Pre-Retirement

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Social Security Questions

It's More Complicated Than You Might Think!

By Scott Downing

Do you ever feel that, with every financial question you get answered, two more pop up it its place? Managing our financial lives in the 21st century is complicated, making it even more necessary than ever to have an advisor helping you navigate retirement planning, Social Security, medicare planning, estate planning, etc. New articles and books seem to hit our screens and store shelves each day, and sorting through them all is a daunting task no one has time for.

Take the recent book, "Get What's Yours: The Secrets to Maxing Out Your Social Security," which is currently the the No. 1 book in budgeting, Social Security and accounting, and is No. 6 on the Amazon top 100. Its instantaneous popularity indicates just how high the demand is for answers on Social Security questions for pre-retirees and retirees in the United States.

If you're feeling overwhelmed and not sure where or how to start sorting through all the information that's out there, we have good news. At Family Financial Partners, we will read the books, sift through the articles to determine what's junk and what's high quality information, attend seminars and earn certifications, and then apply that expertise to your financial needs. In other words, we will be the experts so you don't have to.

Let's talk more about Social Security for a minute, as this is the largest source of retirement income for many Americans. Even if your income is higher than average, that just means you probably have more questions. Did you know there are nearly 3,000 core Social Security rules and even more supplements? That's right. It isn't as simple as taking your full retirement benefit around age 66. There are many options to consider that include increasing your benefit, increasing your spousal benefit, taking spousal income in the meantime before you retire (where possible), and others that might apply to your financial needs and situation.

Clearly, your unique Social Security planning needs can't be met by reading a generic book, and true experts aren't likely to be found in your circle of friends or even at the Social Security office. It's important to have an open dialogue of what your needs are in retirement, what risks exist, and how you can best maximize the benefit you have worked your entire life to gain. We can help you navigate these and other questions and considerations.

Of course, Social Security is merely one of the many complex areas of retirement you'll need to consider as you move closer to this phase of life. You can try to become an expert in all these areas, or you can establish a relationship with a trusted advisor who can guide you based on your individual needs.

As always, remember that if you, someone in your family, or even friends at a party mention they are in need of advice and a plan to maximize Social Security for their unique financial situation, please, give us call and let us know. We'd love to help. 

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