A Key to Securing Your Future Income
Have you ever considered the impact of your social security decisions on your future income? Making the right choices when it comes to social security is crucial to safeguarding your retirement. In this post, we delve into the importance of maximizing your social security benefits with insights from Cory Sickles, the president of Safe Harbor Retirement Group.
Understanding the Foundation: Social Security and Retirement
When building a financial plan for retirement, one of the fundamental aspects to address is social security. It serves as the foundation of many individuals’ retirement plans, often constituting approximately 65% of their income during retirement. Making informed decisions about when to select your social security benefits can significantly impact your overall retirement strategy.
Timing is Everything: The Impact of Filing at the Wrong Time
Filing for social security benefits at the wrong time can have long-lasting consequences. Once you trigger your social security benefit, you are essentially locked into that amount for the rest of your life. Therefore, it is crucial to be well-informed and make the right decision when initiating your benefits.
Age Matters: Choosing the Right Time to File
The age at which you choose to file for social security can make a substantial difference in the benefits you receive. While you can begin receiving benefits at age 62, waiting until your full retirement age (typically around 66 for most baby boomers) or even delaying until age 70 can result in higher benefits. Your personal circumstances, such as marital status, also play a role in determining the optimal time to file for benefits.
Maximizing Benefits through Marriage: Understanding the Impact
Marriage can also play a significant role in maximizing social security benefits. A spouse may be entitled to receive up to 50% of the higher-earning partner’s benefits. Factors like the age at which benefits are claimed can influence the amount a spouse is eligible to receive.
Get a Social Security Check-up with Safe Harbor
Maximizing your social security benefits is a critical component of securing your financial future during retirement. With expert guidance from the Safe Harbor team and careful consideration of your individual circumstances, you can make informed decisions that maximize your social security income. Remember, the choices you make today can have a lasting impact on your financial well-being in the years to come.
Call us at (614) 760-0670 or visit our website to schedule your complimentary consultation. Let us help you build a retirement plan that grows with you.