For those getting ready to retire, recent news about changes to Social Security may only add to the stress of determining how and when to claim benefits. While it’s often best to work with a qualified, ethical financial adviser to create a holistic plan for retirement, AMDG Financial has created a complimentary e-book to help pre-retirees understand how the Social Security system works.
Even before President Obama signed the Bipartisan Budget Act of 2015 into law this month, Social Security already seemed complicated to most American consumers. A recent study showed that only nine percent of consumers believed they were 'very knowledgeable' about how Social Security benefits are determined. While the new law eliminates some of the claiming strategies previously available to individuals and couples, determining the best claiming strategy remains a complex issue.
“For just over half of married couples and nearly three quarters of singles, Social Security benefits make up more than half of their retirement income, so it’s important for people to develop a claiming strategy,” said Wayne Titus, CPA, PFS, AIFA®, founding member of AMDG Financial, a fee-only fiduciary financial advisory firm. “We created our Good Steward’s Guide to Social Security Retirement Benefits to explain the basics of Social Security to people who are starting to plan for retirement, but who don’t yet understand how to maximize their Social Security benefits,” he added.
Titus says the myriad options for claiming Social Security can be confusing, because each may have deadlines or details that, if missed, could be costly – either in terms of benefits or the impact of taxes. “While we hope that our e-book can be a tool in the planning process, we recommend that pre-retirees get professional help from a financial adviser who will work in their best interests,” said Titus. “Even if someone prefers to create his or her own plan, it’s always a good idea to get it checked by an adviser who has studied the rules, such as one who has National Social Security Advisor (NSSA) certification.”
AMDG Financial’s Good Steward’s Guide to Social Security Retirement Benefits is available here: