March 2, 2026 • 13 mins
Ready to lock in a Social Security strategy you won’t regret later? We sit down with Hillary Hatch from the Social Security Administration to demystify the rules that decide how much lands in your bank account each month. From understanding your full retirement age to weighing early versus delayed filing, we unpack the choices that shape lifetime income, using clear examples and practical decision points for people born in 1960 or later.
We walk through the math behind claiming at 62, 67, or 70, why benefits don’t “reset” to the full amount once you hit your full retirement age, and how delayed retirement credits can boost your check until 70. If you plan to keep working, you’ll learn how the earnings test can reduce benefits before full retirement age and why that matters for near-term cash flow. We also address the most common myths around spousal benefits, including when the 50 percent rule applies, what happens if your own benefit is higher, and why filing early can limit future spousal amounts.
Planning starts with good data, so we highlight the My Social Security account at ssa.gov as your personal hub for estimates, earnings records, and easy self-service options. For those in the Walker area who prefer in-person help, we share how to schedule appointments and where to find the Grand Rapids office on Knapp Street NE. By the end, you’ll know the key levers—timing, work income, spousal coordination, and verified earnings—that turn Social Security from a confusing acronym into a dependable pillar of your retirement plan.
If this helped clarify your next steps, follow the show, share it with someone who’s planning to retire, and leave us a quick review so others can find it too.
If you have comments about this podcast, or ideas for future episodes, please email us at PODCAST@WALKER.CITY
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_00 (00:07):
Welcome to Maiden Walker, podcast that connects
you to the people, the stories,and the ideas shaping our
community.
From local innovators toeveryday change makers, we're
diving deep into what makesWalker a great place to live,
work, and grow.
Here's your host, NicoleDiDonato.
SPEAKER_01 (00:26):
This episode is especially helpful for our
Walker residents who are workingnow or thinking about retirement
in the next few years.
Social Security, it plays a bigrole in long-term financial
stability, but it can also beone of the most misunderstood
systems that people navigate.
But fortunately, we have HillaryHatch here with the Social
Security Administration to helpclear up a few misconceptions.
(00:50):
Hilary, thank you so much forbeing here.
Yes, thank you so much forhaving me.
I'm happy to be here.
Well, one of the things we canstart off with is for Walker
residents who are in their 50sand 60s, what's one of the
single most important thingsthey should consider before they
file for Social Security?
SPEAKER_02 (01:05):
So a lot of times, you know, one of the questions
that we get asked mostfrequently is when is the best
age to start collectingbenefits?
And there really isn't a onebest age for everyone, but
there's probably a right age foryou when you decide to collect
social security benefits.
It's such a personalizeddecision.
There are so many other factorsto consider when you're thinking
(01:28):
about filing for benefits in theright time.
I think one of the mostimportant things to understand
is knowing your full retirementage and how that's going to
impact your monthly socialsecurity benefit.
So full retirement age for it'sfirst of all, it's based on your
year of birth.
For individuals born 1960 orlater, full retirement age is
(01:52):
age 67.
And why that is important toknow is because at full
retirement age, that is when youreceive your full Social
Security benefit.
So if you file early, meaningprior to your full retirement
age, your benefit is going to bereduced.
And the reduction will justdepend on how old you are at the
time you start collecting thatbenefit.
(02:13):
And the same is true if you waituntil after full retirement age,
that benefit is going to behigher.
So for someone born 1960 orlater, full retirement age is
age 67.
If they started collecting atage 67, let's say their benefit
amount is$1,000 per month.
If they filed at age 62, sothat's the earliest that any of
(02:35):
us can collect, their monthlybenefit is only going to be$700
per month.
And then from the time you reachfull retirement age up until age
70, you can earn what we calldelayed retirement credits.
So for someone born 1960 orlater, if their benefit amount
at their full retirement age is$1,000, but they wait until age
(02:56):
70 to file, their monthlybenefit is going to be$1,240.
Once you reach age 70, thebenefit doesn't increase anymore
based on your age.
