Presentation is loading. Please wait.

Presentation is loading. Please wait.

How Can You Maximize Your Social Security Retirement Benefit? AN OVERVIEW TO HELP YOU MAXIMIZE YOUR LIFETIME SOCIAL SECURITY INCOME.

Similar presentations


Presentation on theme: "How Can You Maximize Your Social Security Retirement Benefit? AN OVERVIEW TO HELP YOU MAXIMIZE YOUR LIFETIME SOCIAL SECURITY INCOME."— Presentation transcript:

1 How Can You Maximize Your Social Security Retirement Benefit? AN OVERVIEW TO HELP YOU MAXIMIZE YOUR LIFETIME SOCIAL SECURITY INCOME

2 Virtually Every American is Covered by OSI, “Old Age and Survivors Insurance”

3 The Federal Insurance Contributions Act of 1935 “FICA”

4 Insurance? How is Social Security, “Insurance?”

5 On January 31, 1940, Ida May Fuller received the very first Social Security retirement check for $ Ida May Fuller

6 She collected benefits from age 65 to age 100. She is an example of why people need “Old Age Insurance.” Ida May Fuller

7 “The first person who will live to see their 150 th birthday has already been born.” -- Dr. Aubrey De Gray Chief Scientific Officer, SENS

8 Longevity Magnifies All Other Retirement Risks Inflation Market Downturns Low Interest Rates Income Taxes Long Term Care Outliving Your Money

9 Public and private insurance can help you build a safe foundation to eliminate longevity risk

10 Fred and Wanda Worker Both Age 60 Excellent Health Out of Debt $500,000 in 401(k) / $50,000 CDs CONSIDER THIS STORY OF

11 We Start With Their Social Security Statements ssa.gov/myaccount

12 Wanda Worker’s Statement Full Retirement Age, or “ FRA ” Age 66 Benefit = $1,619 ssa.gov/myaccount

13 Wanda Worker’s Statement Age 70 Benefit = $2,023 ssa.gov/myaccount

14 Wanda Worker’s Statement Age 62 Benefit = $1,113 ssa.gov/myaccount

15 Fred’s Monthly Social Security Benefits Age 62 = $1,875 Age 66 = $2,500 Age 70 = $3,334

16 Wanda: $1,113 per month Fred: $1,875 per month $35,856 Annual Income LIKE NEARLY HALF OF ALL RETIREES*, FRED AND WANDA WERE INCLINED TO START SOCIAL SECURITY AT AGE 62 * 2013 Urban Institute analysis of U.S. Census Bureau

17 $60,000 Income Needed $36,000 Social Security Income $24,000 Income From 401(k) (Only Need A 5% Return Each Year) THEIR THOUGHT PROCESS

18 “If you've only got one shot, you've got to make it count. You can't afford to miss because you screwed up the planning.” -- Lee Child, The Killing Floor

19 Social Security Increased Benefits Effects of Inflation Longevity Risk Market Risk Income Taxes THEY OVERLOOKED

20 Why poor planning could have caused them to run out of money in about 27 years

21 SOCIAL SECURITY BENEFIT ANALYSIS $315,000 Difference

22 By collecting a reduced Social Security benefit instead of maximizing it... THREE WAYS THEY WOULD LOSE MONEY

23 SOCIAL SECURITY BENEFIT ANALYSIS $28,428 Difference 1- They Would Lose Annual Income $35,856 Instead of $64,284

24 SOCIAL SECURITY BENEFIT ANALYSIS $60,000 Difference 2 – They Would Lose the Spousal Benefit $0 Instead of $15,000 for 4 years

25 SOCIAL SECURITY BENEFIT ANALYSIS $17,508 Annual Difference 3 – They Would Reduce Survivor Income $22,500 Instead of $40,008

26 SOCIAL SECURITY BENEFIT ANALYSIS You Just Saw an Overview of the “File and Suspend” Strategy

27 discovered they should work three more years then live on their 401(k) assets to maximize their Social Security. However... FRED AND WANDA

28 EVERY SITUATION IS DIFFERENT

29 STARTING AT AGE 62 IS BEST IN THIS SITUATION

30 HERE THE HUSBAND SHOULD START AT AGE 70 AND THE WIFE AT AGE 62

31 STARTING AT AGE 66 IS BEST IN THIS SITUATION

32 Get Your Own Social Security Maximization and Retirement Analysis to Discover the Strategy that Works Best for You WE WILL HELP YOU

33 Get Your Social Security Statement WE WILL HELP YOU

34 Explain Key Social Security Terms Full Retirement Age “FRA” “File and Suspend” Strategy Spousal Benefits Survivor Benefits Early Retirement Benefit Reduction WE WILL HELP YOU

35 Answer Key Questions When Should I Begin Social Security Income? Can I Get Spousal Benefits From My “Ex?” When Should I Stop Working? Are My Retirement Accounts Adequate? Can My Retirement Accounts Provide Guaranteed Lifetime Income? WE WILL HELP YOU

36 Discussion Points Life Expectancy Financial Situation (assets, debts, income, and tax situation) Financial Objectives and Experience Risk Tolerance Family Circumstances WE WILL HELP YOU

37 For a Free Social Security Analysis I WILL HELP YOU Michael J. Prestwich (505)


Download ppt "How Can You Maximize Your Social Security Retirement Benefit? AN OVERVIEW TO HELP YOU MAXIMIZE YOUR LIFETIME SOCIAL SECURITY INCOME."

Similar presentations


Ads by Google