People often ask why Roy and I are helping people with their Social Security decisions. It is an easy answer….as we were approaching our own retirement, we started to get things in order (why we suggest clients to contact us 2 years prior to retirement). We visited our local SS office and quickly realized that much more research was necessary before we felt comfortable with our options. The more we researched the topic, we realized that people needed to be educated on their options, as there were many more options than what appeared on our SS statements. We both went back to school and became National Social Security Advisors, and the rest is history. We had no idea how this company would be accepted in the Jackson, MS area, but it quickly took off. We have facilitated over 60 seminars in the last three years and some of those are listed on our website at www.pillarsllc.com. We have also helped hundreds of folks in Mississippi to improve their income stream regarding their SS benefit.
It doesn’t matter to us when you file for your benefit; it does matter to us that you are educated on all your options before making this basically permanent decision. The SS office can give you information on your benefit amount, but it cannot give you advice, or look at your benefits collectively if married. That is our area of expertise.
Some people need to file for benefits at age 62, and we understand that completely. But, they also need to understand some of the consequences of this decision:
- Reduces your benefit amount by 25-30% depending on your Full Retirement Age.
- Reduces your Survivor Benefit to your spouse.
- Eliminates Claiming Strategies that can greatly improve your income stream.
- Eliminates Delayed Retirement Credits which are 8% per year after Full Retirement Age for a total of a 32% increase from 66-70. You do not have to wait until age 70, in fact this increase is calculated on a monthly basis for increases to your Primary Insurance Amount.
- Limits income potential – if drawing early, in 2017 you can only earn $16,920 per year without being penalized by Social Security.
- Interferes with health insurance coverage, if you are no longer working and do not have medical coverage. You must fill this gap until age 65 when you qualify for Medicare.
A long list of what if’s; that is why professional advice is strongly recommended before filing for your benefit. We review all options with you at different ages, to insure complete knowledge of your options, which allows you to make a PLAN. Consider your SS statement not a stop sign, but a green light for improvement in your income potential.
Social Security is only one piece of the Retirement Puzzle, but we consider it the cornerstone or foundation. We see couples weekly that their combined SS benefit through their life expectancy is well over a million dollars…. middle America earners. Don’t let this slip through the cracks!!
Professional advice is simply a phone call away at 601-954-0699 or email us at firstname.lastname@example.org or visit our website at www.pillarsllc.com. Roy and Diane are both National Social Security Advisors and Roy is a former CPA of 40 years– we have your back on this one! We are Corinth, MS residents, but we service clients in all 50 states.