Deciding when and how to claim one's Social Security benefits is one of the most critical decisions a retiree will ever make. According to Maximizing Social Security Retirement Benefits by Mary Beth Franklin, in 2021, people will retire at a rate of 10,000 individuals per day over the course of the next decade*. One of the most frequent questions I am asked is, “When should I elect to use my benefits?” Many of the claiming strategies that would maximize lifetime benefits in the past no longer exist, but the decision about when to claim Social Security benefits is still a critical piece of the retirement income puzzle. These benefits can translate into thousands of dollars of extra income each year during retirement, and tens of thousands of dollars over a lifetime, including survivor benefits.
Our goal is to help clients better understand critical information about how Social Security benefits work and how they fit into their overall retirement income plan, as they most certainly should. To determine what claiming strategy is best for you we will:
We are proud to offer our financial advisor services, including assistance with management of your Social Security benefits. Please reach out to us today to get started on maximizing your benefits to meet your retirement goals!