How do I maximize Social Security and/or my company pension?
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The Scenario
With over 500 possible Social Security claiming strategies, it can be difficult for you to know which provides the most amount of money over your lifetime. The challenges include understanding joint life expectancies, complicated Social Security rules, accounting for inflation, and the opportunity cost of waiting to claim benefits. Similarly, if you have a pension, how do you know which pension payment option is best? How can you be sure you are making the right choice with these important benefits? Without running the numbers, it’s likely going to be difficult.
Key Considerations
- How are you determining when to claim your Social Security benefits or pension?
- Are you confident those factors are leading to the correct decision?
- Is it worthwhile to have an advisor review a decision that will affect the rest of your life?
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How we help
Most people view Social Security and pension benefits in isolation, but how you claim your Social Security or pension has a significant impact on your overall financial plan. Decisions made today can have a lasting impact on your retirement, cash flow, and tax plan. It is important to have conversations about life expectancy and how each scenario will affect the amount of benefits you receive throughout your lifetime.
Our process includes:
- Evaluating which pension option will likely yield the most of money over your lifetime
- Understanding how your Social Security and/or pension affect your cash flow needs, taxes, Medicare premiums, and long-term retirement implications
- Consideration of life expectancy, inflation and opportunity costs to calculate different break-even ages to determine the ideal time to start Social Security benefits
