Pathfinder Worksheet: What Issues Should I Consider With My Social Security Retirement Benefits?
Collecting Social Security can often be an afterthought. You approach retirement and know that there is a benefit out there and recall getting a statement about it years ago. Maybe you assume you’ll be getting the maximum payment due to your high earnings, so you figure you don’t need to plan around it? Or maybe you think you need to take it as soon as you retire?
The claiming decision for Social Security is a one-time event that can make a difference of thousands, if not tens or hundreds of thousands of dollars over your lifetime. If you haven’t stopped to review your options, now is the time.
Did you know that as of 2022, the maximum Social Security amount can range from $2,364 per month claiming at age 62 to $4,194 per month by waiting until age 70. That is a large range and can make quite a difference depending on how long you live.
We have several resources to help with this decision. First, check out our Pathfinder checklist below where several questions are listed to help you think through the various aspects of Social Security. Next, we have an online tool that can give you some basic information about your options. Finally, reach out to your advisor and we can answer questions about your specific situation and run through our Social Security planning tool.
The QA Team is here to help you plan for this important decision. Please don’t hesitate to contact your advisor to discuss this or any other planning topic. If you’re new to QA, please click here to connect with us.
KEVIN LAWSON, CFP®, CFTA
Managing Director
This document has been prepared by fpPathfinder LLC and is furnished to you by QA Wealth Management, a division of Quantitative Advantage, LLC (QA), under license from fpPathfinder. While QA believes that the information in the document provided by fpPathfinder is reliable, QA does not guarantee that the information is accurate, complete, or current, and is not responsible for any loss caused or alleged to be caused directly or indirectly by the information.
QA and its wealth management advisors do not provide legal, accounting or tax advice. Our advisors have general knowledge of certain matters included in this information, but individual situations may require the advice of licensed legal, accounting and tax professionals.
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