Social Security Optimization is finding the best strategy to claim your Social Security benefits based on your personal and financial situation.
Optimizing your Social Security benefits helps you get more income in retirement and lowers the chance of going broke.
Many factors affect your Social Security benefits, such as your age, work history, marital status, health, life expectancy, and other sources of income. Depending on these factors, you may have different options to claim your benefits, such as:
- Claiming at the earliest age possible (62)
- Claiming at your full retirement age (FRA)
- Claiming at the latest age possible (70)
- Claiming spousal or survivor benefits
- Coordinating benefits with your spouse
- Suspending or withdrawing your application
- Working while receiving benefits
Each option has pros and cons, and the optimal choice may vary depending on your goals and circumstances.
For example, claiming early will give you a reduced but longer income stream, while claiming late will provide you with a higher but shorter income stream.
Claiming spousal or survivor benefits may allow you to receive more than your benefit, but it may also affect your spouse’s or survivor’s benefit.
Working while receiving benefits may increase your future benefits, but it may also trigger the earnings test and reduce your current benefits.
To optimize your Social Security benefits, you must compare the different options and calculate the total income you can expect to receive over your lifetime.
This can be complex and time-consuming, especially if you have multiple scenarios to consider. This is where you need to seek the advice of a Social Security Specialist who can help you compute the best strategy to maximize your benefits and achieve your retirement goals.
A professional can help you verify the accuracy of the estimates, analyze your specific situation, and provide personalized advice and guidance.
Social Security optimization is an essential part of retirement planning that can make a big difference in your financial security and well-being. By using the available tools and resources and seeking professional help, you can optimize your Social Security benefits and enjoy a more comfortable and confident retirement.
Feel free to contact our Social Security Specialist to schedule a complimentary consultation to discuss your benefits with you.
Michael J Eberhardt – Lifetime Solutions, LLC- 91 W Baylor Lane; Gilbert, AZ 85233 – 480-726-8805
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