There has been a lot of talk lately about people working past the retirement age of 65 in order to ensure that they receive enough Social Security to support themselves in their later years. However, people that die before they can recoup those benefits could be leaving their hard earned money to the federal government, according to the Zanesville Times Recorder of Ohio.
People that have life insurance policies that will provide loved ones enough money to take care of their last wishes and funeral expenses, may think differently about Social Security than those that do not. Some experts believe that if financial resources are low, people should start taking their checks once they reach age 65.
People may want to take into account their health, financial wealth and spousal dependency before making any decisions, the media outlet reports. The U.S. Social Security Administration has a retirement estimator available on their website that can help individuals making a life plan.
Also, one important planning asset that many people may not be aware of is if they were married to an individual for at least 10 years, they can collect Social Security off of their ex's work record. However, if the individual is remarried they cannot collect off of the ex.