Baby Boomers & Retirees...How to Maximize your Social Security Benefits?
Throughout my years of guiding Baby Boomers to and through retirement, I have learned that there is simply a lack of knowledge and good advice when it comes to Social Security. Knowing, understanding, and properly applying tailored claiming strategies, can result in significantly higher benefits, potentially leading to hundreds of thousands more in benefits.
Social Security can be very complex. It is crucial for baby boomers and retirees to seek good advice and understand the impact of various strategies before they claim their benefits. In fact there are many advantages in starting these discussions early, even many years before retirement. By understanding the details of social security, one can work to maximize their benefits down the road.
Beware of Social Security "rules of thumb". Note that there are literally thousands of rules and many unique scenarios and strategies that could apply when making your claiming decisions. Even more risky, may be the advice of a friends, family members, or co-workers. Often times, good intentions may unintentionally lead you down the wrong path. So I say, hear the advice of those close to you and confirm with someone that knows their stuff.
Knowledge = Maximized benefits!
So, can't one just go to the Social Security Administration offices and figure this all out? Well, in my experience and throughout my in-depth studies, Social Security is NOT able to give individualized advice. They will answer your questions, but because they don't know your specific financial status, income situation, future goals, family situation, marital history...etc., they would not be in a position to make a tailored recommendation. Therefore, if you know exactly what to ask, they can answer. Now, once you have reviewed your situation with a knowledgeable advisor, it is important to confirm the exact numbers with Social Security before implementing your strategy.
I hope you have enjoyed todays blog...Stay tuned for future posts on Social Security and other important topics! Your Questions and Comments are welcome.