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Do you know how much your social security is really worth?
How much is my Social Security benefit actually worth in retirement? For many higher-income retirees, that monthly Social Security check could provide the equivalent income of roughly $1 million in additional retirement savings sitting inside their portfolio. That’s a lot. And surprises a lot of people once they do the math. For some reason though, Social Security planning doesn’t get the same attention as the rest of the portfolio. Most pre-retirees can usually tell us their 401k or other retirement account balances. But not nearly as many know what their social security income might be AND more importantly how the decisions leading up to taking social security can make a huge difference. An income producing asset of this size deserves a lot more attention than that. The age you claim, your spouse’s benefit, taxes, longevity and how Social Security fits with the rest of your retirement income all affect the long-term value of the benefit. So if you haven’t yet, go to ssa.gov, create an account and look at your actual benefit estimates and earnings history. And then make that review part of the regular retirement planning conversations. Planning in advance and understanding your claiming options could make a six-figure difference over the life of your retirement. #SocialSecurity #RetirementPlanning #RetirementIncome #FinancialPlanning #WealthManagement
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Securities and investment advisory services are offered through Osaic Wealth, Inc., member FINRA/SIPC and a registered investment advisor. Additional investment advisory services offered through Strategic Financial Advisors Corporation, a registered investment advisor. Strategic Financial Advisors Corporation and Strategic Financial Services Corporation are not affiliated with Osaic Wealth, Inc.
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