1. Social Security
What You Need to Know to Help Maximize Your Retirement Income
Thanks for coming to my seminar on Social Security. Today, we’ll highlight what you need to know to help maximize the amount of retirement income you receive from Social Security.

2. Choosing when to start Social Security payments may be one of the most important decisions you make in the retirement income planning process
It can have a significant impact on how much guaranteed income you and your spouse receive for life!
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Choosing when to start Social Security payments may be one of the most important decisions you make in the retirement income planning process. It can have a significant impact on how much guaranteed income you and your spouse receive for life!

3. For example, if you were 60 years old with maximum career earnings and started benefits at age 66: You could receive more than $630,000 over the next 20 years
And that’s not even including annual cost of living adjustments or spousal benefits if you’re married!
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For example, if you were 60 years old with maximum career earnings and started benefits at age 66, you could receive more than $630,000 over the next 20 years. And that’s not even including annual cost of living adjustments or spousal benefits if you’re married!
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This hypothetical example is based on a 60-year-old with work earnings that reach or exceed the annual income used to calculate Social Security benefits. It assumes that benefits begin at Full Retirement Age of age 66. The maximum monthly benefit for this retiree is $2,642 in From age 66 to 88, the retiree would receive a total of $634,080, excluding cost-of-living adjustments (COLAs) or any available spousal benefits.
Source:

4. Understanding Your Choices How to Decide When to Start
Strategies to Help Maximize Your Retirement Income
This presentation will provide you with information, ideas and tips on how to maximize your Social Security benefits. First, we’ll discuss the Social Security retirement benefit options that are available to you.
Then we’ll go over the steps you should take to decide when is the best time to start Social Security, and finally, we’ll highlight three strategies that can help maximize your retirement income.

5. Understanding Your Choices
Year of
Birth
Full Retirement Age 66
1955
months
1956
months
1957
months
1958
months
1959
months
1960 and later 67
Take early payments (age 62-64)
Start benefits at Full Retirement Age (age depending on your year of birth)
Delay and get even more (from Full Retirement Age to age 70)
Capitalize on spousal benefits
Enhance survivor income
The first step in maximizing your Social Security benefits is to know your options and understand how they work. When it comes to taking benefits from Social Security, you have 5 main options:
Take early payments between ages 62-64
Start benefits at Full Retirement Age. This is the age that you’ll receive full benefits from Social Security. The Full Retirement Age ranges from age 65-67, depending on your date of birth. The older you are, the sooner you’ll be able to access full benefits. As you can see from this table, for people in their fifties and sixties, their Full Retirement Age is between 66 and 67 years old.
Delay and get even more. By waiting until after your Full Retirement Age to take benefits, you’ll be able to increase your benefits even more. We’ll discuss how that works in a later slide.
Capitalize on spousal benefits. If you’re married, you have more options available to try to increase your income. In some situations, it may even make sense for one spouse to take early payments, while the other delays payments to help maximize overall benefits.
Enhance survivor income. Finally, it’s important to consider survivor benefits in managing your Social Security benefits. By delaying payments until age 70, you may be able to increase the amount your spouse receives once you pass away.
With most of these options, the later you claim, the more you can receive from Social Security!
Source: Social Security Administration
The later you claim, the more you can receive!

6. Option 1: Take It Early
Social Security can begin as early as age 62, but benefits will be reduced by as much as 30%
If you begin benefits at age 62 and your Full Retirement Age is:
Your $1,000 benefit will be reduced to:
That’s a percentage decline of: 66
$750
-25%
66 and 2 months
$741
-26%
66 and 4 months
$733
-27%
66 and 6 months
$725
66 and 8 months
$716
-28%
66 and 10 months
$708
-29% 67
$700
-30%
Your first option is to take benefits early. Social Security can begin as early as age 62, but benefits will be reduced by as much as 30%, depending on your Full Retirement Age. As you can see from this table, the earlier you take payments in relation to your Full Retirement Age, the bigger your reduction.
For example, if you begin benefits at age 62 and your Full Retirement Age is 66, your $1,000 benefit will be reduced 25% to $750. If your Full Retirement Age is even later at age 67, your $1,000 benefit will drop 30% to $700!
Source: Social Security Administration

