Social Security Claiming Strategies
There are many questions investors have regarding social security:
- When can I or should I take Social Security?
- What is full retirement age?
- How much Social Security will I receive?
- Will I receive the amount reflected on my Social Security statement?
Just to name a few!
The answers to these questions are different for each investor and depend upon their unique circumstances. We work with clients to develop the right Social Security claiming strategy for their situation. Knowing when to start taking Social Security benefits is a difficult decision and the right answer depends upon a number of different factors.
The chart below demonstrates that when you begin to receive your benefits has a significant impact on the total benefit you will receive. Which is why
having a strategy that is based on your personal situation is very important to your overall retirement plan.
For example, as the diagram below illustrates, if you receive Social Security before full retirement age (FRA) your overall benefit will be less than waiting until FRA with all other factors the same.
Review this Maximizing Social Security Guide that offers an overview of how social security benefits work and the critical factors that relate to making the most of them.
When meeting with the advisors at Craig Wealth Advisors, we will discuss various Social Security claiming strategies including:
- “Restricted" application for benefits – a spousal income benefit for married couples
- Benefits for divorced singles
- Survivor benefits
- Life expectancy considerations
- Computing your optimal benefit
- Aligning your claiming strategy with your portfolio
Contact us for help in determining what claiming strategy is right for you.
Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation.