Social Security Strategies

Social Security Strategies

When Should You Claim?

Social Security is one of the most confusing and complex parts of retirement planning, often overlooked by advisors. The Bipartisan Budget Act of 2015 instituted major changes to some of the most popular claiming strategies as follows:

  1. Retirees who have already filed and suspended or filed claims for restricted spousal benefits are grandfathered in and will not be affected.

  2. Retirees turned age sixty-two by the end of 2015 may still be able to file restricted claims for spousal benefits if their own spouse has filed for benefits.

  3. The popular file and suspend strategy is no longer available.

  4. Retirees who are too young to claim benefits by May 1, 2016, currently cannot use these strategies.

There are still very effective ways to maximize Social Security income.

We will help you "do the math" to determine the best-fit-claiming strategy for your situation.

Coordinating the claiming strategy with investment withdrawals is important to maximizing after-tax retirement income. That's why we include Social Security claiming analysis as part of after-tax retirement income planning services.

If you have questions or would like to further discuss your situation, click the schedule button below for a short, no-obligation phone chat.