Today’s tip will cover “How to Maximize your Social Security Benefits”
The decision you make about your social security benefits is an important decision that will impact you for many years.
Understanding the impact of taking your benefits at ages 62, 67, 70 or any age you choose is important because depending on when you claim your benefits this can affect your overall financial and retirement plan. A person’s marital status can also complicate the decision.
There are a few strategies to think about to boost your income in retirement. Consider filing for benefits at Full Retirement Age or age 70. If you are married, claim spousal payments. Maximize your earnings during your working years.
Some other things to think about when you make your decision about when to begin you benefits include: What is your health status? What are your overall financial resources? What are your employment plans between age 62-70?
And remember, there is no single method that is appropriate for everyone when it comes to when should you should claim your benefits.
Catherine Magaña is a CFP® or CERTIFIED FINANCIAL PLANNER TM and Managing Partner at Savvy Women Wealth Management in Carlsbad California.
We run a Savvy Women Wealth Practice offering financial planning and investment advice. Most of our clients are fun, engaging women who are driven to succeed both personally and professionally. They have spent most of their lives focusing on others and realize they must take more responsibility in their financial future. They don’t want to simply be told what to do they want to learn, become more engaged and accountable for their financial future.
If you would like to set up a free 30 minute financial assessment she can be reached at 760-692-5700, info@savvyup.com for private message or click on the following link to contact us directly https://savvyup.com/contact .
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