In this short video we explain why married couples who use a social security calculator could receive an additional $100,000 of lifetime benefits.
- Social Security income is tax-advantaged income, inflation-adjusted income and has a benefit for a surviving spouse.
- In some instances I’ve seen where a poor choice when electing benefits could be the difference between having enough money for retirement or running out of money early.
- Be sure to watch the video below as I explain how we use this social security calculator when helping our community create a sound retirement plan.
I am reminded that a one-size-fits-all approach to retirement planning doesn’t work. We really need to create a plan based upon your financial reality. Just because we could help you receive an additional 50 to 100 thousand dollars in Social Security income over the lifetime of you and your spouse, doesn’t mean that it is ideal for your situation. The additional funds may not matter if you are receiving at a time when you won’t be able to enjoy it much. Ultimately the question the question becomes, “Do we begin taking Social Security early and enjoy a higher quality of life while we can, or do we wait to take benefits later so that we receive a higher quantity of money over our lifetime?”
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