Taking social security at the wrong time could potentially cost you $100,000 or more in reduced income. People are living longer than they ever have, meaning the average person has more than 20 years of retirement ahead of them. Even when social security is combined with their current retirement savings, which typically do not have a cost of living inflation adjustment, people are running out of money!
Social Security is a highly valuable benefit because it is guaranteed for a lifetime, with a cost of living increase built in.
Retirement expenses include, food, housing, transportation, debt and of course taxes. The biggest expense however, is the cost of healthcare, and it is increasing every year. These are all costs we have to deal with before we think about discretionary expenses, such as travel, hobbies, gadgets and the grandkids. So the question is: How will you generate lifetime income for 20, 30 or more years in retirement?
That is why claiming a social security strategy tailored to your needs and situation is so important.
We can help you understand your Full Retirement Age (FRA), and how to possibly get a 24-32% pay raise from Uncle Sam.
You can also talk to us about potentially increasing your retirement income and how to address those ever increasing healthcare costs.
Click below to schedule a consultation to review tailored filing strategies for you and your family.