With roughly 96% of Americans covered under social security, many are concerned about how it works and how it will affect their retirement. When should I cash in on my benefits? Will social security be around 15 or 20 years from now? These are questions that flood the minds of many people planning ahead.
Estimating your potential benefits wisely, as well as keeping other assets and accounts included in your retirement plan, can keep you feeling confident.
Claiming Social Security benefits isn’t always as simple as just retiring. In some situations, coming up with strategies with your financial planner can maximize your benefits and help you to create a more robust retirement plan. Using a free tool such as a benefits calculator or Social Security Optimizer can help you plan with confidence. Tools like these are often designed to let you input your own parameters to create scenarios that reflect your lifestyle and events.
As you determine how social security benefits might tie into to your retirement, it is important to consider the following:
• Strategies for how you will claim your benefits
• Strategies for you and your spouse (if you are married)
• Strategies if you will work past retirement age
There are also many decisions to make as it relates to determining important items such as survivor benefits, how taxes might affect your benefits, and how unemployment wages may affect your benefits if applicable.
You can get started with finding answers to these questions by reviewing a free guide on maximizing your social security benefits in retirement. After exploring on your own, you might also find it beneficial to schedule a phone on in-person meeting with a financial advisor who can answer your specific questions or give you further guidance.