For Baby Boomers
When your parents retired, it was simple – just go down to the Social Security office and sign up! It’s different for you. There are more decisions to make: the video above will help you understand how benefits are calculated, when to apply, pitfalls to avoid, 5 strategies for maximizing benefits, and more.
But there’s even more you should understand: 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:
- 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?
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.
Wondering when you should claim? What’s YOUR break-even age between 62 and 70?
Want your breakeven, survivor, and after-tax comparison in writing? I’ll prepare a personalized report for you with your exact figures including an analysis. You can request it here. Your personalized report
- Will run through all possible claiming scenarios, whether you’re single, divorced, married, widowed – even for families with minor or disabled adult children
- Shows detailed breakdown of lifetime benefits under virtually any scenario.
- Incorporates cost-of-living adjustments – again, the SSA doesn’t provide this – they’re helpful (and overworked), but they’re not in the business of either providing predictions or financial planning.
- Shows first-year survivor income
- Is updated for the Social Security Fairness Act signed into law January 5, 2025
The complimentary report you receive shows the benefit estimate based on the age when you claim Social Security. Each scenario shows both the benefit stream and cumulative benefits over your life expectancy. All that’s needed is each spouse’s birthdate and primary insurance amount.
Want help with your planning?
- You can begin by telling me your priorities. Then,
- 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.
See you soon!
Jim