So there'd be no point indelaying and filing.
You don't have to file by thetime you're 70.
But if not, it's like you'relosing out on money.
(03:16):
So it's really important tounderstand your full retirement
age and understanding, you know,the age that you start
collecting benefits reallyimpacts what your monthly
benefit is going to be.
SPEAKER_01 (03:26):
Yes.
And you actually kind of answerthat next question as far as why
does it matter when you claimthat social security?
And what are some of the commonuh timing mistakes that people
can make?
SPEAKER_02 (03:36):
So a lot of times for individuals, you know,
they're not sure if they aregoing to continue to work or,
you know, what that's going tolook like for them.
I think it's important forindividuals to know, you know,
you can work while you'recollecting Social Security
benefits, but there are someearnings limits that are in
place.
So that's one thing to thinkabout if you're going to
(03:58):
continue to work or not.
It's also really important toknow once you file and start
collecting, you're locked intothat amount.
So for example, if you startcollecting benefits at age 62
and you're getting that reducedamount, once you reach full
retirement age, your benefitdoesn't jump up to that full
retirement age amount, you'relocked into that age 62 amount.
(04:21):
There's typically cost of livingadjustments that will take place
each year.
So that's one way the benefitwill increase.
But it's, you know, it'simportant to know when that time
comes to really be informed onall the numbers and to really
look at your situation and ifyou are going to keep working,
if you're not going to keepworking, you know, maybe you
have income coming in from adifferent source and just really
(04:45):
considering all of that.
SPEAKER_01 (04:46):
Yes, and I was listening to one of your uh
radio spots that you'll domonthly with uh in uh Holland,
uh, just talking about somefolks that maybe were not
eligible for 401ks and certainpensions and stuff and how that
can really impact SocialSecurity, as that is their only
source of income at a certainage.
Right.
SPEAKER_02 (05:04):
Yeah, I mean we pay benefits to 75 million
Americans, and we know that mostfor most individuals, Social
Security benefit, it's not justextra income to them.
You know, this is how they theyget by, this is you know part of
their their budget.
Um so deciding, you know, whento file, knowing your benefit
(05:25):
amount is extremely important.
Um, and like you said, for a lotof individuals, social security
is their only source of income.
SPEAKER_01 (05:34):
And you do a lot of presentations, just educational
seminars, and you werementioning um some of the the
maybe common misconceptions ormyths.
What are some of those that youare seeing repeatedly that
people seem to think or stillthink?
SPEAKER_02 (05:48):
Um so one of the common misconceptions is when is
um surrounding full retirementage.
So a lot of people think thatfull retirement age is age 65,
and it used to be, but that haschanged.
Again, full retirement age isbased on your year of birth.
Um, so for a lot of us, so ifyou're born 1960 or later, full
(06:11):
retirement age is age 67.
So full retirement age hasdefinitely changed for a lot of
people, so that's reallyimportant to know.
Something else that gets a bitconfusing for a lot of
individuals is understanding howspousal benefits work.
So if I'm entitled to a benefitoff of my own social security
(06:32):
record, how we determine ifsomeone is entitled is by how
much they have worked and paidinto Social Security and they
have to have earned enough workcredits to get a social security
benefit.
So for an individual, that's 40credits, which is 10 years of
work.
That's how you are entitled to asocial security benefit.
(06:53):
So you're working, paying SocialSecurity taxes, and you're
earning those work credits.
So you have your own socialsecurity benefit, but then
there's also spousal benefitsthat could be payable.
But not everyone is entitled toa spousal benefit.
And it really that's where a lotof confusion comes into play
when we talk about survivorbenefits.
(07:15):
So I'll not survivor, I'm sorry,spousal benefits, survivor
benefits, totally differenttopic.
Um, but with spousal benefits,you know, I'll try and give you
a basic understanding of howthat works.
So when it comes to survivor orspousal benefits, the most that
a spouse can receive is 50% ofthe worker's benefit at their
(07:37):
full retirement age.
But they're only going toreceive that 50% if they start
collecting at their own fullretirement age.
