How to Maximize Social Security Benefits
Thursday, December 29, 2016
Social Security is on everyone’s minds. The program is complicated and confusing. Greater than 90% of all Social Security recipients do not maximize their benefits as they are not aware of available options.
Married couples may have 10-12 options and may be leaving $10,000 per year on the table. Single folks have 3-5 options and surviving spouses have 4-6 options. The Social Security Administration assumes that folks have done their homework, but nothing could be further from the truth. Professional advisors know very little about Social Security and are not able to advise clients.
Social Security is generally a joint lifetime benefit. Upon the passing of the older spouse, the surviving spouse will receive the benefit of the deceased spouse at death. Thus, a decision to begin benefits at age 62 by the husband will result in fewer benefits paid over two lifetimes. Beginning benefits at age 62 will result in a permanent 25% reduction. Waiting to age 70 will increase benefits by 32%, thus increasing surviving spouse benefits.
The question is not when should you begin Social Security. The real question is how do you maximize Social Security benefits over one or two lifetimes. To maximize Social Security benefits you must look beyond waiting past Full Retirement Age and incorporate little known strategies such as “claim and suspend” and “restricted application”. Waiting to age 70 combined with these two strategies may result in maximum Social Security benefits paid over two lifetimes.
We encourage everyone to “Make a Plan” to take control and to maximize their Social Security benefits. Married couples, single people, surviving spouses and divorce individuals all have options and must “Make a Plan” to maximize benefits. We have teamed up with Premier Social Security Consulting in Cincinnati, Oho to help our clients to “Make their Plan” to maximize benefits. Premier Social Security Consulting is owned by Marc Kiner, 35 year CPA, and Jim Blair, a 35 year veteran of the Social Security Administration. Mr. Kiner and Mr. Blair are pioneers in the Social Security consulting industry as they began helping individuals in 2010.
The process is easy. All we need to get started is your annual Social Security benefit statement. If you do not have a recent statement, you can obtain a current statement by visiting www.ssa.gov. Just create an account then print out your statement. Forward your statements and my friends at Premier Social Security Consulting will prepare your Social Security options and help you to “Make a Plan”. Our fee of $295 is a small investment and will give you a great “peace of mind”. Do not hesitate. Call our office at 1-800-518-0761 to “Make your Plan” today.
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