Retirement and Social Security Questions Retirees of all Ages Need Answered
Have you read your Social Security statement recently? The Social Security Administration (SSA) provides an online portal for all workers to download their statements and view this valuable source of Social Security information. Wisconsin retirement investing advice from Client First guides you through the financial planning process to maximize your retirement benefits.
Social Security benefits add up immensely as the years go on. Your benefits will be increased every year due to cost of living adjustments, protecting your retirement from inflation. Cost of living adjustments are projected to reach 2.8% by 2018. Starting with a $2,000 monthly social security check, the benefits of a retirement lasting 30 years will reach approximately $4,500 dollars per month. The total payments from such a retirement add up to $1.2 million.
When you’re dealing with over a million dollars of social security income, you don’t want to take any shortcuts. If your financial planning doesn’t completely maximize your retirement benefits, you could be shorted a large sum of money. Even a 1% reduction in benefits would represent many thousands of dollars in lost income.
Your total Social Security benefits depend on a dizzying array of factors, making it impossible to maximize your benefits without detailed knowledge and experience.
Some of the many Social Security questions include:
- How will my Social Security benefits change if I continue working past retirement age?
- How do my retirement benefits affect those of my spouse?
- Can I use any tax write-offs against taxable Social Security income?
- How do government pensions affect Social Security benefits?
- What if I worked for a nonprofit or religious organization?
- What if I was self-employed?
Clearly, the laws governing Social Security payments are very complex. Client First will help you receive the benefits you deserve. Whether you need Social Security to make ends meet, fund an investment program for yourself, or finance your grandchild’s education, Client First will put a customized financial plan into place for your unique circumstances. This detailed plan takes into account your family situation, your life goals, your available resources, and how Social Security fits into your overall retirement plan. No matter the time frame in which you are looking to retire, Client First will create an excellent Retirement Income Plan for you. As always, we are happy to answer any and all social security questions you may have.
Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.