Smart Ways for couples to get moreSocial Security income

Planning to collecta strong Social Security income stream is now more important than ever. Due to both longer life expectancies and the continue trend of reduced employer retirement benefits, couples need to plan to make wise Social Security income election choices. There are several smart, creative, yet little-known ways, for couples to harvest more Social Security income over their lifetimes.

There are compelling income incentives for couplesto applysome of theselittle-known claiming strategies. Depending on a couple’s Social Security “vitals” (earnings history, relative ages, anticipated life expectancies) and their goals, they may wish to apply claiming strategies such as the “File & Suspend,” or “Claim Some Now, More Later.” These techniquesinvolve the combination oftiming for filing of benefits, exercising the spousal income benefit option, and maximizing thesurvivor benefit income stream.

Social Security typically accounts for a portion of a couple’s retirement income picture. However, with shrinking investment values (e.g.real estate and stock portfolios) and historically low savings account yields, getting more Social Security income is now more importantthan ever. Married couples have literally hundreds of combinations when choosing theirSocial Security income election. The difference between the best and worst possible election can translate into well over $100,000 of additional income in a couple’s lifetime.

A significant portion of pre-retirees and early retirees do not “do the math” to maximize their Social Security income stream. Of course, this is a decision that should be customized for each couple’s unique situation. First of all, many folks are not aware these Social Security claiming strategies even exist. And, if they are aware, many do not take the time or are not counseled by a Financial Advisor, who is familiar with how to maximize Social Security income. Failure to examine and implement these claiming strategies can result in a significant shortfall in lifetime income for many retirees.

Take for example,Bob and Mary Metro (ages 63 and 61, respectively),who are about to retire and hoping to find ways to maximize their Social Security lifetime income. If Bob had elected Social Security at age 62 and Mary elects when she turns 62, they will get about $843,000 over their lifetimes. While they might like to receive their Social Security check as early as possible, this may not be the smartest thing to do. For those born between 1943 and 1954, they will receive 100% of theirSocial Security income benefit at age 66 (source: Social Security).

Bob and Mary can collect an additional $157,662 of lifetime income by using a technique called “Claim Some Now, More Later.” In this instance, Bob waits and begins taking his monthly check off his own earnings record at age 68; he collects this check for the remainder of his life. Mary at age 66 takes a spousal income check off Bob’s earnings record. Then at age 70, Mary switches to collecting the check off her own Social Security earnings record. By using this technique, they harvest $1,000,662 over their lifetime versus the $843,000 if they had both claimed on their own records at age 62. Keep in mind these projections presume inputs and assumptions unique to their situation, such as each spouse’s Social Security income benefit, their relative ages, and their estimated life expectancies.

Planning for maximizing theirSocial Security income benefit may be one of the most important decisions couples and singles make in their lifetime. The website, a good starting point and several on-line calculators can provide preliminary projections. A knowledgeable Financial Advisor and some Accountants can be an excellent resource for helping couplesnavigate the Social Security income election maze. And, newadvanced software has recently been developedto assistfolkswith planning and projectingtheir unique income scenarios and solutions to capturetheirgreatest lifetime Social Security income benefit.

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John/Jane Last Name is the Title of XYZ Financial Firm. He/She is a Title/Registration and offers securities through XYZ Financial Services, Inc. Member FINRA/SIPC, located in XYZ/town XYZ/State. John/Jane has multiple X, Y, and Z securities and supervisory licenses and nearly X years experience in the financial services industry.

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John/Jane assists his/her clients and educates other professionals with financial planning and retirement transition issues such as Social Security income planning (add your specific practice specialties), retirement planning, portfolio diversification, . . . John/Jane’s primary specialties are helping families optimize their Social Security Income election & effectively managing their 401k, IRA, and nest egg retirement assets and income sources.

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