Social Security Maximization

When Should I Apply?

There are a number of factors to consider when deciding including:

  • How is your Health
  • Consider you and your spouses life expectancy
  • Does your family line tend to live a long time
  • Do you feel one spouse will outlive the other by a good number of years

What you decide will have an effect on the survivors social security income once the other passes. What is your need for income now. Do you plan to work in retirement?

 

How can i maximize my benefits?

It is important to take into consideration that there is a penalty for taking benefits early. Once you take the early benefits you will be stuck with a lower benefit for life and for the life of your surviving spouse.It is also important to understand the benefit increases you will receive if you delay.

There are also a number of spousal coordination of benefits strategies that can literally increase the lifetime benefits by thousands of dollars.

We are all aware the days of employer pensions are all but over. And the volatility of the market is making us all nervous about what our standard of living will look like when we retire.

Social security is one of the few programs that we can count on that we will not outlive.

One of the costliest mistakes a retiree can make is underestimating the value of Social Security. There is no other type of retirement income stream that protects against market downturns, interest rate declines, inflation and longevity risk — while also providing benefits for a spouse and survivor. It is extremely important to maximize your social security benefits. There are a number of strategies that are available to you to help you do just that.

Interested in learning more about creating a customized plan to file for Social Security? Contact us below, or call us for a free consultation.

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