Tax Season/Social Security Season

Now that you all have received your W-2’s it is time to start thinking about your tax returns. Roy is a C.P.A. and use to be a Tax Partner, so I know from previous experience, what that means. The kids and I use to leave town for Grandma’s on March 15th, and return home on April 16th. Worked out great for us!!

All seriousness aside, this is also a great time to get a recent copy of your Social Security statement. If you didn’t receive one as part of the select group, you will have to go online and register to get your copy. Go to and set up your account. Take the time to compare your earnings records to prior W-2’s and look for errors. You really need to do this each year, as errors are made and much easier to correct if done in a timely fashion.

Also, while gathering your information for your tax return, if you are between the ages of 57-65, you need to start looking at your retirement plans and desires. Some of the risks involved in retirement are:

Longevity Risk, Entitlement Risk (Medicare), Market Risk, Lifestyle Risk, Inflation Risk, Medical Expense Risk, Tax Risk, Personal Event Risk and Incapacity Risk.

Some of these we have control over, some of them we don’t. All of them are very real, and need to be discussed and considered before electing your Social Security benefit.

It would be wonderful if we all could go into retirement debt free, but for most people, this is not the case. For most, Social Security is the cornerstone of their Retirement Roadmap; something they need to count on for an income stream. This income stream is necessary so other assets don’t have to work so hard. As we talk about tax season, how many of you have your taxes done by a professional…..and if a mistake is made, you can amend your return. Guess what…..Social Security is basically a permanent decision and you don’t look for professional advice?

So, if Social Security is indeed the foundation of your retirement income, why don’t you take it more seriously? What aren’t you taking advantage of the claiming strategies that are available to you? Probably because you don’t know about them, or don’t have a clue how to find out about these options.

Pillars, LLC, was started to help our community determine the best outcome they will have regarding their Social Security benefits. With the proper timing, strategies, and knowledge of the rules and regulations, your income stream can look much brighter. Our Social Security analysis reports are very affordable. Do yourself and your family a favor, and educate yourself about your options……not just three options to file at age 62, 66/67 or 70, but many, many more.

Thought you might enjoy this tidbit……January 31, 2015, marked the 75th anniversary of the first monthly Social Security check. Ida May Fuller, a legal secretary from Vermont, received the first check in the amount of $22.54. Ms. Fuller lived to 100 years of age; 35 years after receiving her first check…..she had collected nearly $23,000 in benefits. And this did not include COLA benefits as they had not been signed into law. She received over 1,000 times what she contributed.

Posted on by Diane Thompson

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