Did you know that over 68 million Americans receive some sort of social insurance benefit (July 2019 SSA). The Social Security decision is one of the single most important financial decisions you will face in retirement; filing at the wrong time can be costly. It is a decision that could potentially result in accumulating hundreds of thousands of dollars in additional retirement income. How to file can be complex and there are a variety of factors to consider before executing your decision that is almost always irrevocable.
Social Security planning is an opportunity to work with one of our Financial Advisors to lay a solid foundation for a comprehensive retirement income solution. Our Advisors can help you in making the transition from accumulating assets for retirement to withdrawing those assets during retirement. Our Advisor can also help you understand how to integrate Social Security decisions into a retirement income plan.
For some, choosing the right time to file for Social Security retirement benefits appears to be straightforward. For most, the decision is more complicated. Some choose to take benefits as soon as they become eligible at age 62 and others choose to take benefits at the same time they stop working or delay claiming benefits to get a higher payout.