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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