Since the Bi-Partisan Budget Act of 2015 changed the Social Security rules, you may have heard that Social Security planning is now less complicated. It is actually quite the opposite. The complexity of Social Security claiming hasn’t lessened at all; in fact it is more complicated to advise clients about their optimal strategies.
Social Security provides crucial income for retirees and helps bridge the gap between what they have saved and what they need to be confident in retirement. Yet, most people leave this decision to chance. Why would you take what they give you instead of telling them what you are entitled to? Did you know?
- Over 70% of retirees claim benefits early.
- About $100,000 is the average amount of Social Security benefits left on the table by married couples who claim early.
- 18 years is the average length of retirement.
- 80% of Americans have not saved enough for retirement.
- 10 years is the additional portfolio longevity that is possible by coordinating Social Security with a tax-efficient spend down strategy.
- $52,920 is the additional annual income provided by Social Security benefits for the average dual-earning couple.
- You can improve your Survivor Benefit amount if you know how and when to file.
Attending a seminar is a great way to start and understand the process. With over 2,728 rules and regulations, you cannot possibly learn what you need to know to make the BEST decision for you. Why do you take your taxes to a professional? Because they have a better understanding of the complicated rules and regulations and your end result is usually much better. The same is needed before claiming your Social Security benefit. This is basically a permanent decision and needs professional advice. A customized analysis will leave all questions answered and give you several options to choose from, based on your personal situation. Social Security is your life story….and if married, you add your spouse’s story and your situation cannot be duplicated.
Roy and Diane Thompson are both National Social Security Advisors and Roy is a former CPA of 40 years. Their guidance and direction will make a difference for you and your family. You may contact Pillars LLC on our website at www.pillarsllc.com or email at firstname.lastname@example.org or simply give us a call at 601-954-0699. We are located in Corinth, MS but assist clients throughout the United States.