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How to Maximize Your Social Security Benefits

53 minutes 32 seconds

 

Strategies for Maximizing Your Social Security Benefits.

In this class we will be covering a wide range of topics relating to Social Security. We hope that you will be able to leave this video knowing a little bit more on topics like how to maximize your social security benefits, reduce (or potentially eliminate) taxes on your Social Security benefits, plan for retirement income, develop a tax-efficient retirement strategy, and much more.

Social Security can drastically impact your entire retirement outlook and that’s why we’re here - in hopes that you can leave feeling more prepared and ready for retirement with the right Social Security strategy for you.

Types of Retirement Risks You Need to Consider

The game has changed, retirement planning years ago used to be about something called the three legged stool. Your pension, your Social Security benefits, and your nest egg used to be the foundations of your retirement. Now, pensions are disappearing, market volatility is high again, and we’re living longer than previous generations. That means your money needs to last longer than ever before. Consequently, your  Social Security strategy is an important part of the foundation of your retirement.

Markets go up and down, but Social Security does not. It grows with inflation and is tax efficient. In this segment we will go over the different types of risks you may face in retirement. From the risks of inflation to the death of a spouse, we will walk you through how Social Security fits into your retirement planning.

History and How It Works

In this video we will be going through the history of Social Security, what it is, and where it’s headed. From its foundation, Social Security has been maintained by the Federal Government and funded through compulsory paycheck deductions of about 6.2%. It was originally put into place in 1935 to pay retirement income to those age 65 and older.

Over the years, Social Security has changed - the retirement age has gone up, loopholes have been closed. In this video, Skip will walk you through what that could mean for your retirement.. He discuss what it might look like for you to take your benefits early, or even what it might mean to wait until a few years after your retirement age. You’ll also learn about what it takes to qualify for your Social Security benefits and the potential changes in Social Security that you should be aware of as you near retirement.

Claiming Strategies

In this segment we will update you on a few changes that have happened in terms of claiming your Social Security, new rules that are in place, and what strategies you should take as you near retirement. Whether you were born before January 1st, 1954 or after, there are a few different options to file that could benefit you a great deal and Skip will walk you through these in this video.

This video will also take you through the opportunities that are there for you to collect extra benefits because of your spouse, current or former, whether you are married, divorced, or widowed. Skip will also help explain what you can do if you’ve already started to collect early benefits and how to fix that.

Tax Strategies for Retirement Income

In this final video you’ll learn about the different tax strategies for retirement income, and you’ll gain an  understanding about how your tax plan and your financial plan need to work together as a comprehensive plan. Skip will explain how Social Security income is classified as provisional income and what that means to you. You’ll also learn about the portion of  your Social Security that will be taxed based on your provisional income.

From delaying your Social Security to Roth Conversions, you will also learn that there are many ways to reduce your provisional income, resulting in a lower percentage of your Social Security being taxed. Often times, you are able to change your income and tax situation for the rest of your life in the first few years of retirement by proactively planning, and in this video Skip will explain how.

Sources

Different Types of Retirement:
Source: money.msn.com/retirement/how-to-evaluate-retirement-risks
Source: www.pe.com/business/business-insider-headlines/20121128-biggest-risk-in-retirement-taxes.ece

Live Longer In Retirement
Source: http://longevity3.stanford.edu/wp-content/uploads/2013/09/SOA_SCL_Final.pdf, Page 13

The History of Social Security
Source: //www.socialsecurity.gov/pubs/EN-05-10072.pdf

Age Required to Receive Full Social Security Benefits
Source: http://www.ssa.gov/retire2/agereduction.htm

Qualifying for Social Security
Source: https://www.ssa.gov/news/press/factsheets/colafacts2016.htmSource Source: http://www.dol.gov/ebsa/pdf/retirementtoolkit.pdfEarly/

Late Benefit Comparison Chart
Source: www.ssa.gov/oact/ProgData/ar_drc.html 
Source: www.ssa.gov/oact/cola/piaformula.html

Working and Collecting Benefits
Source: http://www.ssa.gov/retire2/whileworking.htm

The Solvency of Social Security
Source: www.ssa.gov/oact/trsum/

Choices We Face for Restoring Solvency
Source: http://www.ncsl.org/ncsl-in-dc/standing-committees/labor-and-economic-development/maintaining-the-solvency-of-social-security.aspx
Source: www.usdebtclock.org

New Laws Affect Future Social Security Claiming Stragegies
Source: http://docs.house.gov/meetings/RU/RU00/CPRT-114-RU00-D001.pdf

New Law: Applies 3 Sets of Rules to 3 Different Groups
https://www.ssa.gov/planners/retire/claiming.html

Claiming Social Security Benefits Following a Divorce
Source: www.aarp.org/content/dam/aarp/aarp_foundation/2012-05/find-out-how-to-claim-social-security-if-you-are-divorced-aarp.pdf

Survivor’s Benefits
Source: www.aarp.org/work/social-security/info-02-2011/social_security_mailbox_survivor_ benefits.html

Potential “Fixes” For Those Who Have Already Started Collecting Early Benefits
Source: http://www.cbsnews.com/news/started-social-security-too-early-5-possible-fixes/

Part B - Medicare Costs
Source: ttps://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html

Social Security Administration Guide
Source: https://secure.ssa.gov/poms.nsf/lnx/0200203004

Recommended Reading

Resources

It’s easy to get started.

Start by talking with one of our advisors. We’ll get you on the right track into pursuing your retirement dreams by answering your questions, and giving you resources for this next chapter.

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