998 47,976 74 2,726 32,706 6,724 80,682 465,630 2029 77 4,106 49,271 75 2,799 33,589 6,905 82,860 548,490 2030 78 4,217 50,602 76 2,875 34,496 7,091 85,098 633,588 2031 79 4,331 51,968 77 2,952 35,427 7,283 87,395 720,983 2032 80 4,448 53,371 78 3,032 36,384 7,480 89,755 810,738 2033 81 4,568 54,812 79 3,114 37,366 7,682 92,178 902,917 2034 82 4,691 56,292 80 3,198 38,375 7,889 94,667 997,584 2035 83 4,818 57,812 81 3,284 39,411 8,102 97,223 1,094,807 2036 84 4,948 59,373 82 3,373 40,476 8,321 99,848 1,194,655 2037 85 5,081 60,976 83 3,464 41,568 8,545 102,544 1,297,200 2038 86 0 0 84 5,219 62,622 5,219 62,622 1,359,822 2039 87 0 0 85 5,359 64,313 5,359 64,313 1,424,135 2040 88 0 0 86 5,504 66,049 5,504 66,049 1,490,184 2041 89 0 0 87 5,653 67,833 5,653 67,833 1,558,017 2042 90 0 0 88 5,805 69,664 5,805 69,664 1,627,681 2043 91 0 0 89 5,962 71,545 5,962 71,545 1,699,226 2044 92 0 0 90 6,123 73,477 6,123 73,477 1,772,703 2045 93 0 0 91 6,288 75,461 6,288 75,461 1,848,163 2046 94 0 0 92 6,458 77,498 6,458 77,498 1,925,661 2047 95 0 0 93 6,633 79,591 6,633 79,591 2,005,252 2048 96 0 0 94 6,812 81,740 6,812 81,740 2,086,992 2049 97 0 0 95 6,996 83,946 6,996 83,946 2,170,938 Page 10
How to claim your Social Security s The scenarios shown in this report indicate the ages at which each spouse might claim his or her retirement, and the age at which one spouse may claim a spousal. Both spouses may not receive a spousal at the same time. This is because in order for the wife, say, to receive a spousal based on the husband's work record, the husband must file for his own retirement. Once he files for his own retirement, he may not receive a spousal if his own is higher. So an important part of Social Security scenario planning is determining which spouse should claim the spousal. Another important part is knowing the rules about when you can and can't claim a spousal. File and suspend. In order for a spouse to claim a spousal, the spouse on whose work record the spousal is based usually the higher-earning spouse must have filed for s. But the higher-earning spouse often wants to delay his or her to age 70 in order to earn maximum delayed credits. In that case, the higher-earning spouse can file for Social Security at full retirement age or later and then immediately suspend his. Filing will entitle his spouse to her spousal. Suspending will allow his own to earn 8% annual delayed credits. The Bipartisan Budget Act of 2015 is phasing this strategy out. However, you may still have an opportunity to do this, provided the suspending spouse gets their suspension in prior to April 29, 2016. Please note that file-and-suspend cannot be done before full retirement age. If the suspending spouse is not 66 years old prior to the April deadline, this strategy will not be available. The Savvy Social Security Spousal Planning Calculators do not permit invalid scenarios. If the foregoing scenarios propose "file and suspend" as an option, you can be sure you are eligible for the strategy. Here is an SSA publication that tells about suspending s: http://www.ssa.gov/retire2/suspend.htm Claim-now-claim-more-later. Another strategy may call for one spouse to claim his or her spousal off the other spouse's work record when his or her own retirement is higher. For example, let's say the husband wants to delay his to age 70. When he turns full retirement age, he may restrict his application to his spousal and receive one-half of his wife's primary insurance amount for four years while his own retirement increases by 8% per year to age 70. As always, the other spouse, on whose record the spousal is based, must have filed for s. Please note that it is not possible to file a restricted application before full retirement age. The Bipartisan Budget Act of 2015 is phasing out the ability to file a restricted application. Those born on January 1st, 1954 or earlier will still be able to file a restricted application for spousal s. Those born after January 1st of 1954 will not. The Savvy Social Security Spousal Planning Calculators do not permit invalid scenarios. If the foregoing scenarios propose "restricted application" as an option that is, if a scenario allows you to receive a spousal only starting at full retirement age while delaying your own to a later age you can be sure you are eligible for the strategy. Here is some information on s for you as a spouse: http://www.ssa.gov/retire2/applying6.htm#a0=0 How to file. The easiest way to file for Social Security s is online. Just go to http://www.socialsecurity.gov and click on Apply online for Retirement Benefits. If you are over FRA and filing a restricted application for your spousal (and you were born on or before Jan. 1, 1954), note in the comments section that you wish to delay your own to age 70. A couple of weeks after you have completed your application you will receive an award letter. Make sure the letter matches your intentions. For example, if you are expecting to receive a spousal equal to 50% of your spouse's PIA and the letter indicates a higher amount, the suspension or application restriction may not have been processed properly. In order not to jeopardize your delayed credits, you should notify SSA immediately and have the application corrected. Page 11
What this report does not include You should know that this report has a number of limitations: The numbers you see here are not exact. No one can ever know the exact amount of their Social Security until it is actually received. But by making certain assumptions and trying out different claiming analyses, you can see how your lifetime Social Security income may change depending on when you claim s. The purpose of this report is to give you a long-term perspective on Social Security, which is one of the few sources of retirement income that continues for life. Scenarios are not exhaustive. There are many possible claiming scenarios. This report shows you a handful of scenarios which seem appropriate based on your personal circumstances. We can run additional scenarios if you wish. Results are based on assumptions. The key assumptions used are: 1) the primary insurance amounts for husband and wife as estimated by the Social Security Administration; 2) life expectancies for husband and wife; and 3) future cost-of-living adjustments. If any of these numbers turn out to be different from the assumptions, your actual Social Security income stream will be different. If you wish to use different assumptions from the ones used in this report, please let us know and we can re-run the analysis for you. Social Security may be reformed. It is possible that the Social Security system could be reformed by Congress in the future. Possible reforms may include raising the full retirement age, changing the formula, changing the formula for cost-of-living adjustments, and others. There is no way to know when or how Social Security might be reformed in the future. WEP and/or GPO may not be incorporated. If you ever worked in a job that did not pay into Social Security and you are entitled to a pension from that job, your Social Security may be reduced. The applicable reduction in retirement, spousal, or survivor s may not be reflected in this report. Earnings test is not incorporated. If you file for s before full retirement age and you work, some or all of your s may be withheld due to the earnings test. These reductions are not incorporated into these estimates. Children's s are not included. If you have a child under 18, the child may be entitled to children's s. These amounts are not incorporated into this report. Survivor assumptions assume that the deceased spouse claimed at full retirement age or later and that the surviving spouse claimed the survivor at full retirement age or later. If either spouse claimed earlier, the survivor could be different. Taxes are not incorporated. If your modified adjusted gross income is over a certain threshold, up to 85% of your Social Security s may be reportable as income on your federal income tax return. The estimates in this report do not account for taxes. Please see your tax advisor for more information. This report is for informational purposes only. The purpose of the report is to educate and give general guidance to help craft a personalized approach to taking Social Security. The use of different assumptions, particularly life expectancy, could change the outcome. It is therefore important for you to consider a wide variety of factors and decide for yourself when is the optimal time to claim Social Security. This report was generated by software developed by Horsesmouth, LLC. Neither we, nor Horsesmouth assumes any liability nor responsibility to any person or entity with respect to any loss or damage caused by information contained in this report. Copyright 2016 Horsesmouth, LLC. All Rights Reserved. Page 12