By Matthew Gaude & Shawn McGuire
For most Americans, Social Security is a significant retirement asset. Born out of the Great Depression as a retirement safety net, it has grown to cover 96% of workers in the U.S.1 These days, a record high of around 173 million people are working and paying into the system that provides benefits for over 62 million people.2 In fact, the majority of retirees get more than half of their income from Social Security.3
But despite its importance, many people make incorrect assumptions or get intimidated by the details. Unfortunately, not having a complete picture of the system and how your benefits work could be financially devastating. If you’ve ever tried to understand Social Security or navigate the system on your own and found yourself confused, you are the perfect candidate for a Social Security review.
Why You Need A Social Security Strategy
The Social Security Administration provides you with 567 ways to claim Social Security benefits4 and the Social Security Handbook has 2,728 separate rules governing your benefits.5 As you can see, there is no one-size-fits-all claiming strategy for Social Security. There are several factors that play a role in the amount of benefits you receive and the ideal date for you to start claiming those benefits, including your health status, life expectancy, need for income, whether or not you plan to continue working, and how concerned you are about running out of money.
While having a strategy for when to begin Social Security benefits is important, it is also critical to analyze your Social Security benefits in conjunction with all of your retirement assets. Incorporating your benefits into an overall retirement income plan may make a world of difference in the amount of income available to you in retirement.
What To Expect
In our Social Security review meeting, we’ll help you wade through the overwhelming number of Social Security options and discuss a few questions, including:
• How do I decide when to start collecting? Is it worth it to wait to collect my benefits until I reach Full Retirement Age (FRA)?
• Should I delay claiming past FRA to get a larger payment?
• How are my benefits calculated?
• How should I plan to maximize my total lifetime benefits?
• Should my spouse and I coordinate to maximize our total benefits?
• Can I work while collecting Social Security? If so, what are the limitations?
Our goal is to support you to make smart decisions to protect your lifestyle and preserve and grow your assets. If you have questions and want to make sure you receive every penny that’s rightfully yours, we are pleased to offer you a Social Security review meeting to help you navigate and most effectively use your benefits before and during your retirement. Schedule an appointment online and get your custom Social Security analysis here!
Matthew Gaude is an *investment advisor representative and the co-founder of Live Oak Wealth Management, a financial services firm in Roswell, Georgia. He serves the planning and investment needs of corporate employees, those approaching or in retirement, and 401(k) plan sponsors. Working first as a commodity broker and then as a Business Development Manager for a national broker-dealer in previous jobs, he has the insights and experience to help clients understand the complexities of the market and implement strategies to minimize risk. To learn more about Matthew, connect with him on LINKEDIN or visit WWW.LIVEOAKWM.COM.
Shawn McGuire is a financial advisor and the co-founder of Live Oak Wealth Management, a financial services firm in Roswell, Georgia. He serves the planning and investment needs of corporate employees, those approaching or in retirement, and 401(k) plan sponsors. He has worked in financial services since 2002 in positions ranging from financial advisor to stock broker and portfolio manager. As a CERTIFIED FINANCIAL PLANNER™ professional, he is trained to help clients with virtually all their financial needs. To learn more about Shawn, connect with him on LINKEDIN or visit WWW.LIVEOAKWM.COM.
Securities offered through American Portfolios Financial Services, Inc., member FINRA/SIPC. Investment advisory services offered through *American Portfolio Advisors, Inc., a SEC Registered Investment Advisor. Live Oak Wealth Management, LLC is independently owned and not affiliated with APFS or APA.
Any opinions expressed in this forum are not the opinion or view of American Portfolios Financial Services, Inc. (APFS) or American Portfolios Advisors, Inc.(APA) and have not been reviewed by the firm for completeness or accuracy. These opinions are subject to change at any time without notice. Any comments or postings are provided for informational purposes only and do not constitute an offer or a recommendation to buy or sell securities or other financial instruments. Readers should conduct their own review and exercise judgment prior to investing. Investments are not guaranteed, involve risk and may result in a loss of principal. Past performance does not guarantee future results. Investments are not suitable for all types of investors.
4 “Social Security: There is a better way,” Center for Retirement Research, Boston College, September 2012.