When discussing retirement plans with our clients, we find that Social Security benefits are a consideration for most. While many recognize that these benefits will be of value to them once they decide to retire, few realize that leveraging our expertise can vastly improve their collection amount. There is tremendous valuae in being strategic about your social security benefits.
Did you know there are strategies you can implement into your plan to reduce the tax amount you’re required to pay on your social security income? Doing so not only allows you to add more income to your retirement, it ensures that you aren’t leaving money on the table as a result of not doing your due diligence alongside a wealth management professional.
This likely won’t come as a surprise, but the percentage of Social Security benefits you are paid will largely depend on what age you retire. Your full retirement age is determined by the year in which you were born. Claiming your benefits prior to this full retirement age means that you’ll receive only a portion of the income you would have received had you waited to reach full retirement age. That being said, if you have the flexibility to wait to claim Social Security benefits, waiting to reach full retirement age is one of the most simple steps you can take to maximize your benefits.
There are a number of strategies you can implement to maximise your Social Security benefits and limit your tax risk. Working in partnership with a trusted wealth management professional is the most effective way to ensure you’re being strategic about your retirement years. Reach out to the Metroplex Wealth team today at email@example.com 817. 6011.5272 to intiative a conversation about your Social Security benefits strategy.