Social Security Planning is an important element in financial planning; in fact three foundation facts illustrate its importance:
- Social Security makes up on average 64.8% of the total household income.
- Every dollar you increase your Social Security income means less money you’ll have to spend from your nest egg to supplement your income.
- The difference between the BEST and WORST Social Security election can be over $200,000 in lifetime benefits!
Wealth Guardian Advisory, has not only invested the time and resources to become Social Security Experts, we have also invested in the best software to illustrate the exact time and exact strategy that will yield the largest increase in benefits over your lifetime, specific to your situation. We customize your plan based on your PIA, FRA, Health History, and other financial resources to ensure you Maximize your Social Security Benefits.
Nearly all Americans qualify to receive Social Security Income when they reach retirement age, but what most people do not understand is that there are strategies that can dramatically increase your Benefits.
Important information regarding Social Security:
Taxes – Based on your income during retirement as much as 85% of your social security will be subject to income taxes. Many think that Taxes on your SSI benefits is only for the super wealthy, this is a myth, in fact if you are single and your income is above $25,000 including half of your social security benefit, 50% of your social security benefits will be taxed. To learn how much of your benefit will be taxed and strategies to exclude your social security income from taxes regardless of retirement income call our office.
It is well known that you can take SSI Benefits early at age 62, and most understand that by doing so will reduce your benefit. When you choose to start at age 62 just know that you will only receive 75% of what your benefit would be, and keep in mind that every month you delay the benefit increases.
Are you planning to work while receiving early benefits? Many learn to late that if you work while receiving your benefits the SS Administration will reduce your benefits further by up to 50% of your benefits. So you are already reduced down to 75% for starting at age 62, now you may be reduced an additional 50%, so now you are only receiving 37.5% of your Full Retirement Benefit, and because you are working, unless it’s for peanuts your benefit will likely be taxed as well.
The above information is pretty basic planning, but if you are married, divorced, widowed, have minor children, we have strategies that can increase your benefit by as much as $200,000. Please call our office and request a Financial Planning Appointment. We always offer a no cost, no-obligation consultation.