Did you know? Seventy-three percent of the 37.9 million retired workers received reduced benefits because of entitlements before full retirement age. Many Financial Advisors have recommended taking Social Security early. But why? By taking Social Security early as opposed to at Full Retirement Age (FRA), you lose a significant amount of money over your lifetime. Additionally, by waiting just four additional years after FRA, you will earn an 8% per year increase (A maximum of 4 years or 32%) above the monthly benefit amount of your FRA. Where can you find a CD paying 8% in today’s market rate environment?
Social Security Strategies For Your Retirement Goals
As illustrated above, for someone who worked all of their adult life at average earnings and retires at age 65 in 2020, Social Security benefits will replace approximately 40% of past earnings. If there is a pension, that could add another 40% to your income, and 20% would represent the retirement savings you accumulated in a 401k, IRA, or other qualified plan. If you have no pension, you will need to account for the 60% difference from a qualified savings plan in order to supplement a significantly reduced income at retirement.
Your Personalized Social Security Adviser
We can show you proven ways to maximize your Social Security and the retirement portfolio you’ve worked so hard to accumulate during your working years. The strategies we utilize are what most Financial Advisors will not share with you. If you knew the reason why, it would then make sense.
There are many ways to claim Social Security benefits and the difference between them can be tens of thousands of dollars. A recent study suggests that some of the strategies represent over $10 Billion in unclaimed Social Security benefits.
Social Security Planning involves maximizing your entitled benefits, getting a snapshot of your complete financial picture, design, and implementation.
Click here to find out what’s at stake with your Social Security.
Click here for the Social Security 2020 Fact Sheet Update.
Click here for Helpful Links on our Resources Page.
Educational Workshops
► Maximizing Your Social Security Benefits and Planning
Due to the COVID-19 pandemic, all workshops have been suspended until further notice.
Association Financial, LLC, and Association Financial Services, LLC, can provide you with a wide range of advisory services (whether fixed or variable investments), including:
- Annuity selection (fixed or fixed-indexed)
- Assistance in deciding when to buy and sell your investments
- Review of insurance and investment portfolios, as well as transferring assets or qualified plan rollovers
- Individual bond, commodity, equities (stocks), ESG stocks, Exchange Traded Product (ETP), investment trust, and REIT selection
- Strategic asset allocation strategies including re-balancing
- Attorney and CPA services
- and much more.
Contact us here for more information.
Investing in securities involves risk of loss that clients should be prepared to bear.
