Janeen is joined by Brian Decker, Owner and Founder of Decker Retirement Planning to talk about the Optimization of Social Security.
Everyone thinks they know that they have a good plan in front of them but HOW do they actually know that it’s a good plan? Brian tells viewers that Decker Retirement has a Social Security optimization report that they can run for clients.
Running this report is the ONLY way to know someone can have peace of mind that of the hundreds of ways to draw Social Security as an individual or as a couple, that you can know you are drawing the most Social Security Benefit possible. Social Security benefits typically start at age 62 and those benefits grow 5% per year from 62 to 66 and then 8% from 66 to 70 years old. You are given an incentive to wait to draw.
Another important factor to consider is the spousal strategy. If your spouse did not earn enough credits to qualify for their own Social Security Benefits, they can receive up to 50% of what you are getting at your Full Retirement Age. This is assuming that you have been married for at least 10-years. Even if someone is divorced, they can qualify for up to half of the amount that social security is paying to their ex-spouse. So, it is possible that you may qualify for this benefit without even realizing it.
Social security is based on your best 35 years of earned wages. If you have not worked for 35-years, then you will have more zeros added to the computation and lowering your benefit.
There are other strategies out there for certain folks that qualify like File & Suspend, or File & Restrict. The point is there are several things that you can do to get the most out of your social security benefits and this is why it is important to meet with a financial planner who can help you find the best strategy.
So, why wouldn’t everyone just wait until they’re 70 to file? According to Brian, two big factors; one is health. If you draw benefits at age 62 and you draw income at age 70, You have an 8-year head start on you and the lines do not cross until, typically, about age 82. What if you’re in poor health or you’re diagnosed with something? At Decker Retirement they advise to start Social Security sooner if you have poor health or a bad health diagnosis.
The second factor is timing. What if you are drawing on your retirement nest egg at age 62 and start your Social Security at age 70? You need to make sure that in the 8 years you are delaying your Social Security benefits that you are not decimating your retirement nest egg. It’s important to make sure that these are working together.
You can contact Brian Decker at Decker Retirement Planning to get your Social Security optimization report so that you have peace of mind that your chosen Social Security strategy is the best one for you.
Visit their website or give the Team a call at Phone (833) 717-3030.
This article contains sponsored content.