Security Benefits
SOCIAL SECURITY RETIREMENT BENEFITS PLANNING SERVICES
While the Social Security Administration (SSA) can provide you with your monthly benefit amount and will automatically give you the highest available benefit at that time, there are many decisions left up to you. SSA publication, When to Start Receiving Retirement Benefits, states: “there’s not a single “best age” for everyone and, ultimately, it’s your choice.”
How will you decide?
You will likely hear conflicting information as you start to consider your options, such as draw now versus draw later. You may come across an article or hear something from another that leaves you wondering “does this apply to me?”
There are several factors which may result in differing outcomes, such as longevity, age differences, other sources of retirement income, etc. What outcome are you trying to achieve?
As an NSSA® advisor, I will guide you through the many Social Security options that are available. With your specific information, your options will be explained before you apply for benefits, allowing you to be more knowledgeable and more confident during the application process.
Here are just a few situations where an advisor can be valuable before you apply for benefits:
- You and your spouse, with no ex-spouses or children, are eligible for benefits on your own earnings record. How would you file if you anticipate a premature death of the spouse with the higher benefit? What if the spouse with the lower benefit has a less-than-average life expectancy?
- Same as scenario #2 except you’re both anticipating living to a normal life expectancy age and want to maximize your total joint lifetime benefits. Should you both delay?
- You have other sources of retirement income and will need to draw from those accounts to cover expenses. Should you start your social security benefits earlier to reduce the amount you need to draw? Should you wait to start your benefits so that the monthly amount will be higher?
- You were married & divorced, twice, with each marriage lasting more than 10 years. Both ex-spouses have passed away and you are eligible for benefits on your own earnings record too. How would you file for benefits to maximize your lifetime collection?
- You had children later in life. Your children are now in high school, and you are now eligible to draw benefits. When would be a good time to apply for benefits?
- At your in-person interview with a Social Security agent, you are told that you are eligible for six-month retroactivity from your application date. Do you accept?
- You are looking to maximize cash flow by working and collecting social security benefits before you reach full retirement age. Will this strategy work?
- You have both a government pension and social security benefits available to you. How will your benefits be impacted as the worker? Will the impact be different if you're the spouse of the worker? How will your benefits be impacted as a surviving spouse?
- You have read stories about people having to pay back benefits to the Social Security Administration and that it can take years before these overpayments have been identified by Social Security. Why does this happen?
Menu of Engagement Options:
1. Change in Earnings & Estimated Impact on Social Security Benefits
This service is for those who are considering a change in employment. While the SSA can provide you with an estimate of benefits at various ages, the estimate assumes that your most current income will continue until you apply for benefits or that you will work up to that age.
2. State or Local Pensions & Estimated Impact on Social Security Benefits.
This service is for those who have worked in two different types of employment, 1) where they had earnings subject to Social Security tax (FICA) and 2) where the earnings were not subject to FICA (for example, government employee). The Windfall Elimination Provision (WEP) may apply, resulting in a reduction of social security benefits. This service is also for those who are participants in a state or local pension and are also eligible for either spousal benefits or survivor benefits. The Government Pension Offset (GPO) may result in a reduction or elimination of social security benefits.
3. Maximization of Social Security Benefits
This service is for those who want to explore the goal of maximizing their lifetime social security benefits. Since life expectancy is a significant factor, the analysis will be customized to explore the life expectancy that is most appropriate for them.
4. Consultation
This service is for those who have general questions or questions that do not require