Maximize Your Social Security Income

 

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We know that at one point or another all of us face the same problem:

Which benefits should I collect, and when should I do it?

The question of when to collect is very difficult. In fact, each year many people forgo spousal benefits or take their benefits either too early or too late. This mistake leaves them missing out on many thousands of dollars.      Go To Maximization Request Form

To help you get around these complexities and determine your best Social Security strategy, I provide you with a consultation and a customized analysis report, tailored to your specific circumstances.

Click to See the NPR Article: “How one call to Social Security could doom your financial future”

Why a Custom Analysis?

Determining when to claim your Social Security benefits is not only an important decision, but also a complicated one for most people. Because the Social Security program is designed to handle many different situations, the regulations covering who can get which benefits and at what age are numerous and complex. (If you want to see for yourself, check out the Social Security Handbook, or the Program Operating Manual.) Even if someone is familiar with all of the provisions that might affect their choice, it can be extremely difficult to determine the optimal strategy.

More than 90% of Social Security recipients leave money on the table.

The professional analysis, based on your unique circumstances, details Custom Claiming Strategies so you can take control and maximize your Social Security benefits.

You receive a complete report that shows how each different claiming strategy would deliver income to you (and your spouse), so you have clear information for sound decisions.

If you are doing your own retirement planning, this analysis is a must.

If you are using a financial adviser or CPA, take this report to them to coordinate your other retirement income.

Make sure you ask them to protect you from the “Tax Torpedo” of unexpected taxes later in retirement with advice about when to take your IRA or 401K distributions vs. taking your Social Security benefits.

Customized Claiming Strategies Increase your maximum social security monthly benefits up to $800 for a married couple, $150 for an individual, and $450 for a surviving spouse. These monthly increases add up to Tens of Thousands of Dollars more income over a lifetime.

These benefit increases represent equivalent benefits when utilizing various strategies.

You may have questions such as:
  • What is the best way to claim and maximize my benefits?
  • What are the average social security benefits?
  • What is the Full Retirement Age?
  • What are Spousal Benefits, and when can I get them?
  • What if I am divorced? What if I am remarried?
  • What if my spouse is disabled and collecting benefits? Can I collect benefits?
  • What if I am at full retirement age and have minor children? Do they receive benefits?
  • Will my benefits be reduced if I file prior to Full Retirement Age? If so, by how much, and is this permanent?
  • Will my spouse be impacted if I receive benefits early?
  • What if  I am still working and earn while receiving Social Security benefits?
  • I have worked for the government and a Social Security covered job. Will I receive both benefits?
Your Custom Analysis includes:
  • Review your Social Security Earnings/Benefit Statement.
  • Calculate your Break-even Point.
  • Compare Social Security benefits before and after Full Retirement Age.
  • Determine when you should apply for Social Security Benefits.
  • Identify whose account your Social Security Benefits should be based on (self, spouse, ex-spouse, deceased spouse).
  • Complete review of your unique issues (divorce, widow, remarriage and child-related situations).
  • Review all Social Security options showing how to increase your monthly Social Security lifetime benefits. Options include discussing “file and suspend” and “restrictive filing”, preparing a protective filing statement, etc.

Go To Maximization Request Form

Couple worried figuring

Don’t lose money by just taking your benefits as soon as you can.

A recent study states that seniors are failing to claim $25 billion in Social Security benefits every year. When averaged out, the typical couple mistakenly leaves $120,000 on the table.

As people near the age of retirement they all have the question,

When should I start taking my Social Security benefits?

Your Full Retirement Age and monthly benefit amount: For people born between 1944 and 1954 the age for full benefit called the Principal Insurance Amount is age 66. However, at age 62 one can start taking Social Security and receive an amount that is only 75% of the full benefit, or they could wait to age 70 and receive 136% of the full benefit. That’s a big difference monthly, but also an 8 year, or 96 month, difference in time. Then, when you put in spouse benefits, Cost of Living Adjustments, and other filing options, the decision becomes much more difficult. The Social Security Maximization Analysis is the way to understand what the difference could mean to you. Then you can make a decision that will benefit you (and your spouse) he most.

If you are a married couple, when to and how to take Social Security may be the most important decision you make in retirement. There are many more strategies available. The wrong decision could cost you tens of thousands of dollars.
Couple happy 10aExamples of strategies are:
  • Restricted Application
  • File and Suspend
  • Claim Now and Claim More Later
  • Minimize Taxation of Benefits
  • Coordinate Benefits with Overall Retirement
  • Combinations of the above
  • Protective filing Statement
  • Widow Benefit strategy
  • Divorced Benefit Maximization

When to claim and how to claim can depend on your marital status, life expectancy, financial circumstances, work status and lifestyle objectives . . . and how each of these factors interact with each other.

Click each one to open these subjects:
Deciding When Is Critically Important
Deciding When to Take Social Security Is Critically Important

No one can count on dying at a certain time, such as on his/her current life expectancy. If you’re married or partnered, the chances that both you and your spouse or partner will die on his/her current life expectancy are even smaller. Indeed, for 65 year-old married couples, there’s a better than even chance that at least one member will live to his or her early nineties.

Charles Guinn recommends that you plan to live to your maximum age of life, not your expected (average) age of life, for the simple reason that you might. For most of us, our maximum age of life is quite old, often 100+.

Planning for the worst case scenario (living as long as possible) is no different from planning for the worst case scenario with respect to your house burning down. Most likely it won’t happen. But if it does, you want to be insured. Having a high level of income that’s protected against inflation and continues as long as you live is the way to insure yourself against excessive longevity.

