Social Security is more confusing than ever. With 5,000+ claiming strategies it’s hard to know what to do.
Some are sure they want it at 62 and others at 70. What’s best?
Of course, the answer to that question depends on many factors. Some of those are:
- Age
- Health
- Marital status
- Spouse’s age
- Spouse’s health
- Income
- Spouse’s income
- Pensions: PERA and others
- Amount of your investment
- Type of investments
- Growth of investments
- TAXES
There are many more that could be added to the list. One of the biggest I believe are your desires and emotions about Social Security.
It’s not hard for us to develop an income strategy and tell you the best time to begin Social Security and maximize your benefits. We can work through those 5,000+ claiming strategies and determine your best choice to maximize your benefits and reduce your taxes.
More than once however we have overridden all of that good planning and financial strategy to start Social Security at a different age (usually younger). When that happens we adjust everything else around the Social Security decision as much as possible to reduce taxes and maximize your income.
The recent article from Go Banking Rates suggests 40 Social Security Tips for 2021. Although I don’t fully agree with every ‘tip’ it is a great resource to review before making a Social Security decision. It will potentially enhance our Social Security conversation. If you’re unable to retrieve this article, let us know and we’ll send you a copy.
Either way do not make a Social Security filing decision without help. We’re happy to run your unique Social Security report with your best filing options. The lifetime value of Social Security can vary greatly depending on when you decide to claim benefits.
Don’t unknowingly leave money on the table. We’re here to help.
