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:
1. Use Social Security software to analyze hundreds of possible election strategies and identify the one that offers the highest lifetime value.
2. Examine your other assets, income streams and retirement goals to identify potential conflicts. We’ll help you match your Social Security election decision to your overall financial plan.
3. Review when there are conflicts to your election strategy due to asset structure or income planning needs and identify alternative Social Security strategies.
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!
Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Statewide Financial Group Inc. are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from your Investment Advisor Representative or by contacting Virtue Capital Management. Statewide Financial Group Inc is not affiliated with or endorsed by the Social Security Administration or any other government agency.
*MAXIMIZING SOCIAL SECURITY RETIREMENT BENEFITS by Mary Beth Franklin
116 Intracoastal Pointe Dr. Ste. 200 Jupiter, Florida 33477
Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Statewide Financial Group are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from your Investment Advisor Representative (“IAR”) or by contacting Virtue Capital Management. No client or potential client should assume that any information presented or made available on or through this website should be construed as personalized financial planning or investment advice. Personalized financial planning and investment advice can only be rendered after engagement of the firm for services, execution of the required documentation, and receipt of required disclosures. Please contact the firm for further information. The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.
Insurance and annuity products are not sold through Virtue Capital Management, LLC (“VCM”). VCM does not endorse any annuity or insurance product nor does it guarantee any annuity or insurance product’s performance. Index or fixed annuities are not designed for short term investments and may be subject to caps, restrictions, fees and surrender charges as described in the annuity contract. Any guarantees mentioned are backed by the financial strength and claims paying ability of the issuing insurance company.
Information provided is not intended as tax or legal advice and should not be relied on as such. You are encouraged to seek tax or legal advice from an independent professional. Stuart Boxenbaum and/or Statewide Financial Group are not affiliated with or endorsed by the Social Security Administration or any other government agency.