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Social Security Planning

For most people, Social Security is a simple concept. They work. They pay in. They retire. They collect the benefits.

However most people do not realize the importance of social security planning and miss out on hundreds of thousands of dollars in their retirement. A well planned strategy can greatly enhance the recipients' monthly benefit amounts. By applying 8 social security strategies a person can increase their monthly benefit up to 8 percent per year or a have a total benefit that is 50 percent higher.

Remember these are strategies that are perfectly legal, accepted by social security, and generate risk free returns. In this extremely volatile stock market and low interest rate period it is extremely important for retires to do social security planning..

Social Security Example:

Reduction in Benefits if SS Taken Before Full Retirement Age (FRA)

Basic reduction for worker:

  • For each month claiming SS before FRA = .56% reduction per month
  • For each month over 36 months (those retireing at age 66) = .46% reduction
  • Examples: (FRA $30,000 SS, Life Expectancy Age 95, 3% COLA)

social-security cropped copy

This is an example of someone taking social security at age 66 with a benefit of $30,000 and what would happen if they started taking social security early between the ages of 62 and 65. As you can see by taking social security at age 62 instead of 66 you would be giving away $664,817 over the course of your life. This is just one planning strategy of many that exist to help retirees have much larger SS benefits.


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