Social Security Claiming Strategies

Social Security Claiming Strategies

“When should I take my Social Security Benefits?”

You may have asked yourself this question and there are many variables that must be taken into consideration in order to arrive at a decision that works for you and, as you may be aware, there is no “right” or simple answer to this question.   However, the “wrong” answer could cost you tens of thousands of dollars over the course of your retirement.

As a result of our comprehensive financial planning process at Newroads Financial Group, one of the more common topics of conversation with our clients is Social Security claiming strategies.  In order to better serve our clients, we’ve invested in Social Security claiming strategies software that takes a number of variables and assumptions into consideration.  When coupled with our expertise of claiming options, this program allows us to guide our clients in the strongest direction.  Typical client situations we are often faced with include:

  • married couples with significant gaps in ages and/or incomes
  • divorced individuals
  • widows/ widowers

Variables that must be taken into consideration before making any recommendations include:

  • overall tax situation
  • current investment portfolio positioning
  • health and longevity expectations
  • age of spouses
  • anticipated direct income sources
  • ongoing earned income

We would welcome the opportunity to discuss this topic with you further.  

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