Social Security is a significant factor in retirement planning as it provides a foundational income stream for many retirees. It is designed to replace a portion of your pre-retirement income based on your lifetime earnings. The benefits are adjusted for inflation each year, which can help maintain purchasing power in retirement.
When planning for retirement, it’s important to understand how Social Security benefits work and how they fit into your overall retirement strategy. The benefits you receive are based on your 35 highest-earning years, and the age at which you start claiming benefits can affect the amount you receive.
Additionally, Social Security benefits may be taxable depending on your combined income in retirement. Up to 85% of your Social Security benefits may be subject to federal income tax, but planning and scheduling can help craft a plan or schedule that minimizes taxes owed while providing needed retirement income.
We specialize in working with seniors to ensure they receive the right information for their future and financial well-being. You don’t have to go it alone. We work with you to provide clear answers that will maximize your benefits.
Topics we routinely cover include:
• Finding the best strategy to maximize lifetime benefits
• Making correct decisions that can mean tens of thousands in extra retirement dollars
• What is my full retirement age, and why is that important?
• How far will Social Security get me?
• Is Social Security going bankrupt?
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