Social Security Planning
How to Maximize Your Social Security Benefits
Everyone is generally familiar with how social security works. However, most people don’t know the details of social security. As a result, they have no idea exactly how it works. Worse, they have no idea how to get the most advantage from their social security benefits.
If you plan to rely on social security for a significant portion of your retirement funds, you need to understand how and why it works. That’s where a financial advisor comes in. We’ll help you understand the ins and outs of Social Security benefits, answer any questions you might have and help you get understand the options that may be available to you. Finally, we’ll help you create a financial plan that will get you the most from your social security payments.
Incorporating Social Security Into Your Retirement Planning
According to conventional wisdom, you’ll need to save at least 70% to 80% of your preretirement income to continue your current lifestyle, adjusted each year for inflation. However, they don’t tell you how big of a role social security will play. A financial advisor can help you determine how to set aside that money each year and what role social security will play.
Getting the Most Out of Spousal Benefits
Did you know that your social security benefits can change if you’re married? If you’re married for at least 10 years, for instance, you may be eligible to claim not only your own benefits, but additional spousal benefits too. If your spouse passes away, though, you can also get survivor’s benefits—and the rules are only more complex if you get divorced.
This is where a financial advisor can be a tremendous help. They can help you figure out what benefits you and your spouse might be collecting and when both of you should start collecting benefits. They can even help you determine what social security benefits you can receive if you and your partner are no longer together.