Social Security is available only to those who pay into the program—about 96% of American workers. While you may think that everyone pays into Social Security, some people do not—employees of some railroads and state employees who participate in state pension programs, among others. Social Security offers participants a predetermined, steady, lifetime income based on the amount of money they have put into the program. To a certain extent, it adjusts for inflation and offers survivor’s benefits. You probably know that the longer you delay receiving your Social Security benefits, the more money you will receive each month.
Why do so many people get it wrong?
Well, it may have something to do with the fact that the official Social Security Handbook contains no less than 2,728 separate rules governing Social Security benefits. Let’s put it another way. In a recent book on Social Security planning published for financial professionals, over 40 percent of the book is devoted to a discussion of various Social Security strategies for couples! Many more pages are devoted to discussions of strategies that are designed for singles and non-traditional couples.
How Anyone Can Maximize Social Security for Retirement
You can claim Social Security millions of ways, but ZERO Social Security Administration employees can advise you and your decision can leave $250,000 of your money with the government. And you don’t get a second chance once you have claimed!
For some reason, many people don’t think of Social Security as part of their financial resources or as something that requires planning. The fact is that if you’re like most people, Social Security will represent 35% percent of your retirement income—or at least it can if you maximize it.
Two common and threatening misconceptions about Social Security
- Social Security is simply a matter of signing up for it; there are not many decisions that have to be made.
- The Social Security administration is well equipped to help you with the sign-up process.
Both of these notions are utterly incorrect. Making an incorrect decision can leave hundreds of thousands of dollars on the table. And, in fact, the Social Security Administration is not permitted to assist you with making choices. I took the time to become an expert in Social Security issues so that I could help my clients maximize their Social Security resources as part of their complete retirement portfolios.
Thanks for taking the time to read this material. I hope it will convince you that:
- Social Security is not just a matter of signing up; choosing how and when you receive your benefits is a complex task, and it’s an important one.
- Performing the task improperly can have severe consequences for you, your spouse, and your children.
- I am ready to assist you in choosing appropriate/optimal options for you and your loved ones.