The Benefits of Social Security Planning
Social Security is a valuable source of retirement income that protects against inflation, market volatility, and longevity. For many, it’s their only guaranteed retirement income; however, many do not think to develop a Social Security filing strategy in order to maximize their benefits.
Some think, I can just talk to a representative with the Social Security Administration to determine when to file. But SSA representatives are only allowed to answer factual questions and cannot help you develop a filing strategy unique to your needs.
At ELM3, we look at all of your income sources and expenses, and review the entirety of your family’s situation, to help you optimize your filing strategy. We start by reviewing your earning/benefits statement to determine if it’s accurate and if changes are necessary. From there, we can discuss your Medicare options, review potential tax implications, and discuss the impact of continuing to work. We will then help you prepare a detailed report and can help you apply for your benefits online. Such planning will help you:
- Maximize your benefits
- Determine the best time to apply
- Develop optimal claiming strategies
- Calculate the impact of continuing to work
- Anticipate potential tax implications
If you’re interested in maximizing your Social Security benefits, reach out to us and set up an appointment. Remember, even if you have already filed, we may be able to change your application to maximize benefits. Such changes may be especially important in maximizing spousal or surviving spousal benefits.
