Post on 24-Feb-2016
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How Can You Maximize YourSocial Security Retirement Benefit?
AN OVERVIEW TO HELP YOU MAXIMIZE YOUR LIFETIME SOCIAL SECURITY INCOME
Virtually Every American is Covered by OSI,“Old Age and Survivors Insurance”
The Federal Insurance Contributions Act of 1935“FICA”
Insurance?How is Social Security, “Insurance?”
On January 31, 1940, Ida May Fuller received the very first Social Security retirement check for $22.54.
Ida May Fuller
She collected benefits from age 65 to age 100. She is an example of why people need “Old Age Insurance.”
Ida May Fuller
“The first person who will live to see their 150th birthday has already been born.”-- Dr. Aubrey De GrayChief Scientific Officer, SENS
Longevity Magnifies All Other Retirement Risks
• Inflation• Market Downturns• Low Interest Rates
• Income Taxes• Long Term Care• Outliving Your Money
Public and private insurance can help you build a safe foundation to
eliminate longevity risk
Fred and Wanda WorkerBoth Age 60
Excellent HealthOut of Debt
$500,000 in 401(k) / $50,000 CDs
CONSIDER THIS STORY OF
We Start With Their
Social Security
Statements
ssa.gov/myaccount
Wanda Worker’s StatementFull Retirement Age, or “FRA”
Age 66 Benefit = $1,619
ssa.gov/myaccount
Wanda Worker’s StatementAge 70
Benefit = $2,023
ssa.gov/myaccount
Wanda Worker’s Statement Age 62
Benefit = $1,113
ssa.gov/myaccount
Fred’s Monthly Social Security Benefits Age 62 = $1,875Age 66 = $2,500Age 70 = $3,334
Wanda: $1,113 per monthFred: $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
• $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
“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
• Social Security Increased Benefits• Effects of Inflation• Longevity Risk• Market Risk• Income Taxes
THEY OVERLOOKED
Why poor planning could have caused them to run out of money in about 27
years
SOCIAL SECURITY BENEFIT ANALYSIS
$315,000
Difference
By collecting a reduced Social Security benefit
instead of maximizing it . . .
THREE WAYS THEY WOULD LOSE MONEY
SOCIAL SECURITY BENEFIT ANALYSIS
$28,428 Differenc
e
1- They Would Lose Annual Income
$35,856 Instead
of$64,284
SOCIAL SECURITY BENEFIT ANALYSIS
$60,000 Differenc
e
2 – They Would Lose the Spousal Benefit
$0 Instead
of$15,000
for 4 years
SOCIAL SECURITY BENEFIT ANALYSIS
$17,508 Annual
Difference
3 – They Would Reduce Survivor Income
$22,500 Instead
of$40,008
SOCIAL SECURITY BENEFIT ANALYSIS
You Just Saw an Overview of the “File and Suspend” Strategy
discovered they should work three more years then live on
their 401(k) assets to maximize their Social Security.
However . . .
FRED AND WANDA
EVERY SITUATION IS DIFFERENT
STARTING AT AGE 62 IS BEST IN THIS SITUATION
HERE THE HUSBAND SHOULD START AT AGE 70 AND THE WIFE AT AGE 62
STARTING AT AGE 66 IS BEST IN THIS SITUATION
Get Your Own Social Security Maximization and Retirement Analysis to Discover the Strategy that Works Best for
You
WE WILL HELP YOU
Get Your Social Security StatementWE WILL HELP YOU
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
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
Discussion Points Life Expectancy Financial Situation (assets, debts, income,
and tax situation) Financial Objectives and Experience Risk Tolerance Family Circumstances
WE WILL HELP YOU
For a Free Social Security AnalysisI WILL HELP YOU
Michael J. Prestwich(505) 480-4331
www.SafeLifetimeIncome.com