MAXIMIZE YOUR SOCIAL SECURITY BENEFITS
Social Security serves as a significant source of income for many retirees, and understanding how to maximize these hard-earned Social Security benefits in retirement can have a substantial impact on your financial well-being during your golden years. Learning the nuances of when and how to claim benefits, spousal benefit options, and strategic timing can help pre-retirees maximize their Social Security income.
The regulations for drawing Social Security benefits for retirement are complex and vary based on several factors, including age, work history, marital status, and more. However, essential considerations typically include understanding the full retirement age (FRA), the implications of early or delayed benefits, spousal benefits rules, tax implications, and the effect of continuing to work while receiving benefits.
Learn how to get the most out of your hard-earned Social Security benefits in retirement with a Free Customized Retirement Social Security Analysis!
These are just a few ways that pre-retirees could potentially benefit from understanding how and when to draw Social Security benefits in retirement.
- Enhancing Lifetime Earnings: Grasping Social Security rules is crucial for maximizing the financial resources available throughout retirement.
- Coordination for Couples: Strategizing Social Security claims is essential for couples aiming to optimize their combined retirement benefits.
- Minimizing Tax Burden: Knowledge of how benefits interact with other income is key to reducing taxes on retirement earnings.
- Security for the Long Haul: Proper timing of benefits claims supports sustained financial stability for those enjoying a longer retirement.
- Legacy Considerations: Understanding benefit implications ensures that surviving family members receive adequate financial support.
See how you could benefit from a Free Customized Retirement Social Security Analysis!
Explore these complimentary resources to aid in your key decisions to maximize your Social Security benefits in retirement.
FREE SOCIAL SECURITY GUIDE
When should you draw benefits? How do spousal benefits work? It’s critical to know how and when to draw your retirement Social Security benefits.
FREE SOCIAL SECURITY ANALYSIS
Schedule a Free Retirement Social Security Analysis to know the best way to maximize your benefits before you retire. No cost, no pressure, and no obligation!
PRE-FILING TIPS FOR COUPLES
Married and looking ahead to understand the best way to file for Social Security benefits? Watch this Retirement Talk episode to know the 3 things to keep in mind before filing for Social Security.
RETIREMENT SAVINGS CALCULATOR
Find out how much money you could have for retirement with this free, step-by-step calculator. It takes less than 30 seconds and you’ll get your results right away!
HOW INCOME GETS TAXED IN RETIREMENT
Beacon Retirement Strategies Radio Show. Many people overlook planning for the impact of taxes on their different types of retirement savings.
HAVE OTHER RETIREMENT INCOME QUESTIONS?
JOIN US FOR A FREE RETIREMENT DINNER SEMINAR
Enjoy a complimentary gourmet lunch or dinner seminar and get your retirement Social Security questions answered in person. No cost, no pressure, and no obligation!
Is your retirement income structured to minimize taxes effectively?
This might be hard to believe, but many hard-working Americans just like you could be paying even more taxes than they need to in retirement. You will be taxed on your Social Security income, your IRA, 401k, and any other deferred retirement accounts. With the threat of massive tax increases just around the corner, your nest egg could be in trouble—unless you take advantage of defensive tax-saving strategies now.
Your FREE Retirement Social Security Analysis also includes a FREE Tax-Reduction Analysis!
WHEN SHOULD I APPLY FOR SOCIAL SECURITY?
While you can start receiving benefits as early as age 62, your monthly benefit will be reduced if you retire before your full retirement age of 67. Conversely, if you delay applying for benefits beyond your full retirement age, your monthly benefit will increase. In fact, the size of your monthly benefit grows around 8% annually for each year you wait – maxing out at age 70.
WHAT IS A GOOD MONTHLY RETIREMENT INCOME?
Sure, you may trim some expenses like your mortgage, commuting costs, or kids’ college fund. But you may want to spend more on things like travel and healthcare. When it comes to a good monthly retirement income, financial advisors typically recommend a monthly income equal to 80% of pre-retirement income.
BRINGING STABILITY TO YOUR RETIREMENT
When it comes to investing for the future, time is your best friend. That’s because your investments – the amount you put in the market plus the interest gained – need time to grow. The longer your money stays in, the more exponential growth you’ll benefit from, and the bigger your nest egg will be down the road. However, not everyone has time on their side.
Now is the time to maximize your hard-earned Social Security benefts by implementing a written retirement income plan. We’ll show you how with our FREE Retirement Social Security Analysis.
If you’ve saved more than $250,000 for retirement, don’t wait any longer to schedule your FREE Retirement Social Security Analysis.
YOUR RETIREMENT SOCIAL SECURITY ANALYSIS INCLUDES:
〉FINANCIAL PLAN CHECKUP: A comprehensive analysis of your current retirement plan and portfolio.
〉FEE REPORT: A detailed list of all the fees you currently pay, so we can uncover any potential hidden savings.
〉RISK ANALYSIS: Your current yield, risk, and what that means for you in a potential market shift.
〉TAX ANALYSIS: An overview of your current tax plan and the benefits of implementing a forward-looking tax strategy.
〉INCOME PLAN ASSESSMENT: An overview of the income gaps you may have in your current income plan.
〉PORTFOLIO STRESS TEST: Assessment of your portfolio against different economic scenarios.
〉SOCIAL SECURITY ANALYSIS: An overview of how to maximize your social security benefits.
The results are yours to keep, along with a straightforward picture of steps you can take to cover all the potential gaps and opportunities we may identify in the important areas of your retirement plan.
Keep yourself well-informed on current retirement topics with our RetirementTalk YouTube show.
Will Social Security Last?
Changes in legislation, economic conditions, and government decisions can impact the outlook for Social Security. While these concerns exist, Social Security remains a critical safety net for many Americans, and the government is likely to take measures to address its long-term financial challenges. Staying informed about potential changes and planning for retirement with a diversified approach to income sources can help individuals navigate these uncertainties.
6 Mistakes to Avoid in Retirement
Have you checked your financial plan for these trouble spots? We see retirees and pre-retirees make these common mistakes everyday. Make sure you’re not making them, too!
The Top Scams Targeting Retirees
Both education and awareness play vital roles in protecting yourself from falling victim to scams. Check out these manipulative scams targeting retirees.
Hidden Fees the Financial Industry Doesn't Want You to Catch
Are you ready to uncover the secret world of hidden fees that the financial industry hopes you won’t notice?
Why Don't Americans Save For Retirement?
What is the real reason Americans say they don’t put more money away for their own future? The answer may surprise and even disappoint you.
We aim to empower you with the necessary financial tools and knowledge to confidently navigate your path forward to your retirement goals.
Important Social Security Links to Help You Understand Your Options Before Applying for Benefits.
These links should provide a solid foundation for exploring Social Security benefits and options.
Social Security Administration Home Page: The main page of the SSA offers comprehensive information and access to services like checking your Social Security statement or updating your personal information.
Apply for Social Security Benefits: Apply online for retirement, spousal, and Medicare benefits through the official Social Security Administration (SSA) website.
Estimate Your Social Security Benefits: Use the Retirement Estimator to get personalized estimates of your future Social Security benefits.
Understand Your Retirement Social Security Options: Access tools and resources to plan for your retirement and learn how different retirement ages can affect your benefits.
Social Security Disability Benefits: Learn about and apply for Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
Medicare Enrollment: Start the process of applying for Medicare, including Part A (Hospital Insurance) and Part B (Medical Insurance).
Survivors Benefits: Information on benefits available to survivors, including spouses, children, and parents, after a family member’s death.
Social Security’s Online Services: Access a range of services, including applying for benefits, requesting replacement cards, or managing your information.
Understanding Social Security Spousal Benefits: Explore spousal benefits and eligibility to determine how your spouse’s work history can impact your benefit amount.
Social Security FAQ: Get answers to common questions related to Social Security, including retirement, disability, Medicare, and more.
FULL-SERVICE WEALTH PLANNING
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WEALTH
Create an income plan and learn how to build your complete “financial house.”
ESTATE
Learn how your estate plan should work together with your retirement plan.
TAX
Understand the most tax-efficient strategies for your retirement.
HEALTHCARE
Get clear guidance through the complicated process of selecting a plan to meet your needs.
For non-retirement-related Social Security questions, please visit the Social Security Administration.