We have been writing these articles for over 5 years and have never had the response like we had to the recent article “Is a Review Necessary?” My phone literally tore up the airwaves from Jackson, MS north with readers and intelligent questions. Thank you. People are starting to get the point that Social Security is an area of expertise, that has many options, and that needs a review by a Social Security professional before filing; it only benefits you!
Sometimes people view Social Security as that other source of income and do not include it in their overall package preparing for retirement. This is a big mistake. In order to cross that finish line with a PLAN for retirement, you must consider Social Security, 401K’s, other assets, insurance needs, tax consequences and Medicare issues. This is your PUZZLE. And we consider Social Security the corner foundation of that PUZZLE.
Most of you have put together a puzzle; in a puzzle, the solver is expected to put pieces together in a logical way, in order to arrive at the correct solution of the puzzle. All of these areas that need review prior to retirement need a logical order – they have deadlines, consequences, and need some flexibility for maximum benefit. With Medicare, you and your spouse might need different plans offered by different companies. With 401k’s, pension plans and other assets, you need a logical order of withdrawal. And with Social Security, you need to look at your benefits reviewed collectively with your spouse’s benefit, your ex-spouse’s benefit or your deceased spouse’s benefit for maximum benefit and income stream.
With Medicare you can change your plan each year; with Social Security your decision is basically permanent. You can request a D0-Over, but that requires repayment of funds. You can suspend, but that would also suspend any benefits being paid off your benefit (such as to children and/or spouse) – all of the above can be very costly if not done right the first time.
Sometimes when it comes to understanding Social Security, Medicare and taxes, most people prefer sitting down with a human being, or developing a relationship over the phone, to review their situation. Our situations are just too nuanced and vary too much making a one-size-fits all approach unworkable. Remember, each and every situation is different – especially with Social Security there are so many rules and regulations, each situation needs to individualized and customized. Being placed on hold when making a “rest of life decision” is not a best-case scenario.
Pillars LLC is in the Corinth, MS area but service all 50 states. Roy and Diane are both National Social Security Advisors and Roy is a former CPA of over 40 years. You may contact them at dthompson@pillarsllc.com, on their website at www.pillarsllc.com or call at 601-954-0699. KNOW before you GO!!
