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Optimizing Your Retirement Planning: Social Security Basics

by AOG Wealth Management

Wealth management for Washington, DC area workers is something to understand early on in your working career in order to maximize your retirement benefits. Social Security is a good place to start since there’s a reminder on each and every one of our paychecks and the building block for most of our retirement plans.

As your local wealth management firm, at AOG we have tips on how to manage your Social Security planning.

 1. Review your earnings record. Examine your earnings record from your latest statement. Check if the information is accurate or if there are any missing years. Then if you can improve your earnings through working longer, do so.

2.  Apply for Social Security at the right time. Many people have the simplistic idea that they should take their Social Security benefits as soon as they are eligible. However, applying at the right time is essential in getting the most out of your Social Security benefits. For some, it may make sense to wait to take your social security benefits, especially if you are still working. We can help determine when it is best for you to take your social security benefits.

3.  Understand spousal benefits. Another important aspect to understand about social security is the rules for spousal benefits. If you are married, one of you is qualified for a full spousal benefit, which is equal to half of your partner’s retirement benefit. On the other hand, let’s say you were married for 10 years and then divorced. Both of you may claim a spousal benefit based on the other’s retirement benefit.

4.  Make the most of survivor earnings. Survivor benefits are for couples that have been married for at least nine months prior to the date of death. You will be entitled to as much as 100% of your deceased partner’s retirement benefit. However, your survivor benefit may be reduced, depending on when you are planning to take it.

 Additional Tips:

  • Always remember that if you apply too early for Social Security, your benefit starts lower and remains lower for life.
  • Keep in mind that Social Security decisions impact survivor benefits too. If you choose to delay your benefits, you may give your surviving spouse more income.
  • Communicate and get educated through seminars and workshops. The sooner you learn the rules of Social Security, the more you stay on top of new developments.

As one of your local wealth management firms in DC, Maryland and Virginia, AOG Wealth Management is dedicated to helping you reach your financial goals. We offer institutional-quality investment management services that include retirement planning solutions, investment offerings, tax services and insurance. Just call us today at (866) 993-0203 to learn more about our services.

The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual.  We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.

Category: Info Articles