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Social Security Planning

"A WISE STRATEGY FOR CLAIMING SOCIAL SECURITY BENEFITS MAY RESULT
 IN ADDITIONAL RETIREMENT INCOME"

 

ABOUT SOCIAL SECURITY
Social Security retirement benefits help provide lifetime inflation-adjusted income.  Combined with your retirement savings, plus any pension benefits you may receive, Social Security may serve as an important component of our overall plan for retirement income.

DON'T AUTOMATICALLY THINK THAT CLAIMING SOCIAL SECURITY BENEFITS EARLY IS YOUR BEST DECISION
It may have been the right choice for your parents, but it could be he wrong choice for you.

In fact, if you feel that you are likely to live to age 80, or, 85, you should think carefully about delaying benefits until even after your full retirement age.  This is because for every year that you wait beyond full retirement age, your monthly check will be increased by an additional 8%.

Waiting until age 70 means receiving 32% more retirement income versus age 66, and 75% more income compared to age 62.  That's $1,800 per month at age 63, versus $3,168 at age 70.
 
WHEN CAN YOU CLAIM SOCIAL SECURITY?
Eligibility for Social Security begins "early", at age 62.  However claiming early will reduce your monthly check - permanently.  There are many issues to consider when deciding to claim benefits.


HAVE YOU THOUGHT ABOUT HOW LONG YOU MAY LIVE IN RETIREMENT?

Have you ever thought how many years you might spend in retirement?  While we can't know for certain, we should think about how life expectancy has increased in the decades since Social Security began.  In 1935, life expectancy in the U.S. was 61.7 years.  By 2010 it had increased to 78.7 years.  Consider a married couple age 65.  There's a 50% chance that one spouse will live to age 92.  And a one-in-four chance that one spouse will live to age 97.

As of December 2010, 5.8 million Social Security beneficiaries were at least age 85.  Some much older.  But collecting Social Security benefits well into old age is nothing new.

Your Safe Money Team
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Bay State Insurance Agency Limited

"With Over 84 Years of Combined Experience"

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With over 84 years of combined experience, we have grown up with our clients. We pride ourselves on being called "Your Medicare Supplement Specialists" and "Your Safe Money Team."

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1316 White Marsh Road
Centreville
Maryland
21617
410-758-1680

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Important disclosures about Medicare Plans: Medicare has neither endorsed nor reviewed this information. Not connected or affiliated with any United States Government or State agency. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.

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