Social Security Strategy
During the retirement planning process, it’s common for individuals to ask, “How much will I receive from Social Security?” In fact, over one-third of all retirees rely on Social Security for at least 50% of their retirement income. Many clients are concerned about the overall dollar amount they will receive and when they should file their initial claim to start collecting.
At Sunstone, we offer valuable insight to help you choose the Social Security claiming strategy that best aligns with your overall goals. For instance, it’s important to note that Social Security benefits, unlike most other retirement assets, do not transfer to a non-dependent beneficiary.
Questions to consider
Some questions to consider during the planning process include:
- Is it advantageous to delay claiming Social Security benefits based on your short-term and long-term objectives?
- How does Social Security income interact with your tax minimization strategies?
- In the event of a spouse's death, how will the surviving spouse's benefits be affected? Will the overall household income be impacted?
- Is it possible to suspend Social Security benefits at some point?
- Can you continue working while receiving Social Security benefits?
At Sunstone, we strive to develop a holistic strategy to help you make the most efficient and effective use of your Social Security benefits. By considering all aspects of your financial situation and future goals, we work with you to optimize this crucial element of your retirement income plan.