Buying Longevity Insurance from SS
Buying Longevity Insurance from Social Security

Social Security lets us, in effect, buy more of this longevity insurance by waiting to collect our benefits. The longer we wait (up to some limits discussed below), the higher will be our benefits once we start collecting. But the price we pay for waiting comes in the form of giving up benefits while we wait.

So how long should we wait to start collecting? The Social Security Maximizing Analysis helps you answer this question. As discussed below, the answer is different for different types of people who are eligible for different types of benefits.

And the right answer is not always to wait to take all benefits. Indeed, it may be optimal to take one type of benefit (an example, a spousal benefit) earlier than another type of benefit (as example, a full retirement benefit).

Using Present $$ Value
Calculating the Present Value of Future Benefits
The Social Security Maximizing Analysis shows you the amounts in the present value (the dollar value in today’s perching power) of the sum of all your future benefits based on the collections ages you select. But it also shows you the combination of collection ages for the different benefits that will provide the highest present value of benefits.
Here is a couple who gained $100,000 with proper panning

The chart below shows a comparison of strategies for Jan and Paul. You see that the the combination of strategies brought then over $100,000 more in Social Security benefits over their lifetimes. This money would have just been lost without if they had not taken the time to seek professional help with their planning. (COLA is Cost of Living Adjustment. If planned for correctly, can significantly increase your benefit.)

Social Security Comparison Chart

NSSA-logo-SM-fin-2-c-300x177 bevel_edited-1Excerpt from an actual report for individuals or couples is generated by through consultation and assessment of the financial and lifestyle situation, needs, and goals.  You receive a complete report and consultation so that you (and your adviser) can graphically see the choices and the consequences of each choice. Then you are able to make an educated decision about which strategy you believe to be the best for your unique situation.

Contacting the Social Security Office

There are those who recommend that you contact the Social Security Office. It is always a good thing to do, but don’t look to the representatives there for financial advice or filling strategy consultation. The telephone and office representatives who work for Social Security are prohibited by law from giving you Social Security strategy planning advice. They are trained in helping people file and understand the benefits, but that is as much as they can do. They are not trained or licensed as financial planners, and therefore not qualified to give advise on when or how you should take your benefits. There are some well meaning Representatives who try to help, but without financial training and experience, it is only luck if their advise gives you the best overall plan to maximize your benefits in coordination with your retirement accounts and other assess.

Most likely you have received communication from the Social Security Administration showing the monthly amount you may receive by filing at various ages. The most important amount, for the the Maximization Analysis, is the one given for Full Retirement Age.

Click to See NPR Article: “How one call to Social Security could doom your financial future”

Setup or access an Online Social Security Account        Locate your local SS Office     Medicare

Start today! Three Steps: 1. Initial Consultation to gather information. 2. Preparation of analysis and claiming strategies. 3. Review of the Claiming Strategies and how they may coordinate with other retirement income.

Information you will need to have for the Initial Consultation:
  • Estimate your LifespanYour (and your spouse’s) Social Security Benefits Statement
  • Or at least the monthly amount at Full Retirement Age
  • Information about any other retirement income you may have
  • Your plans for continuing to work as you get older
  • An estimation regarding your expected lifespan
  • Your goals and expectations for your lifestyle

The cost is $299

You may pay with PayPal or Credit Card.

To request your Initial Consultation:

Use the Contact Form on the Right or call 310-616-6965

Satisfaction Guaranteed! If you are not satisfied that the claiming strategies shown in the report and the consultation will help you Maximize your Social Security lifetime benefits, your money will be refunded in full.

Please read the Terms and Conditions

Click Here for Terms and Conditions
Terms and Conditions Agreement:

The sole purpose of the Social Security Maximizing Analysis is to assist you in finding the best year(s) to claim your Social Security benefits, independently of all other financial issues. What Charles Guinn provides is not intended as a substitute for partial or complete financial planning.

Charles Guinn strongly recommends that you take the Social Security Maximizing Analysis report to a licensed Financial Planner, Investment Advisor, Retirement Planner, or a Certified Public Accountant to coordinate your Social Security benefits with any other retirement income or assets that you may have. There could be negative tax consequences without proper coordination of Social Security benefits with other retirement funds.

By marking your acceptance of the terms herein, you agree that the Social Security Maximizing Analysis that Charles Guinn provides is designed to give you some input in mapping out your financial future, but should not be acted upon as a complete financial plan and is not given as financial planning.

Charles Guinn is certified by the National Social Security Association as a Social Security Advisor. However, he is not certified as a financial advisor, registered, authorized, or any other manner considered a financial planner. The Social Security Maximizing Analysis is simply a tool for helping you think through your economic futures. The Claiming Strategies are “suggestions” and should be viewed as informative inputs into your own decision-making with respect to saving, investing, taking distributions from your investments, and the purchase of life insurance or home mortgage products. You should seek the counsel of appropriately qualified and licensed financial professionals for further guidance.

Charles Guinn, either personally or through the Social Security Maximizing Analysis, provides neither economic advice, financial advice nor tax advice, which can only be delivered to you by licensed, authorized professionals. The Social Security benefit estimates produced by the Social Security Maximizing Analysis are just that — estimates. Only the Social Security Administration can tell you precisely the benefits and amounts to which you are or will be eligible and the amounts you will receive. The estimates provided here may differ from the correct amounts due to mistakes in our computer code of which Charles Guinn is unaware, or because of legislated changes in Social Security provisions of which he is unaware, or because of delays in updating of computer code for changes in Social Security provisions.

Check the Box in the Request Form only if you have read and understand these Terms and conditions.