Social Security
Every one knows about Social Security, right? Get to 62 years old and start collecting, right? Maybe, but probably not. Social Security provides many different benefits:
- Retirement
- Disability
- Survivor
- Family
- Supplemental Security Income (SSI)
- Medicare
We all pay for these benefits. As of April 2025, the average Social Security monthly check is $1,931 or $23,172 per year. You would need savings of $463,440 in order to create this much income each year (based on 5% interest). And, this asset would have to be risk free!
This is actually quite a retirement asset, and not enough people look at this benefit carefully enough in order to maximize its role in your retirement. Would you ignore an investment account, or a retirement account (IRA or 401k) with a $463,400 balance? Then why do we ignore carefully reviewing this asset as a crucial part of our retirement?
How will Social Security be taxed? How will taking my Social Security early impact my cash flow in retirement? How will Social Security impact my IRA decisions in the future? How should I plan my IRA income and my Social Security income for the future so I am minimizing my income taxes and maximizing my income (yes, Social Security is taxed in retirement)?
I believe that retirement planning begins with Social Security. As a Registered Social Security Analyst and a Certified Financial Planner I have the knowledge, experience and tools to assist you in understanding your benefit and helping you construct a retirement cash flow strategy to plan for your retirement.
Learn more about the benefits of working with an RSSA Contact Me Regarding Your Social Security Plan
