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Planning for Social Security benefits is not as cut and dry as most think. It's possible that Social Security benefits could be one of your largest retirement assets. Understanding how and when to claim those benefits could mean the difference in tens of thousands, and possibly even hundreds of thousands, in retirement income.
There used to be 567 ways to claim Social Security benefits. With recent changes, some of the claiming strategies are gone but there are still far more than most people think. For couples and individuals who were previously married, it's important to not overlook the less obvious.
If you haven't set up an account at the official Social Security website, that is the first step in understanding how much is available to you. It's also important to review the earnings records shown in your account to ensure nothing has been missed. However, this website only shows limited data and is not equipped to analyze all of the options that may be available to you. It's also important that you analyze these benefits along with your other retirement accounts/assets. Looking at the total picture can help make your decisions about the right timing to begin social security much clearer.
Most individuals don’t know enough about social security filing options and how to make the most out of timing the benefits with their overall financial plan.
Working with a financial advisor who specializes in retirement planning can help you understand all of the options available and help to ensure your making the right choices to maximize your retirement income.
Navigating the ins and outs of Social Security can be confusing. Luckily, we're here to help. This Ebook has the tools you need to get started developing your Social Security strategy.