If they start collecting prior,that benefit amount is going to
be different.
The percentage will just dependon how old they are at the time
they start collecting.
If they are due a benefit off oftheir own work record and it's
(07:58):
higher than that 50% amount,they're not eligible for a
spousal benefit.
So, for example, let's say myhusband at his full retirement
age, his benefit is$2,000.
That means the maximum that Ican receive is 50% of that, so
$1,000.
But if I'm entitled to a benefitoff of my own work record, let's
(08:19):
say it's$1,200, I cannot collecta spousal benefit because my own
benefit is too high.
There's always a lot ofconfusion around that.
If the benefit on my own recordis less, let's say it's only
$700.
So that means I can collect$700off of my own record plus an
additional$300.
And the combination of the twowould equal 50% of his.
(08:43):
But again, I'm only going to getthose amounts if I'm at my full
retirement age.
So sometimes we'll hear peoplesay, you know, I'm going to file
for my own benefits at 62.
Then later on, when my spousefiles, I'll start getting, you
know, that 50% amount.
It doesn't automatically jump upto that 50% amount if you file
(09:04):
on your own benefits before yourfull retirement age.
So I know it can beoverwhelming, you know, and
difficult to understand.
And so when it comes to spousalbenefits, you know, that's
really where we start to see alot of questions and some of
that confusion come into play.
unknown (09:20):
Okay.
SPEAKER_01 (09:21):
Well, you know, as ways for folks to contact you.
I know that uh you've done um alot of work, the Social Security
Administration, just as far asanswering people's questions
when you call them online,there's ways that uh you can get
that information easily, moreeasy now.
What are the best uh ways toactually contact you?
SPEAKER_02 (09:37):
Yeah, so our website is www.sssa.gov.
Make sure it's g-ov, the dotgov, that's important.
Um and if you create an onlineaccount, we call it a My Social
Security account, that's whereindividuals will have access to
all their personalized socialsecurity information.
So if you want to get a benefitestimate as to how much your
(10:00):
retirement benefits will be, ifyour spouse would be eligible
for benefits off of your record,all of that information is
available through your My SocialSecurity account.
One thing that we used to mailout to everyone, which I'm sure
some Walker residents havereceived over the years, is
their Social Security statement.
So the statement used to go toeveryone and it provides benefit
(10:25):
estimates and it will show asnapshot of the earnings record
for an individual, but we don'tmail those out anymore.
Only certain individuals getthose in the mail.
Everyone else can access theirsocial security statement
through their My Social Securityaccount.
And that's a really greatstarting point when it comes to
planning for retirementbenefits.
(10:46):
For individuals that are workingwith a financial professional, a
lot of times they will ask theirclients to provide them with
their social security statementas a starting point to
determine, you know, what thebest option is for that person
and their family, whether it'sbenefits for themselves, if they
have minor children, if theyhave a spouse that could be
(11:06):
eligible to collect.
That's a really great financialplanning tool.
SPEAKER_01 (11:10):
Yeah, that is a great, that was gonna be my next
question was what is the onething or important thing that
folks should start as far as uhkeeping track of their social
security or checking in everyonce in a while.
SPEAKER_02 (11:20):
So yeah, yeah.
Definitely having that onlineaccount is it has so much
information in there.
Also, for individuals alreadyreceiving benefits, they can do
business online through their MySocial Security account instead
of having to call and wait onthe phone or you know, wait at
the local office.
Um, most of our services now areappointment-based.
(11:43):
So for individuals wanting toapply for benefits or even get a
replacement social securitycard, you have to have an
appointment to do so unless youdo it online.
So by having that My SocialSecurity account, you can do all
of that online.
If you don't want to do itonline, you certainly don't have
to, but then you do want to havean appointment.
And you can individuals can callour national 800 number, they
(12:06):
can call their local officedirectly in order to schedule an
appointment.
For Walker residents, theirlocal office is the Grand Rapids
Social Security Office.
