At Lifetime Planning Inc., we specialize in designing retirement income plans for those who are close to retirement or have retired and need a partner in designing their retirement income stream. A key area that is becoming integral to this process for many of the Baby Boomers facing their retirements in the near future is how and when to claim their Social Security.
From time to time we will post bits of information that we feel are worthy of paying attention to regarding social security planning. You can check the Social Security page tab from our main website for information on our free seminars that are given several times a year.
Social security is unique in that it is a benefit that you can never outlive. It also has the benefit of being indexed for cost of living adjustments and even has survivor benefits that can provide benefits for your spouse after your death. It also has divorced spouse benefits and disability benefits for those injured who cannot work.
One of the pitfalls of having so many different options and combinations of claiming your Social Security benefits is knowing how/when is the right time for you personally to enact your benefits. We suggest starting by going to the Social Security website www.socialcecruity.gov and getting your account setup. After this is complete you are able to check your earnings tables, print your statement and even check your application status if you have already applied.
After setting up your account you will have access to print your latest statement of benefits which will help with the planning of different scenarios that might be possible for you to utilize. One of the items we request our clients bring with them is this current statement to help us incorporate Social Security planning into their retirement income stream plan.
Brandon M. Smith, LPL Investment Advisor Representative
Lifetime Planning, Inc.
Securities offered through LPL Financial, member FINRA/SIPC