Commonly the largest, and often irrevocable, financial decision that an individual will make is when to begin their Social Security benefits. Fearful speculation on the future of Social Security often leads to poor decisions regarding claiming benefits. While there are financial challenges facing the federal retirement income insurance program, those who are retired or nearing retirement should continue to receive most, if not all, of their legislated benefits. By delaying the start of Social Security benefits, recipients earn an extra 8% benefit permanently. In contrast, claiming benefits early permanently reduces the benefit received. It is more likely that current payroll taxes could increase to help fund the shortfall in Social Security reserves than see benefits decrease for recipients.
At Brandywine Oak, we guide our clients through the nuances of Social Security strategies to create a plan that is best for their unique circumstances. To learn more about the status of Social Security, please read https://www.thinkadvisor.com/2023/05/12/dont-panic-social-security-isnt-going-away-anytime-soon/?utm_source=pib&utm_medium=web_push&utm_term=ta&utm_campaign=push_test&trigger=click.
#BOPW #Planning
At Brandywine Oak, we guide our clients through the nuances of Social Security strategies to create a plan that is best for their unique circumstances. To learn more about the status of Social Security, please read https://www.thinkadvisor.com/2023/05/12/dont-panic-social-security-isnt-going-away-anytime-soon/?utm_source=pib&utm_medium=web_push&utm_term=ta&utm_campaign=push_test&trigger=click.
#BOPW #Planning