When looking ahead to the future when crafting your retirement plan, it is crucial to think about the different benefits and timelines for social security claiming. One of the earliest decisions that you’ll need to make in the retirement process is when and how to claim Social Security.
It’s beneficial to have experienced professionals to support you in this process all the way through retirement planning, estate planning and long term care planning. Finding advisors who have knowledge in this area can be extremely beneficial for you. This is because today’s world calls for a holistic retirement approach. You need to think about tax strategies, long term care possibilities, whether or not you may need reverse mortgages, estate planning and more.
One study identified that people could increase their retirement income to the tune of 22.6% by using a combination of several strategies including additional income products like annuities, tax efficient decisions, withdrawal sequence strategies and total wealth including social security. Social security must be considered as an overall retirement asset when making your plan. This will help you see all of the different perspectives and key issues involved so that you can make a comprehensive strategy for the future.
Retirement planning and estate planning can set you up for a successful future.
If you have questions about how Social Security and retirement planning works in conjunction with your estate plan, schedule a time to consult with an estate planning advisor today.