Social Security benefits are not simply a ticket that you cash in.
There are different loopholes, different strategies, and different sets of benefits to consider, all of which could have a significant impact on your ability to not just live, but thrive in retirement.
Do you feel that you are fully ready for retirement? No matter your age — whether you’re 60, 50, or even 30 — it’s important that you at least start to consider your retirement income strategies.
At Tactical Wealth, we want to help you do just that. We want to help because, well, we get it — we get that optimizing your social security benefits is not an intuitive process. There is no cheat sheet, no guide, no class that every retiree gets to take to better understand the ins and outs of these benefits.
That’s where we come in. Tactical Wealth Advisors aim to help retirees get the most out of their Social Security benefits and other retirement income strategies. We know the process and understand how to optimize your benefits to work for your specific situation.
Keep reading to learn more about our Social Security optimization strategies and contact Tactical Wealth today to get started.
Social Security Basics
Before we dive into some of the more effective Social Security optimization strategies, it’s important that we first cover some basics about one of Uncle Sam’s more “generous” programs for retirees.
While many know that Social Security provides income, life insurance protections, and other benefits, many do not know that Social Security alone is typically not enough to live on through retirement.
The average Social Security payment, for example, sits somewhere around $1,300 a month — or, $16,000 per year — which is a significant drop-off from the annual salary on which you were accustomed to living before retirement.
What does that mean? Is Social Security a bad program?
Not necessarily. It still provides vitally important retirement income to those who have reached full retirement age — 67-years-old for most Americans these days (those born after 1960) — and even helps some elderly retirees stay above the poverty line.
Before you begin to take your Social Security benefits, however, there are a few things you need to consider. Those include:
- What is your full retirement age?
- How much income will you need in retirement?
- What makes you more comfortable — taking a smaller benefit sooner, or waiting for a bigger benefit later?
The answer to the latter question will help you determine whether you should begin taking your Social Security benefits as soon as you’re eligible (age 62), or if you can afford to wait (and ultimately earn credits) and instead begin reaping your benefits at age 70.
Which brings us to our next point — Social Security optimization.
Social Security Optimization
There is no one-size-fits-all approach when it comes to Social Security. What might be a viable strategy for one person may be completely wrong for someone else.
That’s why it’s imperative that you take the time to fully understand your retirement income strategies, along with the various programs like Social Security, in order to make the best decision for your financial future.
Delay credits are just one way to optimize your Social Security benefits, often allowing you to increase your earnings by up to 8 percent.
At Tactical Wealth, we are here to help you develop the best retirement income strategies for your situation. It’s free and easy to create an account with Tactical Wealth Advisors and immediately gain access to expert financial planning and Social Security optimization tips.
Create your account today and start planning for the future now.