How To Maximize Your Social Security Benefits

November 13, 2014

 

As life expectancy has grown, your retirement now can last between 20 and 30 years, so Social Security planning is critical no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62, and pass away at age 86, you’ll receive 25% less for 24 years. But if you wait to retire until age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was two thousand dollars per month, this could be a difference of over two hundred thousand dollars during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. Wages and other taxable income could cause Social Security benefits to be taxed at up to 85%.

Proper planning takes all of these factors into account to determine Social Security Maximization. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income. With over 500 different combinations of factors affecting benefits, it makes sense to talk to an expert and get it right.

Get your retirement questions answered! Contact Steve Ross today at (1-866) 609-3232.