Are you getting ready to make some Social Security decisions? Studies suggest that most people make poor decisions when it comes to claiming Social Security benefits. Do you know what the factors are that impact your choices? There’s a lot to know…. and there were some changes in 2023 you should know about (grab some coffee and check out my half-hour webinar). Want a more detailed education on Social Security for 2023? You might be more interested in the one-hour version!
Did you know a couple could conceivably have up to 18,000 claiming options? How will those decisions impact your future taxes and even your spouse later in life?
Issues facing ‘baby boomers include:
- The outlook for Social Security – separating fact from gossip. Learn more here!
- What Social Security is and isn’t
- How much will you receive – how benefits are calculated
- Factors to consider deciding when you should claim
- When to apply: Effects of claiming early or late
- How working impacts benefits – separating more fact from gossip
- How to strategize to optimize (different from maximize)
- Provisional income: What it is and how it affects your tax bill in retirement
- How IRS required minimum distributions (RMDs) will impact your Social Security
- The importance of strategizing your retirement income years in advance
- Strategies to minimize taxes on your benefits
- How Medicare impacts your Social Security check
- For couples: There’s more at stake than individual benefits
- Key factors for widows and divorcees – More flexibility than you might think
You would never build a house without a blueprint. Why would you make a decision without advance planning?
As you can see from just some of the issues listed above, your Social Security decisions should be an integral part, and coordinated with, an overall financial plan simply because financial decisions in any one area of life can impact the future taxation and financial security attached to decisions in other areas.
The Center for Retirement Research at Boston College published a report on The Impact of inflation on Social Security Benefits. You can access it here.
There’s more to learn
If you’d rather just go ahead and get help with your Social Security decisions and retirement planning, you can start the process yourself right now or you can schedule a “Right Fit” introductory phone call with me. The call will take about 20 minutes. You’ll be able to share my screen and learn about what IFG is all about and see if IFG is right for you. Schedule your “Right Fit” call here.
What Baby Boomers Need to Know About Retirement Income (Webinar coming soon!)
Schedule your “Right Fit” call. Our “Getting Started” page will show you how to get started with IFG.
Jim
