Do You Have a Plan to Maximize Social Security?

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When it comes to Social Security benefits, most people don’t spend much time making a plan to get the maximum benefit available. As a result, the great majority of people are losing up to hundreds of thousands in benefits over the remainder of their lives. I hear the excuses all the time; “they (Social Security) are going to run out of money, so I better get it while I can”, or; “if I don’t collect early, I won’t break even until I am 77”, or my personal favorite, “I don’t feel like working any more.” Excuses like those are not part of an effective social security strategy to help you claim more money.

An 8 Years Difference Would Have Cost $200,000

While all of these rationalizations are valid to some extent, realize that one can rationalize anything, but do you understand your options? For example, I had a client who was going to take their Social Security early, at 62. They had lost their job and really didn’t feel like looking for another one at their age. This client equated retirement with collecting social security, so they were going to file before their “full retirement age” (FRA). While it turned out that the client could retire at 62, by waiting to file for benefits until they turned 70, they had a lot more to spend now and the security of having more to spend later. In fact, they were able to collect almost $200,000 more during their lifetime, even if we don’t project them to live to their “life expectancy!”

How Congress’ New Rules Effect Those Born Before May 1, 1950

Congress recently changed benefit options for millions of Americans, making it more important than ever to have a strategy. A number of popular planning options expire on April 30, 2016. If you were born before May 1, 1950, you must act right away! Critical opportunities that will expire at the end of April must be claimed by that date or you will lose your options FOREVER! Especially if you are married, you need to check into these options as soon as possible, for many who don’t they will be leaving tens of thousands of dollars on the table!

Even if you are born after that date, there are important changes taking place that make having a plan more important than ever.

Roger’s Top 5 Things to Consider When Creating a Social Security Strategy

1. How long will you live? According to the American Society of Actuaries; for every couple reaching the age of 65, there is a 50% probability that one of you will live to 93, with a 25% probability of one living to 97! That is a long time to make your money last, having income you can’t outlive goes a long way to helping you sleep at night.
2. Do you have money in tax qualified retirement plans? If you have a lot of your money in IRA’s, 401k’s, profit sharing, or other tax qualified, tax deferred accounts, you may end up having more to spend now and later by postponing social security and spending those assets earlier on in retirement.
3. Are you married, or were you ever married? Many folks don’t know that they are entitled to spousal benefits. Understanding those rules and options are an important step in the planning process. If you were married for at least 10 years, or had your current spouse die, you are entitled to spousal benefits. The rules are a bit different, but the benefit is definitely worth looking into.
4. If you are married, is there a big difference in the amount earned by each spouse? It can be vitally important to maximize the higher earners benefits. This will increase the amount of inflation protected, tax advantaged income you receive and enhance the financial security of the surviving spouse.
5. Are you or one of your family members disabled? Social security has a number of options and benefits that can benefit families who have a disabled member. Planning around these benefits is important so that you get everything you are owed.

The Social Security Administration Can’t Help You

It is vitally important to retirement security to understand what Social Security has to offer you. One of the things that many are not aware of is how to get information about these changes and available benefits, and understand how they affect your own situation. You cannot go to the Social Security Administration and ask for advice! It is illegal for their employees to provide advice. They can confirm rules, help with filing for benefits, and verify information, but they cannot advise you as to your best options.

At Gainer Financial and Insurance Services, Inc. we have a variety of tools and resources to help you with this critical decision. We offer current clients and perspective clients a free Social Security Analysis when you make an appointment with Roger. In your meeting, you will be given a personalized, optimal claiming strategy, in addition to second and third choice strategies. You may set up your appointment at our downtown San Rafael location by calling 415-333-9030. I look forward to helping you maximize your Social Security benefits.
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