Social Security Decisions Can Be Costly… and irrevocable

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?

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
  • 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 when you turn 72
  • 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 can begin your learning with this brief 23-minute webinar: What Baby Boomers Need to Know About Retirement Income and Social Security. Learn more.

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.

Knowledge is power. I recommend attending What Baby Boomers Need to Know About Retirement Income. This brief 23-minute webinar is a good place to get started. You can register here to begin your journey.

If you’d rather just go ahead and get help with your retirement planning, 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

Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

Schedule Your
20-Minute “Right Fit” Introductory Call Now!

Jim's picture
Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor. He is also licensed for insurance as an independent agent under California license 0C00742.

Schedule Your 20-Minute
“Right Fit” Introductory Call Now!