it’s getting to that time where I need to start looking into social security. about 2 years to go and want my ducks in a row now, does anyone know of a person or place that is an expert in maximizing ones benefits. I really need to sit down with an expert.
(Moved to members looking for help)
Maybe look up a Registered Social Security Analyst (RSSA)?:
(Have no direct experience with an RSSA)
thanks, didn’t even know where to start
Not an expert by any means, but I started looking into myself as I plan on taking in two years as well.
First thing first. Register on the Social Security website. It will show you a retirement calendar of what your income will be for the different eligibility ages. There is early, full, and delayed.
Good luck!
I second what BlackKnight said. If you haven’t already, go to the Social Security site and sign up for an account. Once you log in, it will give you a statement of your approximate SS payments at different retirement ages. Also, I believe there use to be a section that you can input a custom age, and get a prediction.
While there, you can also look at what they have for your past year’s income, which is where they get their projections from. Make your your yearly earning are correct for all your past years gross income.
Another thing to consider, if you end up talking to a SS advisor. Many will recommend waiting to take your SS benefit until you get older, because the monthly amount increases the longer you wait. On face value, this is correct, but in reality, you need to consider your budget.
SS is a “use it or lose it” benefit. There is no pot of money (like a 401K account) that you can tap in and take at a future date. If you don’t pull payments, the money is gone. So, this goes into your planning, do you want to wait for a few years, and can you live off of your savings, pensions and retirement funds, waiting for the monthly amount to go up. Or, will you need the SS money to pay the bills?
Keep in mind, the “break even” point for taking SS at 62 versus 66, takes you out to about age 78 or 79. What that means, if you take it at 62 (at a lower monthly payment) versus waiting to 66 (higher payment), your “break even” point, taking it early is in your late 70’s, where it would be more beneficial to wait. But, like I said above, every year you wait, you need to “self fund” your retirement income. So, you need to look at longevity, and predict how long you will live and afford to wait.
Most people I know decided to take it at 62, and hang on to their retirements funds, and make them last longer.