Why Maximize Social Security?
We’ve been brainwashed into thinking Social Security isn’t going to be there for the long term, so many couples ignore it when it comes to their retirement planning. Their attitude is “Don’t count on it because it may not be there.”
It’s time to set the record straight. For most middle income couples, Social Security in fact makes up 20% – 50% of their retirement income—often upwards of $500,000 in lifetime benefits. Obviously, that is a large sum of money for just about anyone. Doesn’t it make sense to maximize that asset if you can?
Also, we don’t hear enough how unique Social Security really is as a retirement asset. For most married couples, Social Security is the only retirement asset that:
- Is adjusted annually for inflation
- Is tax-advantaged—at worst, it’s only 85% taxable as normal income
- Will continue to pay as long as you live
- Is backed by a government promise
Taking Social Security Early or Late?
Most people are eligible to elect Social Security at any time between age 62 and 70. However, most people simply elect Social Security at whatever age they decide to retire, not the age when it will give them the maximum lifetime benefit.
How much you receive from Social Security depends on three primary factors:
- Your earnings record
- When you elect
- How long you expect to live
Since you can’t go back and change your earnings record, and you have minimal control over how long you live, calculating an expected lifetime benefit largely hinges on when you elect.
Social Security Timing® evaluates all 81 election age combinations across 9 different election strategies and finds the highest lifetime benefit.
Find Out “What’s At Stake” For You and Your Spouse