More than 90% of all recipients do not maximize their Social Security benefits according to Premier Social Security Consulting, LLC, the firm that sponsors the National Social Security Advisor Certificate Program (NSSA). When it comes time to evaluate and select a strategy, there can be several considerations to make, some obvious and others less so.
Seeking help at the Social Security Administration (SSA) local office may not be as productive as one would expect. Additionally, most SSA employees do not receive extensive training beyond the basic rules and are there primarily to process an order.
Financial Advisors Can Help Maximize Your Social Security Benefits
At Mission Wealth, we utilize special software designed to analyze various collecting strategies. Many times, people don’t consider the impact their choices will have on their spouse, nor do they look deeper into all the possible filing combinations that may be available.
We’ve already outlined the particular benefits, and possible strategies, in a previous article. Take the time to familiarize yourself with the eligibility requirements and potential benefits.
Questions to Consider BEFORE Applying for Social Security Benefits
Knowing the right questions to ask your financial advisor is a great start. Here are eight questions to consider when determining the appropriate time to apply for social security benefits, and which benefits make sense for your family.
- How does work impact the collection of benefits before Full Retirement Age?
- What’s the best way to coordinate married, survivor, children, and divorced benefits?
- How do large differences in earnings and age gaps between spouses influence a claiming decision?
- How does life expectancy (long or short) play a role in the decision?
- Does it make sense to file for benefits early or postpone?
- Does the earnings test apply to current work and how will that affect benefits?
- If a pension is being paid from an employer that did not contribute to Social Security, how will that change benefits?
- What is the benefit eligibility for a surviving spouse caring for a child under age 16?
Making the right decision requires thinking “outside the box.” Do the important planning – you only get one opportunity to make the right decision.
How Mission Wealth Can Help
When it comes time to evaluate and select an ideal collecting strategy, an individual should consult with a financial advisor that can prepare an in-depth analysis of the various Social Security claiming strategies. Mission Wealth has the tools and knowledge to help strategically optimize results.
Our clients benefit from compliance specialist Greg Smith, who is a holder of the National Social Security Advisor Certificate. Greg provides special expertise to clients when determining optimal collecting strategies.
If you don’t have an advisor or would like to learn more about our approach to financial planning, you can contact us by phone or via our website and an advisor will be in touch. Please visit missionwealth.com to learn more.
All information is obtained from reliable sources but please cross-check your specific situation with a certified Social Security advisor before implementing or delaying any plan as unique circumstances may pertain to you.
Mission Wealth Can Help You Retire with Confidence
This may be your first time retiring, but it's not ours. Careful coordination is required to ensure your retirement income strategy is tax-efficient and sustainable. You will face many decisions when retiring. Let us guide you through your options and create a plan.
Mission Wealth’s vision is to provide caring advice that empowers families to achieve their life dreams. Our founders were pioneers in the industry when they embraced the client-first principles of objective advice, comprehensive financial planning, coordination with other professional advisors, and proactive service. We are fiduciaries, and our holistic planning process provides clarity and confidence. For more information on Mission Wealth, please visit missionwealth.com.
To meet with a Mission Wealth financial advisor, contact us today at (805) 882-2360.