By Chris Risenmay, CFP®
For most Americans, Social Security is a significant retirement asset. Born out of the Great Depression as a retirement safety net, it has grown to cover 96% of workers in the US. These days, a record high of around 173 million people are working and paying into the system that provides benefits for over 62 million people. In fact, the majority of retirees get more than half of their income from Social Security.
But despite its importance, many people make incorrect assumptions or get intimidated by the details. Unfortunately, not having a complete picture of the system and how your benefits work could be financially devastating. If you’ve ever tried to understand Social Security or navigate the system on your own and found yourself confused, you are the perfect candidate for a Social Security review.
There is no one-size-fits-all claiming strategy for Social Security. There are several factors that play a role in the amount of benefits you receive and the ideal date for you to start claiming those benefits, including your health status, life expectancy, need for income, whether or not you plan to continue working, and how concerned you are about running out of money.
While having a strategy for when to begin social security benefits is important, it is also critical to analyze your social security benefits in conjunction with all of your retirement assets. Incorporating your benefits into an overall retirement income plan may make a world of difference in the amount of income available to you in retirement.
In our Social Security Review meeting, we’ll help you wade through the overwhelming number of Social Security options and discuss a few questions, including:
Our goal is to support you to make smart decisions to protect your lifestyle and preserve and grow your assets. If you have questions and want to make sure you receive every penny that’s rightfully yours, we are pleased to offer you a Social Security review meeting to help you navigate and most effectively use your benefits before and during your retirement. Contact one of our offices today!
About Cypress Wealth Services
Cypress Wealth Services, an independent RIA firm providing financial planning and investment management to high net worth individuals, families, business owners, and institutions. CWS is comprised of professionals with diverse backgrounds and extensive experience and qualifications. CWS is uniquely qualified to serve a broad range of client needs. Their experience and expertise act as a foundation for their client service process, The Second Growth, which focuses on efficiently protecting, growing, and transferring to their loved ones the wealth and legacy a person has already built. With offices in Palm Desert and Anchorage, the firm serves clients across the country. Learn more by visiting www.CypressWS.com.