We're located at 3045 KnappStreet, Northeast, so it's the
corner of Knapp in the East Beltline.
SPEAKER_01 (12:23):
Hilary, you are a wealth of knowledge, and we are
so grateful that you were ableto help break this down in
simpler terms for us.
Thank you so much for all theinformation you've provided.
Thank you, and we appreciate youfor tuning in as well.
SPEAKER_00 (12:35):
Thank you for joining us for this episode of
the Maiden Walker Podcast.
If you have comments orquestions about this podcast, or
if you have suggestions forfuture episodes, we'd love to
hear from you.
Please drop us an email atpodcast at walker.city.
Maiden Walker is the officialpodcast of the city of Walker,
Michigan.
(12:55):
You can find Maiden Walkerwherever you get your podcasts.
Welcome to Maiden Walker, podcast that connects
you to the people, the stories,and the ideas shaping our
community.
From local innovators toeveryday change makers, we're
diving deep into what makesWalker a great place to live,
work, and grow.
Here's your host, NicoleDiDonato.
SPEAKER_01 (00:26):
This episode is especially helpful for our
Walker residents who are workingnow or thinking about retirement
in the next few years.
Social Security, it plays a bigrole in long-term financial
stability, but it can also beone of the most misunderstood
systems that people navigate.
But fortunately, we have HillaryHatch here with the Social
Security Administration to helpclear up a few misconceptions.
(00:50):
Hilary, thank you so much forbeing here.
Yes, thank you so much forhaving me.
I'm happy to be here.
Well, one of the things we canstart off with is for Walker
residents who are in their 50sand 60s, what's one of the
single most important thingsthey should consider before they
file for Social Security?
SPEAKER_02 (01:05):
So a lot of times, you know, one of the questions
that we get asked mostfrequently is when is the best
age to start collectingbenefits?
And there really isn't a onebest age for everyone, but
there's probably a right age foryou when you decide to collect
social security benefits.
It's such a personalizeddecision.
There are so many other factorsto consider when you're thinking
(01:28):
about filing for benefits in theright time.
I think one of the mostimportant things to understand
is knowing your full retirementage and how that's going to
impact your monthly socialsecurity benefit.
So full retirement age for it'sfirst of all, it's based on your
year of birth.
For individuals born 1960 orlater, full retirement age is
(01:52):
age 67.
And why that is important toknow is because at full
retirement age, that is when youreceive your full Social
Security benefit.
So if you file early, meaningprior to your full retirement
age, your benefit is going to bereduced.
And the reduction will justdepend on how old you are at the
time you start collecting thatbenefit.
(02:13):
And the same is true if you waituntil after full retirement age,
that benefit is going to behigher.
So for someone born 1960 orlater, full retirement age is
age 67.
If they started collecting atage 67, let's say their benefit
amount is$1,000 per month.
If they filed at age 62, sothat's the earliest that any of
(02:35):
us can collect, their monthlybenefit is only going to be$700
per month.
And then from the time you reachfull retirement age up until age
70, you can earn what we calldelayed retirement credits.
So for someone born 1960 orlater, if their benefit amount
at their full retirement age is$1,000, but they wait until age
(02:56):
70 to file, their monthlybenefit is going to be$1,240.
Once you reach age 70, thebenefit doesn't increase anymore
based on your age.
So there'd be no point indelaying and filing.
You don't have to file by thetime you're 70.
But if not, it's like you'relosing out on money.
(03:16):
So it's really important tounderstand your full retirement
age and understanding, you know,the age that you start
collecting benefits reallyimpacts what your monthly
benefit is going to be.
SPEAKER_01 (03:26):
Yes.
And you actually kind of answerthat next question as far as why
does it matter when you claimthat social security?
And what are some of the commonuh timing mistakes that people
can make?
SPEAKER_02 (03:36):
So a lot of times for individuals, you know,
they're not sure if they aregoing to continue to work or,
you know, what that's going tolook like for them.
I think it's important forindividuals to know, you know,
you can work while you'recollecting Social Security
benefits, but there are someearnings limits that are in
place.
