The Time is Now for a Social Security Check Up

 

By Ben Young, Astute Wealth Management

Add social security to the list of items that need updating whether you are approaching the age when you can get your first payment or are already receiving a monthly check. Several important recent changes in Social Security regulation have taken place that require attention. These modifications, thought to make understanding and planning easier, actually make the process more complicated.

Thus, your emphasis should be on reviewing and perhaps recalibrating your plan for yourself and your family. Ignoring or not making the right moves could cost you hundreds of thousands of dollars to one million or more in lost benefits.

The key rules have changed that require you to pay close attention to:

  • Evaluating the right time to begin drawing Social Security and the strategic benefit for delaying as long as possible;
  • Understanding the concept of full retirement age and again how it plays into the benefit for delaying as long as possible;
  • The potential tax impact of pensions and qualified retirement plans;
  • Understanding and balancing the benefit of working while getting Social Security and the potentially significant tax consequences;
  • How your spouses Social Security comes into play;
  • The Social Security effect on special situations such as divorce, disability or death; and
  • Other issues of note.

While delaying is one tactic, Astute Wealth Management also stresses the urgency to not delay your review of your Social Security plan whether approaching “the age” or already taking the benefit.

Astute is offering several immediate opportunities to obtain valuable insights and/or development of a customized plan to clients and non-clients wanting to maximize their Social Security retirement benefits. Astute has developed a number of analytical calculators for the prime Social Security planning factors (including SEP and Roth Ira conversions) and is ready to apply them to your situation.

The options include:

  1. Calling to arrange a meeting with me to review your Social Security. The phone number is (530) 677.6001;
  2. Look for more information about Social Security and the upcoming workshop on the Astute website, www.astutewealth.com