Implementing Social Security
Once in a Lifetime Decision and You Need to Know Your Options
Did you know? If your annual income is $100,000 and you retire at age: 62 – you’re entitled to a monthly benefit of $1,970 and age, 70 you’re entitled to a monthly benefit of $2,395. Assuming you live until you are 90 years old; as most of us are living longer every day, that is $102,000 over your retirement that could be in your pocket if you take your social security at 70 years old. We are not saying that everyone should wait until age 70 to take Social Security because there are lots of factors to consider when deciding what age to start Social Security. Navigation Wealth Management is here to help you with all those factors though. Social security is often a subject that people don’t know enough about but could earn themselves more money by getting a certified financial advisor to assist them.
Retire at age 55 and you will potentially forfeit the opportunity for 10 years’ worth of stocking your retirement accounts. And we’re not just talking the money you would put into it. An estimated 40 percent of retirees rely on Social Security for most of their income, while even wealthy retirees draw one-third of their income from the program. Your Social Security benefit grows roughly eight percent per year until age 70, so the earlier you retire, all that potential growth is left behind.¹ We can work with you to help create a strategy to stage out your retirement income payments so you can wait as long as possible to access your accounts and maximize their benefits. We can also assist in looking at other factors like spousal benefits and how they will play a role in determining when to start taking your Social Security. Navigation Wealth Management wants to make sure that you get the most out of your retirement.
¹ Are You Leaving Thousands of Social Security Dollars on the Table? Money, June 18, 2014.
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Whether your retirement is a far off dream or a soon to be realized reality, the navigation steps you take today can help you enjoy financial independence you deserve.Contact Us To Get Started