Social Security Optimization Strategies
Developing a strategy for Social Security is a key component of building a holistic retirement plan. Though you may not rely on these funds as your primary retirement income, they can be a great resource to fund legacy goals, your long-term care plan, or other wealth strategies. In recognition of August marking the anniversary of Social Security, we are highlighting three key considerations to maximize your benefits.
Time Your Strategy – Although you can begin collecting Social Security at age 62, this does not always mean you should. If you delay receiving your benefits to your full retirement age or up to age 70, your monthly benefit will continue to increase, so it may be worth the wait.
Be Aware of Spousal Benefits – Your spouse, regardless of if they worked or not, is eligible to receive half of your Social Security benefits – possibly in addition to their own. Survivorship and divorce benefits are important to consider as well. Building a tactical strategy around these options can enhance your payout.
Connect with a Knowledgeable Advisor – Don’t rely on the advice of a friend or neighbor – each situation is unique. Connecting with an experienced financial advisor will help you discover a personalized solution as part of a comprehensive plan.
To ensure you are maximizing your Social Security benefits as a valuable addition to your retirement income, we invite you to connect with us at (661) 297-7566 or visit www.PiersonWealthManagement.com.
Securities and advisory services offered through Cetera Advisors LLC (doing insurance business in CA as CFGA Insurance Agency LLC), member FINRA/SIPC, a broker/dealer and a Registered Investment Adviser. Cetera is under separate ownership from any other named entity. CA Insurance Lic# OC92500.
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