Furthermore, the way to obtain so much more income is not just based on waiting to take social security, but the implementation of various “switching” strategies, which are typically not discussed by social security employees when a couple goes in to file. These employees are usually trained to show you how to file but not necessarily when to file or what strategies are available to you.
Many make the mistake of simply going to the local office to file at age 62 or 66, which is now widely considered to be Full Retirement Age. However, especially for married couples, simply filing normally for benefits, as opposed to implementing a specific strategy, could cost them dearly in their 70’s, 80’s, and 90’s. We have seen many couples increase their expected income in their 70’s by $20,000 or more per year.
We are able to determine which strategies are available for specific couples by using sophisticated software that takes into account their Full Retirement Age benefit, their anticipated life expectancy, and a conservative Cost of Living Adjustment that social security applies each year to at least help account for inflation. With this information combined with other situational information that is unique to each couple, we are able to narrow it down to a few potential strategies that are best suited to the circumstances of each couple.
Advisors and financial planners typically either ignore the topic of social security or give it limited attention, mainly because they are not commissioned on helping you with social security! However, this is doing you a huge disservice, because hundreds of thousands of dollars are too often left on the table and social security is a huge piece of the retirement picture!
For a free 1-hour consultation on social security as well as a free customized social security report, please contact LIFE1010 at firstname.lastname@example.org or call 855-876-5252.
About the Author: Marc Roethel has over 7 years experience in the life and health insurance and retirement planning industries. He is CEO and co-founder of the LIFE1010™ program, which is designed to help individuals through a step-by-step process of getting their lives and businesses in order. The program focuses on emergency preparedness, creating an effective spending plan, health and wellness, and retirement planning. He is also co-author of the book "Not Yo Mama's Retirement Plan", which takes a fun and easy to understand approach to a risk-free and tax-free solution to retirement that is proven and mostly unknown by the majority of the population.