6 Key Questions to Ask When Planning for Social Security
Social Security is a key component of many retiree’s retirement plans. On average, Social Security makes up 34% of income for the elderly. The average monthly benefit paid to retired workers was $1369.00 in 2017 while the maximum benefit that could have been received was $2,687.00 When you start planning for your retirement it is critical you know what questions to ask to maximize your Social Security benefits.
- How much are you eligible to receive at full retirement age?
- What is your full retirement age?
- At what age will you maximize your lifetime benefits from Social Security?
- How will being married or previously married affect claiming strategies?
- Does continuing to work after starting Social Security affect your benefit?
- How are Social Security benefits taxed?
While many Americans understand the basics of Social Security. They may not understand the strategies available or how to use them to provide the greatest benefit for their lifetime. Did you know that by delaying benefits past your full retirement age you could increase your payment by 8% a year?
At Pacific Northwest Wealth Management we understand you have spent a lifetime working and paying into Social Security. We treat this valuable asset as a critical component of your retirement plan by working to maximize your lifetime benefits. Every dollar received from your Social Security benefit is one less dollar that must be withdrawn from your retirement savings, and it’s a dollar more you can use to enhance your retirement lifestyle or leave to your heirs.
Calculating Social Security Benefits is complicated, there are a number of factors, including longevity, spousal benefits, expected earnings and projected health. It is not a straightforward calculation, in fact for a married couple, there are over 20,000 calculations. We offer a Social Security analysis that takes these factors into account. Click on the link to request your free report.
We are not affiliated with or endorsed by the Social Security Administration or any government agency.