So that's one thing to thinkabout if you're going to
(03:58):
continue to work or not.
It's also really important toknow once you file and start
collecting, you're locked intothat amount.
So for example, if you startcollecting benefits at age 62
and you're getting that reducedamount, once you reach full
retirement age, your benefitdoesn't jump up to that full
retirement age amount, you'relocked into that age 62 amount.
(04:21):
There's typically cost of livingadjustments that will take place
each year.
So that's one way the benefitwill increase.
But it's, you know, it'simportant to know when that time
comes to really be informed onall the numbers and to really
look at your situation and ifyou are going to keep working,
if you're not going to keepworking, you know, maybe you
have income coming in from adifferent source and just really
(04:45):
considering all of that.
SPEAKER_01 (04:46):
Yes, and I was listening to one of your uh
radio spots that you'll domonthly with uh in uh Holland,
uh, just talking about somefolks that maybe were not
eligible for 401ks and certainpensions and stuff and how that
can really impact SocialSecurity, as that is their only
source of income at a certainage.
Right.
SPEAKER_02 (05:04):
Yeah, I mean we pay benefits to 75 million
Americans, and we know that mostfor most individuals, Social
Security benefit, it's not justextra income to them.
You know, this is how they theyget by, this is you know part of
their their budget.
Um so deciding, you know, whento file, knowing your benefit
(05:25):
amount is extremely important.
Um, and like you said, for a lotof individuals, social security
is their only source of income.
SPEAKER_01 (05:34):
And you do a lot of presentations, just educational
seminars, and you werementioning um some of the the
maybe common misconceptions ormyths.
What are some of those that youare seeing repeatedly that
people seem to think or stillthink?
SPEAKER_02 (05:48):
Um so one of the common misconceptions is when is
um surrounding full retirementage.
So a lot of people think thatfull retirement age is age 65,
and it used to be, but that haschanged.
Again, full retirement age isbased on your year of birth.
Um, so for a lot of us, so ifyou're born 1960 or later, full
(06:11):
retirement age is age 67.
So full retirement age hasdefinitely changed for a lot of
people, so that's reallyimportant to know.
Something else that gets a bitconfusing for a lot of
individuals is understanding howspousal benefits work.
So if I'm entitled to a benefitoff of my own social security
(06:32):
record, how we determine ifsomeone is entitled is by how
much they have worked and paidinto Social Security and they
have to have earned enough workcredits to get a social security
benefit.
So for an individual, that's 40credits, which is 10 years of
work.
That's how you are entitled to asocial security benefit.
(06:53):
So you're working, paying SocialSecurity taxes, and you're
earning those work credits.
So you have your own socialsecurity benefit, but then
there's also spousal benefitsthat could be payable.
But not everyone is entitled toa spousal benefit.
And it really that's where a lotof confusion comes into play
when we talk about survivorbenefits.
(07:15):
So I'll not survivor, I'm sorry,spousal benefits, survivor
benefits, totally differenttopic.
Um, but with spousal benefits,you know, I'll try and give you
a basic understanding of howthat works.
So when it comes to survivor orspousal benefits, the most that
a spouse can receive is 50% ofthe worker's benefit at their
(07:37):
full retirement age.
But they're only going toreceive that 50% if they start
collecting at their own fullretirement age.
If they start collecting prior,that benefit amount is going to
be different.
The percentage will just dependon how old they are at the time
they start collecting.
If they are due a benefit off oftheir own work record and it's
(07:58):
higher than that 50% amount,they're not eligible for a
spousal benefit.
So, for example, let's say myhusband at his full retirement
age, his benefit is$2,000.
That means the maximum that Ican receive is 50% of that, so
$1,000.
But if I'm entitled to a benefitoff of my own work record, let's
(08:19):
say it's$1,200, I cannot collecta spousal benefit because my own
benefit is too high.
There's always a lot ofconfusion around that.
If the benefit on my own recordis less, let's say it's only
$700.
So that means I can collect$700off of my own record plus an
additional$300.
