Social Security Benefits
Social Security can be an important source of income for most retirees. The decisions you make about filing can have a tremendous impact on the total amount of Social Security benefits you stand to receive over your lifetime. Unfortunately, the Social Security office is prohibited from giving you advice on how to maximize your hard-earned benefits; they can only tell you the minimum amount you will receive. There are many ways to file, especially for married people, and we will help you analyze your situation.
If you’re concerned about making a (permanent) mistake when it comes to filing for your Social Security benefits, you can rely on us for more help. Understanding and maximizing Social Security retirement benefits requires a deep understanding of Social Security rules and regulations. At United Financial Group LLC, we understand the ins and outs of Social Security benefits and can help you get everything you deserve and have worked so hard to achieve.
Optimizing Social Security Filing
Timing is one issue that affects Social Security benefits—in general, the longer you wait to file, the higher the monthly benefit you will receive. For instance, at age 62, the earliest you can file, you lock in your monthly benefit amount at roughly 25% less than it would have been by waiting until your full retirement age. (Full retirement age is now around age 66, depending on the month and year of your birth.) If you wait from full retirement age to age 70, your monthly benefit increases every year by 8%, plus any cost of living increases.
But there’s more to it than just timing, especially if you are married or are divorced but married for 10 years or longer in the past. There are still dozens of ways you can file in order to maximize your Social Security benefits over the long-term. Furthermore, the financial advisors at United Financial Group LLC will help you address other considerations like your health and employment status that may indicate the best way and time to file. Contact us to set up a free consultation.
When it comes to Social Security benefits, waiting is not the only strategy you can use, and sometimes it doesn’t make sense to wait depending on your individual circumstance. Perhaps living on your 401(k) or traditional IRA money makes sense for the first years of retirement before triggering your Social Security benefit, or maybe not. The goal is to optimize benefits for your situation, especially if you’re married or were married for 10 years or longer in the past, to get the maximum Social Security benefits over the rest of your lifetime. There are many ways to file, and Social Security cannot give you advice.