Investors sometimes marginalize the value of Social Security, but this can be a big mistake. If you’ve been a high-earning taxpayer, live long and make smart Social Security claiming choices, the present value of a successful couple’s benefits can be as high as several millions of dollars– that’s how much you would have to have invested in a pension to match the income stream. Making the right Social Security “claiming” decisions can become very complicated, with taxes, joint mortalities, various benefit combinations and benefit ages all impacted by the rest of your unique wealth planning. Plus the wrong choices on investment, IRA, and other planning could mean you needlessly pay tax on nearly all your Social Security! And using the wrong claiming ages and benefits choices by you and your spouse could mean a difference of hundreds of thousands or more in lost lifetime income if you’re not careful. Avoiding the wrong Social Security decisions – among the dozens of confusing options – can go a long way to assure funding for the retirement you want. Camarda’s OneMoneyView™ can help to precisely map out the optimum Social Security claiming strategy for you, to not only target the biggest pile of lifetime payments, but better manage taxes and your other retirement assets, as well.
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