Planning to Claim Social Security?
As you prepare yourself for Social Security, be sure to ask yourself these questions.
Almost two-thirds of today’s retirees rely on Social Security benefits to provide more than half their income. If you are planning to claim Social Security, timing, strategy and sound decisions can help you maximize your total household benefits. When and how you claim, your marital status, your health, and even whether you have dependents can all affect what benefits you receive. To get the most out of your hard-earned benefits, focus on developing the right plan for you and your family. Doing so could help you enjoy a more secure and comfortable retirement.
Where Do I Start?
Given the complexities involved in claiming benefits, creating a plan of action for Social Security can seem overwhelming. Fortunately, you don’t have to go it alone. Your financial advisor can help you develop an appropriate retirement income strategy based on your individual circumstances.
Five Big Questions
Before making any decisions, it’s important to ask yourself key questions about elements of your life that could influence your personal Social Security strategy. To prepare for your meeting with your advisor, start thinking through these key questions:
- 1. When are you planning to retire?
- 2. What will your earnings look like if you continue to work past the age of 62?
- 3. What other sources of income will you have in retirement?
- 4. Based on your health and family history, how long do you expect to live?
- 5. Are you married or divorced? Do you have dependents?
Don’t forget to create a free “My Social Security” account at SSA.gov, where you can download a statement on estimated benefits and other information you’ll need to develop a sound plan. Contact the advisors at All Seasons Wealth Strategies to develop a retirement plan most suitable for you.