And the combination of the twowould equal 50% of his.
(08:43):
But again, I'm only going to getthose amounts if I'm at my full
retirement age.
So sometimes we'll hear peoplesay, you know, I'm going to file
for my own benefits at 62.
Then later on, when my spousefiles, I'll start getting, you
know, that 50% amount.
It doesn't automatically jump upto that 50% amount if you file
(09:04):
on your own benefits before yourfull retirement age.
So I know it can beoverwhelming, you know, and
difficult to understand.
And so when it comes to spousalbenefits, you know, that's
really where we start to see alot of questions and some of
that confusion come into play.
unknown (09:20):
Okay.
SPEAKER_01 (09:21):
Well, you know, as ways for folks to contact you.
I know that uh you've done um alot of work, the Social Security
Administration, just as far asanswering people's questions
when you call them online,there's ways that uh you can get
that information easily, moreeasy now.
What are the best uh ways toactually contact you?
SPEAKER_02 (09:37):
Yeah, so our website is www.sssa.gov.
Make sure it's g-ov, the dotgov, that's important.
Um and if you create an onlineaccount, we call it a My Social
Security account, that's whereindividuals will have access to
all their personalized socialsecurity information.
So if you want to get a benefitestimate as to how much your
(10:00):
retirement benefits will be, ifyour spouse would be eligible
for benefits off of your record,all of that information is
available through your My SocialSecurity account.
One thing that we used to mailout to everyone, which I'm sure
some Walker residents havereceived over the years, is
their Social Security statement.
So the statement used to go toeveryone and it provides benefit
(10:25):
estimates and it will show asnapshot of the earnings record
for an individual, but we don'tmail those out anymore.
Only certain individuals getthose in the mail.
Everyone else can access theirsocial security statement
through their My Social Securityaccount.
And that's a really greatstarting point when it comes to
planning for retirementbenefits.
(10:46):
For individuals that are workingwith a financial professional, a
lot of times they will ask theirclients to provide them with
their social security statementas a starting point to
determine, you know, what thebest option is for that person
and their family, whether it'sbenefits for themselves, if they
have minor children, if theyhave a spouse that could be
(11:06):
eligible to collect.
That's a really great financialplanning tool.
SPEAKER_01 (11:10):
Yeah, that is a great, that was gonna be my next
question was what is the onething or important thing that
folks should start as far as uhkeeping track of their social
security or checking in everyonce in a while.
SPEAKER_02 (11:20):
So yeah, yeah.
Definitely having that onlineaccount is it has so much
information in there.
Also, for individuals alreadyreceiving benefits, they can do
business online through their MySocial Security account instead
of having to call and wait onthe phone or you know, wait at
the local office.
Um, most of our services now areappointment-based.
(11:43):
So for individuals wanting toapply for benefits or even get a
replacement social securitycard, you have to have an
appointment to do so unless youdo it online.
So by having that My SocialSecurity account, you can do all
of that online.
If you don't want to do itonline, you certainly don't have
to, but then you do want to havean appointment.
And you can individuals can callour national 800 number, they
(12:06):
can call their local officedirectly in order to schedule an
appointment.
For Walker residents, theirlocal office is the Grand Rapids
Social Security Office.
We're located at 3045 KnappStreet, Northeast, so it's the
corner of Knapp in the East Beltline.
SPEAKER_01 (12:23):
Hilary, you are a wealth of knowledge, and we are
so grateful that you were ableto help break this down in
simpler terms for us.
Thank you so much for all theinformation you've provided.
Thank you, and we appreciate youfor tuning in as well.
SPEAKER_00 (12:35):
Thank you for joining us for this episode of
the Maiden Walker Podcast.
If you have comments orquestions about this podcast, or
if you have suggestions forfuture episodes, we'd love to
hear from you.
Please drop us an email atpodcast at walker.city.
Maiden Walker is the officialpodcast of the city of Walker,
Michigan.
(12:55):
You can find Maiden Walkerwherever you get your podcasts.
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