Financial Planner – Gainesville GA | RichLife Advisors

Social Security Planning: One Size Does Not Fit All with Marc Kiner, National Social Security Association

𝗔𝗿𝗲 𝘆𝗼𝘂 𝗽𝗮𝗿𝘁 𝗼𝗳 𝘁𝗵𝗲 𝟵𝟲%  𝗼𝗳 𝗽𝗲𝗼𝗽𝗹𝗲 𝘄𝗵𝗼 𝗮𝗿𝗲𝗻’𝘁 𝗼𝗽𝘁𝗶𝗺𝗶𝘇𝗶𝗻𝗴 𝘁𝗵𝗲𝗶𝗿 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀? 𝗪𝗵𝗲𝗻 𝗶𝘁 𝗰𝗼𝗺𝗲𝘀 𝘁𝗼 𝗰𝗹𝗮𝗶𝗺𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀, 𝗼𝗻𝗲 𝘀𝗶𝘇𝗲 𝗱𝗼𝗲𝘀𝗻’𝘁  𝗳𝗶𝘁 𝗮𝗹𝗹! 

During this episode of RichLife Retirement, Marc Kiner from the National Social Security Association discusses why optimizing your Social Security claiming strategy is so important.  Marc is sharing critical insights about:

🎯 Why your Social Security strategy should be uniquely tailored to your situation

🎯 How married couples can work together to coordinate their benefits for optimal household income

🎯 Important considerations for divorced individuals that could increase their benefits

🎯 Key strategies to help enhance survivor benefits for your loved ones

🎯 Common myths and mistakes to avoid when claiming Social Security

Don’t leave your retirement to chance.  In his soon to be released book “Social Security Clarity,” retirement specialist Beau Henderson breaks down the complex 20,000-page Social Security rulebook into simple, actionable steps to help you understand the rules that apply to your unique household situation.

Join our book launch waiting list now by visiting SocialSecurityClarity.combe among the first to receive notification when the book becomes available and get exclusive pre-launch benefits.

3 Steps to Optimize Your Social Security

At RichLife Advisors, we often encounter clients who are overwhelmed by the complexities of Social Security. It’s no wonder – with over 20,000 pages of rules and 2,700 regulations, this government program can seem like an impenetrable maze. However, understanding and optimizing your Social Security benefits is crucial for a secure retirement.

A recent conversation with Mark Kiner from the National Social Security Association reinforced the importance of what we call “situational Social Security” – the idea that everyone’s optimal claiming strategy is unique to their circumstances.

 

The Staggering Cost of The American Dream

Before we dive into Social Security strategies, let’s consider the broader context of retirement planning. According to recent data from Investopedia, the lifetime cost of achieving the traditional “American Dream” – including homeownership, raising two children, owning cars, taking vacations, and funding retirement – now totals a staggering $4.4 million.

This figure underscores the critical importance of maximizing every aspect of your retirement income, including Social Security.

 

Three Steps to Optimize Your Social Security Benefits

While the Social Security system is complex, you can simplify the process of maximizing your benefits by following these three steps:

  1. Organize and clarify your puzzle pieces: This includes understanding your assets, goals, and retirement timeline.
  2. Know the rules that apply to your household: Focus on the regulations relevant to your specific situation, rather than trying to understand all 2,700 rules.
  3. Model viable scenarios: Use this information to create and compare different claiming strategies.

 

The Power of Delayed Claiming

One strategy that often emerges from this process is delaying the start of Social Security benefits. While the majority of people claim before their full retirement age, this can result in a significant reduction in benefits. Claiming at 62 instead of your full retirement age reduces your benefit by 30% – a decrease that lasts for the rest of your life.

On the other hand, delaying benefits until age 70 can increase your monthly payment by up to 77% compared to claiming at 62. This higher benefit amount then becomes the basis for future cost-of-living adjustments, potentially providing thousands of extra dollars over your lifetime.

 

Situational Considerations

However, it’s important to remember that delaying isn’t always the best strategy. For example:

  • If you’re single with no dependents, it might make sense to claim at your full retirement age rather than waiting until 70.
  • If delaying would force you to deplete other assets or take on debt, earlier claiming might be preferable.
  • If you have health concerns that could impact your longevity, earlier claiming could be beneficial.

 

One Size Doesn’t Fit All

Given the complexities involved and the significant impact on your retirement income, it’s crucial to seek professional guidance when making Social Security decisions. A knowledgeable advisor can help you navigate the rules, model different scenarios, and integrate your Social Security strategy with your overall retirement plan.

As you approach retirement, let me encourage you to take a proactive approach to understanding and optimizing your Social Security benefits. By doing so, you’ll be taking a significant step towards ensuring a more secure and comfortable retirement.

A good place to start is by getting on our book launch waiting list now.  Visit SocialSecurityClarity.com to be among the first to receive notification when my new book, Social Security Clarity becomes available. You’ll also get some exclusive pre-launch benefits.

We Want To Know

What steps have you taken to understand your Social Security options? Have you considered how delaying benefits might impact your overall retirement plan? Reach out and let us know – info@richlifeadvisors.com

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Disclaimer: RichLife Advisors is not associated with or endorsed by the Social Security Administration or any other government agency. Maximizing your Social Security Benefits assumes foreknowledge of your date of death. If as an example you wait to claim a higher monthly benefit amount but predecease your average life expectancy, it would have been better to claim your benefits at an earlier age with reduced benefits.  Investment advisory services offered through Fiduciary Capital, Inc., a state registered investment advisor.

** RichLife Advisors does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstances.

Investing involves risk, including possible loss of principal. Insurance product guarantees are backed by the financial strength and claims-paying ability of the issuing company.