You've spent your working life contributing to Social Security, but do you really know how it works? Deciding when to take Social Security ought to be one of the first considerations made in retirement planning. This decision will impact your entire financial plan and it provides the baseline to your retirement income. This decision will affect investment decisions, tax planning considerations, and it plays a large role in the overall planning of your retirement income picture.
We will look at all of the various strategies available to you (and your spouse, if applicable) in an effort to identify the possible scenarios available for you and your situation.
Next, we explore your options and consider the pros and cons of potential scenarios, so you are able to make a more educated decision about your Social Security benefits.
We then coordinate your other retirement income sources with your Social Security benefits to help bring the bigger picture into focus and instill confidence regarding your decision.
Only after careful analysis, exploration, and coordination will we begin to implement the Social Security strategy that makes the most sense for you and your specific financial situation.
Q: How big of a difference can this analysis make?A: Everybody’s situation is unique, but it’s not uncommon for individuals and couples to see a significant increase in their lifetime retirement income by strategically considering when and how to elect Social Security.
Q: Why do I need to factor in my other assets for retirement when doing this analysis?A: The decision on when to take Social Security can’t be made in a vacuum. Things like your health, your work situation, taxes, and your current/future financial assets have to be factored in to the decision in order to look at the analysis holistically.
Q: When should I have an analysis performed?A: It’s never too early to start planning for your future. We’ve found that performing an analysis before you are even eligible for Social Security provides a good framework for a smart decision in the future. Typically, we advise clients to consider having this analysis performed at age 55 and later. However, we’re happy to perform this analysis upon request for individuals below the age of 55.
Q: What if I’ve already elected Social Security?A: There still may be some options available to you and/or your spouse. If you’ve already elected Social Security, ask us how this may impact the value you might receive from this analysis.