Optimize your Social Security benefits in order to maintain your desired lifestyle in retirement. Making mistakes in your social security claiming strategies can have substantial financial consequences. For instance, choosing to start receiving income at age 62 rather than waiting until age 70 with a $3000 monthly benefit could potentially result in a loss of $180,000 over a span of twenty years, without factoring in any cost of living adjustments. It is advisable to seek professional advice when making decisions about your social security benefits.
Understand your benefits
Get to know the process of calculating Social Security benefits and understand the factors that can impact the benefit amount, including earnings history and the age of claiming. Know the importance of assessing both partners in a marriage to devise strategies that optimize income from Social Security benefits.
Plan for the optimal claiming age
Consider your personal circumstances, life expectancy, and financial needs before deciding on the optimal claiming age for yourself.
Incorporate Social Security into your overall retirement plan
Know the importance of viewing Social Security as just one aspect of a well-rounded retirement plan. By utilizing multiple income sources like pensions, 401(k)s, IRAs, and personal savings, individuals can ensure financial stability throughout their retirement years.
Embarking on your well-deserved retirement should be a time of joy and fulfillment, not one of financial uncertainty. Imagine the peace of mind that comes from knowing a trusted expert has your back, guiding you through the financial landscape of your golden years.
Securities Offered through AAG Capital, Inc. Member FINRA/SIPC. Investment Advisory Services are offered through Accurate Wealth Management, LLC an SEC registered investment adviser. Registration does not imply any level of skill or training. Insurance products and services are offered through Accurate Advisory Group and sold through individually licensed and appointed agents in all appropriate jurisdictions.
Information presented is for educational purposes only. It should not be considered specific investment advice, does not take into consideration your specific situation, and does not intend to make an offer or solicitation for the sale or purchase of any securities or investment strategies.
Investments involve risk and are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.
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