How will market volatility affect your retirement Plan?
Deciding when to take Social Security benefits can affect your retirement income by hundreds of dollars a month. Yet, only 23% of workers actually try to maximize their benefits by planning when and how best to claim Social Security, according to Employee Benefit Research Institute’s 2018 Retirement Confidence Survey .
After your first year of receiving benefits, you can’t go back and change your mind. And if you do change your mind in that first year, you will have to pay back all benefits you received to be able to delay your benefits until you can receive a larger benefit. Since this decision will eventually affect your retirement income forever, we think it’s important to be as informed as possible to make the right decision for your needs.
If you’re one of the 77% who does not have a plan yet, we encourage you to take the first steps toward making a Social Security decision. After all, how can you know if you’re financially prepared for retirement if you don’t understand your options regarding Social Security income?
To begin your plan of action:
- Determine your Full Retirement Age by going to the Social Security Administration’s Retirement Age Calculator .
- Create a “My Social Security” account at ssa.gov . Once you have an account, you’ll be able to see estimates for your future benefits.
- Decide when to take Social Security retirement benefits. This decision can be one of the most important and most complicated ones you’ll make in your retirement planning. The best time for when you should take your Social Security benefits will depend on your individual circumstances, and talking through your many options with credentialed Retirement Planner may help you to get the most out of Social Security.
Download our free guide designed to help with your Social Security decision.
Schedule your free consultation with a credentialed Retirement Planner today!
Maximize Your Social Security Retirement Benefits.
Social Security may account for a significant portion of your retirement income. It’s also a source of retirement income you can’t outlive, so we think knowing when to take your benefits should be a well-informed decision. Learn more about how to maximize your Social Security Retirement Benefits.
- When to Take Social Security
- If You Are Married
- Other Retirement Resources
To begin your analysis, we recommend you consider the following factors:
- Your health status
- Your life expectancy
- Your income needs
- Any plans for part-time or full-time work
Consider your spouse’s:
- Health status
- Life expectancy
- Income needs
- Work plans
- Survivor needs
By coordinating spousal benefits efficiently, you can help maximize both of your SocialSecurity retirement benefits while you are living, and better provide for the surviving spouse later in life.
We think it’s important to consider your other retirement income resources to help youdetermine when you should claim your Social Security benefits. This may include:
- IRAs and 401(k)s
- Your investment portfolio
- Salary or income from work
We also recommend considering how Required Minimum Distributions from any pre-tax accounts you have, work income, and other factors could affect your income and your taxes.
Learn more about Required Minimum Distributions in this free guide.
We Can Help You Decide When to Take Social Security
After considering the factors above, you may find deciding when to take your Social Security benefits is more complex than you realized.
You may also see that a customized analysis that factors in other variables in your overall retirement plan could help maximize your Social Security retirement benefits. Our credentialed Retirement Planners offer a free Social Security analysis to guide you toward an informed decision.
Schedule a meeting with a Retirement Planners of America advisor today so you can make an informed decision.