Too many people go into retirement thinking they understand how to claim Social Security benefits or make an emotional decision. Married couples could have between 6-10 options to consider, deciding to make a plan could increase lifetime benefits between 5% to 20%. In fact, an average couple could receive $1,500,000 million or more over their lifetime. Getting it right on your own is almost impossible.
Below are the 10 reasons you need to plan how and when to take benefits.
- Consider all your options.
- Do not be part of the 64% of people who consult no one.
- The Social Security Administration will not point you in the most advantageous direction.
- You need to review your annual Social Security statement for accuracy.
- Understand how the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO) may affect your benefits.
- Understand how Medicare fits in.
- Social Security Planning should be considered using joint life expectancy of spouses, not each spouse in a silo.
- Understand how work affects Social Security benefits.
- Understand the tax liability of Social Security benefits.
- Understand how maximizing your Social Security benefits fits into your overall retirement plan.
Social Security is:
- An annuity you cannot outlive
- A protection against inflation, market, and longevity
- An asset, not a benefit
- A strategy to preserve the purchasing power of your assets
Contact me today to learn more and talk about your plan.
