Social Security Planning
Social Security benefits can be used to help with expenses during retirement, but many people are confused when they start looking at the plan details. There isn’t a black-and-white payout schedule for individuals, which means that you have the opportunity to choose when you want to start receiving these benefits.
Understanding Social Security Benefits
You can visit the official Social Security website to view your social security account and see how much money is available. They even offer a tool that allows you to calculate your benefits based on your earnings record throughout your lifetime.
When you view these details about your Social Security benefits, it is essential that you analyze your options alongside your other retirement accounts. By looking at the overall picture, you can decide on the right timing to begin social security benefits.
The problem is that most individuals don’t know enough about financial planning to maximize their retirement benefits. So, there are advantages to working with a financial advisor who can oversee all of the benefits that are available. An expert can help you with the timing of your withdrawals to stretch out your retirement benefits as much as possible. Additionally, a financial planner will keep you updated on the most current laws relating to retirement benefits claims.
Are You Eligible for Social Security Benefits?
Social Security benefits are available for an individual, spouse, widower, widow, father, mother, child, and even a divorcee. The formula is quite complex, making it hard for an average person to understand the benefits they are entitled to receive.
There is no reason to leave money on the table! Talk with an experienced financial advisor to learn more about the provisions that determine when you can collect benefits, delayed retirement credits, and more. For example, your financial advisor might help you to defer retirement benefits or start the benefits early depending on your individual situation.
It is important to understand that you could potentially lose tens of thousands of dollars based on these decisions. That is a lot of money to lose if the wrong decision is made! A financial advisor will make an assessment of all of the retirement money that is available for you, and offer advice about how the money should be withdrawn to help you get the full benefits that you deserve.
We are here to help with your retirement planning. Call RDW Financial Group today to talk with an experienced financial planner and learn more about the options that are available.