4 Tips for National Social Security Month

Did you know that April is National Social Security Month? This entire fourth month focuses on encouraging the public to become educated about using social security to plan for their future. Here are four quick tips from our Certified Financial Planners™ to help you make the most of your social security plan.

• Understand How it Works – “Social Security is an average of your highest 35 years of earnings, not just the last few years where you may have earned the most. This will include any part time job you may have had when you were younger, or a few years of unemployment. You can work for a few more years than you planned on or put more away when you are employed to make up for those lower years.” – Harry Stadelmayer, CFP®, AIF®

• Maximize Your Social Security Benefits – “Spousal benefits allow a husband or wife to receive up to 50 percent of their spouse’s Social Security benefits. These benefits are available even if one spouse has never worked. Married couples can get more in Social Security payments by coordinating how and when they should begin collecting benefits.” – Denise Kovach, CFP®, AIF®, NSSA®

• Wait Longer, Get More – “The longer you delay starting your benefit the larger your benefit will be.  Also, lower wage earners generally, get a higher income replacement than people who earned more.  The combination of the two can be significant for those at lower income levels. Be sure you work long enough (35 years) to maximize your retirement benefits for your income level and remember that you need at least 10 years of Social Security wages to qualify at all.” – Aaron Bert, CFP®, AIF®

• Get Help from an Expert – “Consult with a CERTIFIED FINANCIAL PLANNER™, who can give you specific advice for your domestic situation and retirement goals. A CFP can sort through the many choices available to keep you on track for a solid and comfortable financial future.” – Gary Abely, CFP®, AIF®, CPA

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