Explore strategies to help maximize your Social Security benefit.
Social Security on average accounts for 1/3 of a retiree’s income in retirement, so this is not a source of income to take lightly. You can collect as early as 62, but there can be many advantages for delaying to full retirement or beyond up to age 70. Proper planning for Social Security is critical for ensuring that you can maximize the rest of your retirement portfolio, based on your goals of when you would like to retire combined when you are financially able to retire, while still maintaining the highest probability of success. Prior to claiming Social Security benefits, we recommend that every retiree work with an advisor who specializes in Social Security benefits to ensure that no money is left on the table, as lost benefits can add up to 100s of thousands of dollars without proper planning
If you’re like many retirees, your Social Security benefit represents years of savings and hard work and may be the foundation upon which you plan to build and grow your retirement income. Though most Americans have some basic familiarity and knowledge on the topic, far less are able to determine — on their own — the optimal way to file so they can maximize their benefit and carefully integrate it into the rest of their retirement strategy.
We help our valued clients develop an understanding of their Social Security benefit, and both educate and inform them on the optimal time to start accepting their benefit. According to the Social Security Administration1, delaying your benefit may potentially increase your benefit amount by as much as 8% per year.
There is a lot to know about Social Security, and it is important for you to be educated so you head into retirement with a strategy on how you will rely on your benefits. Our firm is committed to helping you get the most you can out of your benefit, so you can take one step closer toward the comfortable and enjoyable retirement you’ve been working so hard for!
We have put together an informative brochure that helps answer the following questions:
- What is your Social Security benefit amount?
- What are the Social Security benefit filing options to help achieve your maximum lifetime income?
- Are there different options if you are married?
- Does earning additional income while you are on Social Security impact the value of your benefit?
- Do you pay tax on your benefit?
1https://www.ssa.gov/planners/retire/1943-delay.html