November 6, 2013

Choosing the right Social Security election may be the most important decision of your retirement. How much you receive from Social Security depends on three primary factors:

  1. Your earnings,
  2. When you elect to start receiving Social Security,
  3. How long you will 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 and how you elect benefits.

Single people can do a simple “break-even” analysis to determine whether to take early or wait. Married couples have a more complex decision. The difference between the best and worst possible decision of when to elect Social Security can be well over $100,000.

The solution – A Family Benefit Analysis. Using software analysis, we examine hundreds of possible combinations, including 81 possible age combinations across nine possible election strategies and find the one option that offers the highest expected lifetime benefit. With your Family Benefit Analysis, you’ll receive a customized report including:

  • Projected Outcomes for Best /Worst/Common election choices.
  • “Map” of expected outcomes for each election age combination.
  • The “Switch Strategies”™ solution that could further optimize your Social Security income.

Given that for most, Social Security payments are either the only income or the only guaranteed income source in retirement, it’s no wonder why it should be carefully considered. To assist us, at Kelling, Bocovich & Co, in insuring we provide our clients valuable resources with which to maneuver through the challenges of a successful retirement income plan; we have requested the services of a trusted advisory firm, Pathway Financial Advisors™ (PFA). We have come to know and trust the members of Pathway Financial Advisors as a firm that concentrates on staying ahead of the trends and economic challenges that could impact your retirement planning. PFA also focuses on improving technologies which to define one’s “path to life’s goals.” As a full service, holistic financial planning and advisory firm, we feel that the tools they provide and their approach to working with their clients, which they recently shared with us, will prove useful to our clients in addressing your options for Social Security payments.

They have provided us with a link to the section of their website, Pathway Financial Advisors SST link, which will direct you to their Social Security Option Planning Site. The primary result of this tool is to determine, as a couple, what dollars you have at risk based on your Social Security payment selection in the “Calculate Now” section. You will complete your request for assistance by clicking on the advisor button and your data is submitted to PFA for further analysis and the creation of your personal report.  Once this is complete, we will discuss your results and if you desire, introduce you to the key members of Pathway Financial Advisors.

If you have questions about your Social Security and how to maximize it, contact our firm today. Or head on over to Pathway’s link provided above and learn more.

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