When to claim Social Security is a decision many will make at some point in their life. What many fail to recognize is that Social Security is an integral component to the overall retirement plan.
Social Security is a guaranteed stream of income that can have significant implications for a household as well as a surviving spouse. With Americans living in retirement for 25+ years, it’s not uncommon for lifetime benefits to be $1,000,000 or more. In a time when interest rates are low and pensions have declined, Social Security helps protect against longevity risk, the risk of running out of money. So, maximizing this benefit and making it a part of your comprehensive retirement plan is critical.
Unfortunately, many are uneducated about the complexities of Social Security and overall Retirement Income Planning. As a result, people often make poor decisions when they retire – consequently leaving money on the table and being overexposed to risk.
Did you know that many retirees do not maximize their Social Security Benefits?
Electing at 70 compared to 62 equates to a 76% increase in your monthly benefit. From Full Retirement Age until age 70, it increases 8% per year! That’s significant! However, waiting until 70 may not always make sense. No worries, we help in this area. We conduct workshops and personal consultations to help educate the public about Social Security basics, filing strategies, and how Social Security should fit within your overall Retirement Income Planning. Social Security is integral to establishing an effective and efficient retirement plan.
To learn more about Social Security benefits, come to a future educational workshop.
To learn more about how you might optimize your personal benefits, take advantage of our Social Security Optimization Software Tool. Give us a call at (888) 704-1337 and schedule a no-cost, no-obligation consultation.
Our Social Security Optimization Software
Our Social Security Optimization Tool provides a robust Personal Social Security Report. It is a summary analysis that takes into account your Primary Insurance Amount (PIA), Cost of Living Adjustment (COLA), life expectancy, pension income and creates a breakeven analysis, filing strategy comparisons and even an Action Plan. Unlike the Social Security Administration reports, it’s easy to read and understand. And, we’re available to help explain. Most importantly, we don’t look at Social Security as a stand-alone decision.
Planning for your Social Security Benefits is key to establishing a comprehensive Retirement Income Plan.
What filing strategy and timing makes the most sense for me and my family?
There are many strategies available when it comes to filing for Social Security benefits. Some can mean $100,000s More or Less in income throughout retirement depending on your situation. A tremendous impact!
Whether you choose to File for Benefits, File Restricted or coordinate filing with a spouse, the key is to not look at Social Security in a vacuum. Rather, engage in proper planning and be confident about how your decision fits into your overall retirement income strategy. In other words, know your options in order to make the decision that is suitable for you, hopefully increases income and mitigates other risks associated with retirement.
Can the Social Security Office help me make the right decision?
They do provide some assistance. However, the Social Security Offices cannot and will not provide advice when it comes to filing strategies or when it comes to overall retirement income planning. Consequently, it requires you to be familiar with the details and nuances of a complex system to ensure you are maximizing your benefit and your overall retirement plan. As you know, for an income stream which will be practically locked in for life and greatly impact a surviving spouse, it’s important to get it right the first time.
Here are some of the common questions we get:
- What benefits are available to me (e.g. worker benefit, spousal benefit, ex-spousal benefit, widow/widower/survivor benefit, dependent child benefit, “young parent” benefit, child benefit)?
- When does it make sense to delay benefits and when does it not?
- How will the recent changes to Social Security affect my benefits?
- How much will my benefits increase per year by waiting? When would I breakeven if I wait?
- How much will I give up in future benefits if I elect early?
- What is my full retirement age (FRA)?
- What happens to my Social Security benefits when my spouse passes?
- What is the best filing strategy, for my situation?
- What is a Restricted Filing? Do I qualify for that? Would that increase my benefits?
- When is the optimal time to elect, for me?
- What happens if I continue to work full- or part-time during my 60s?
- Life expectancy is an important part of the equation. How should I begin to think about this?
- What about Medicare Means Testing? Will I be hit with Medicare Surcharges during my retirement?
- Will I pay taxes on my Social Security benefits? How can I reduce or eliminate these taxes?
- Is there a benefit to managing retirement income streams by the tax asset category?
- How soon should I start Social Security Planning?
Learn more about the Retirement Income Dilemma. Social Security and other solutions can be integral to fixing this problem. We encourage you to leverage our planning process. It could help clarify your decision making at this important time.
How can you learn about your options so you can move closer to making the decision that is right for you?
- Attend one of our Social Security Workshops. Check out our upcoming Educational Events.
- Receive a Social Security Optimization Report.
- Or, even easier, just give us a call and we’ll help you arrange a complimentary consultation.
To speak with us, please contact our office to arrange a complimentary consultation. Simply call (888) 704-1337 or email firstname.lastname@example.org.