Social Security’s Effect on Retirement

By Tracy Wells, Investment Advisor Representative

April 20, 2016

Have you ever put together a jigsaw puzzle? If you’re like me, you dump out all of the pieces, turn them so you can see a glimpse of the picture, sort out the edge pieces, and then start building the edge, working in until every piece is in place. Putting together a retirement plan also involves looking at and connecting all of the pieces, including fixed expenses and fixed income sources such as pensions, retirement assets and Social Security benefits. When you consider that you could be funding 20-30 years of retirement, you need to carefully consider the overall picture.

Your Social Security strategy is a piece of the bigger retirement picture. There are many factors that come into play that determine when you should start taking benefits. Some of these factors include: marital status, age, life expectancy, retirement assets, income needs, standard of living, full-time or part-time income, and survivor needs. As we work with individuals and couples in building their unique retirement plans, one thing to keep in mind is that retirement and when you start Social Security benefits might not coincide. Choosing when to start benefits is a critical timing decision, especially considering reductions for starting benefits before full retirement and delayed retirement credits for starting benefits after full retirement age. For some, it might mean working a year or two longer. Or saving more now to retire earlier. Most retirement plans are built with longevity in mind, to make sure that both spouses are taken care of in later years.

What does a successful retirement plan look like for you? Need help putting together your Social Security Strategy or Retirement Plan? I enjoy helping put the pieces together. Please don’t hesitate to contact me for more information.

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Adam Alonso at 3:58am EST - December 8, 2020

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