PFG Private Wealth Management
18572 N Dale Mabry Hwy
Lutz, FL 33548
Have you ever asked a really important question that you need an answer for and the person answering says to you, “Well, it depends?” This answer drives me nuts and sadly I have to give this answer to clients from time to time. But still I wish that solutions would always fall on one side or the other. It just makes things easier. In addition, you have to know all the reasons and loopholes to know what it depends on. This is the missing component for a lot of people regarding Social Security.
Social Security represents 40% of the average person’s total income in retirement. However, it is very much an “it depends” type of benefit. One decision can have major impacts on the future. I have heard clients ask these questions more times than I can remember: “Should I take it at 62?” “Or maybe 66 or 67?” “Or maybe I should wait to take it at age 70 since that is the highest dollar amount.” “I’ve also heard about spousal benefits or widow’s benefits, or divorced benefits. What are those and when do I take them?” And “Aren’t there strategies to maximize my Social Security?” So what’s the right answer? You guessed it. It depends.
I recently gave an hour and half presentation on this subject alone so there is a lot of information surrounding it. In my professional opinion, I believe that Social Security should be incorporated with someone’s personal financial plan so that it coordinates with your investments and income both before and during retirement. That way the correct strategies, scenarios, and “it depends” are specific to you.
Here are some things to think about when considering Social Security:
1. Health status
2. Life expectancy or family history
3. Need for income
4. Whether or not you plan to work
5. Survivor needs
If this is a topic that is of interest to you and you find yourself swimming with questions and not enough answers, give me a call or send me an email at firstname.lastname@example.org. There is an offer for a free Social Security analysis for anyone interested. I’d love to answer your “it depends” question.