Social Security Myths

When you look at income planning for retirement, most likely Social Security is part of that planning.  Many people don’t realize the true value of Social Security income.  I have met with many people who have pensions that have been level for 10, 15 or more years.  Inflation simply was not addressed during those years, which eats away at their buying power.

As of November 2015 how Social Security Planning works has forever been altered.  If you are 62 or older on December 31, 2015 you still have options.  If you are younger, your options have changed.  By “you” we mean you and/or your spouse.  We can clarify all of this for you – see our other website, iXray Social Security

We have a complete website dedicated to Social Security planning – iXray Social Security

You likely know that Social Security income can grow over time. This adjustment is called a cost of living adjustment.

Please don’t discount the true value of Social Security income planning.Social Security Breaking even by waiting longer

However, there are serious gaps in people’s knowledge. Many options exist regarding income planning.  I have met people who started early at 62. Most of these people really should have waited until full retirement age.

We will be pointing out strategies that will help you maximize your benefits.

Strategies to consider

  • Spousal planning
  • File and suspend – read about this on iXray Social Security
  • Waiting until full retirement age

Waiting will cause your benefits to be bigger – unless you are impacted by the changes of November 2015

What would be best – more checks or larger checks?

There is much to take into account before you make your final choice.  There are subjective considerations to take into account.  One key question to ask – will you live past the break even point?  The break even point is when your cumulative income crosses over from having smaller checks vs having fewer but larger checks.