How do I decide when to start collecting my Social Security benefits?
Should I delay claiming past my full retirement age (FRA) to get a larger payment?
How are my benefits calculated?Have these questions ever crossed your mind? If so, you aren’t alone. Despite the fact that Social Security covers 96% of workers in the U.S. (1) and the majority of retirees get more than half of their income from Social Security, (2) many people make incorrect assumptions or find themselves intimidated by the myriad of details.Unfortunately, not having a complete picture of the system and how your benefits work could be financially devastating. If you’ve ever tried to understand Social Security or navigate the system on your own and found yourself confused, you are the perfect candidate for a Social Security review.
Why You Need A Social Security Strategy
The Social Security Administration provides you with 567 ways to claim Social Security benefits (3) and the Social Security Handbook has 2,728 separate rules governing your benefits. (4) As you can see, there is no one-size-fits-all claiming strategy for Social Security. There are several factors that play a role in the amount of benefits you receive and the ideal date for you to start claiming those benefits, including your health status, life expectancy, need for income, whether or not you plan to continue working, and how concerned you are about running out of money.
What To Expect
In our Social Security review meeting, we’ll help you wade through the overwhelming number of Social Security options and discuss a few questions, including:
Is it worth it to wait to collect my benefits until I reach Full Retirement Age (FRA)?
How should I plan to maximize my total lifetime benefits?
Should my spouse and I coordinate to maximize our total benefits?
Can I work while collecting Social Security? If so, what are the limitations?
How do my Social Security benefits impact my overall retirement plan?
Schedule your free Social Security review today!
(3) “Social Security: There is a better way,” Center for Retirement Research, Boston College, September 2012.