7. Option 2: Start at Full Retirement Age
You’ll receive at least 100% of your Social Security benefits if you claim at Full Retirement Age or later
Plus, you’ll have the opportunity to add more earnings to your work record
Social Security benefits are based on the average of your 35 highest years of earnings
Work longer and potentially increase your average earnings
The second option is to start benefits at Full Retirement Age. By claiming at Full Retirement Age or later, you’ll be able to receive 100% or more of your Social Security benefits.
Plus, you’ll have the opportunity to add more earnings to your work record. Social Security benefits are based on the average of your highest 35 years of earnings up to a maximum amount. If you haven’t worked at least 35 years or if you had low income in many of those years, working longer may add higher earnings into your work record, resulting in greater Social Security benefits at retirement.

8. Option 3: Delay and Get Even More
Waiting until after your Full Retirement Age to begin payments can increase your benefits by up to 8% a year
The yearly rate of increase depends on your year of birth
Increases end after you reach age 70, even if you continue to delay taking benefits
Year of Birth 
Yearly Rate of Increase  
+6.0%  
+6.5%  
+7.0%  
+7.5%
1943 or later 
+8.0%
In addition, if you delay the start of your Social Security benefits until after Full Retirement Age, you have the opportunity to earn even more.
Delaying payments until after your Full Retirement Age will allow more “deferral credits” to accrue, increasing your benefits by up to 8% a year. The yearly rate of increase depends on your year of birth. As you can see from this table, if you were born after 1943, your annual benefit can increase 8% every year from Full Retirement Age to age 70. There is no additional benefit increase after you reach age 70, even if you continue to delay taking benefits.
Note: The rate of increase is calculated as simple interest on your benefit at Full Retirement Age.
Source: Social Security Administration

9. Option 4: Capitalize on Spousal Benefits
Married individuals can claim the greater of their own benefit or 50% of their spouse’s benefit at Full Retirement Age (FRA)
Spousal benefit is reduced up to 35% if claimed prior to the recipient’s FRA
Divorced spouses can receive spousal benefits if marriage lasted at least 10 years and recipient is currently unmarried
Another way to help increase your Social Security benefits is by capitalizing on spousal benefits. Married individuals can claim the greater of their:
Own benefit based on their individual earnings, or
50% of their spouse’s benefit at Full Retirement Age. This is known as the “spousal benefit.”
Similar to your own benefit, the spousal benefit is reduced up to 35% if claimed prior to your Full Retirement Age. The sooner you claim, the more your reduction. Please note that claiming any type of benefit prior to FRA is deemed to be claiming all types of benefits to which the recipient is entitled.
In addition, if you’re divorced, you can still receive benefits based on your ex-spouse’s record if your marriage lasted at least 10 years and you’re currently unmarried. If you remarry, you generally cannot collect benefits based on your ex-spouse’s benefits (unless your second marriage ends either by death, divorce or annulment).
There are many ways to use spousal benefits to help maximize the benefits that a married couple can receive. We’ll discuss some of them later in this presentation.

10. Option 5: Enhance Survivor Income
Widow(er)s can keep their own benefit or switch to the deceased spouse’s benefit if it is higher
Survivor benefits are available as early as age 60 (age 50 if disabled) but they will be reduced by up to 28.5% if claimed before the recipient’s Full Retirement Age
The fifth option we’ll discuss here is to enhance survivor income. Widow(er)s have the option to keep their own benefit or switch to the deceased spouse’s benefit if it is higher.
Survivor benefits are available as early as age 60, but they will be reduced by up to 28.5% if claimed before the recipient’s Full Retirement Age. A widow or widower who is disabled can get benefits at age 50. A divorced widow or widower may also be eligible for benefits.
For retirees who anticipate a shorter retirement due to health or other reasons, survivor benefits should be considered during the retirement income planning process, in order to help ensure that their spouse have optimal benefits throughout the rest of their lives.

11. Understanding Your Choices How to Decide When to Start
Strategies to Help Maximize Your Retirement Income
Now that we’ve discussed the Social Security options available to you, we’ll take a look at how to decide when to start.

12. 5 Keys to Deciding When to Start
Estimate your Social Security benefits
Consider how long your retirement will last
Determine if you want to continue working
Look at the tax consequences
Evaluate spousal opportunities
When it comes to deciding when to apply for Social Security benefits, there are 5 keys to making the right choice:
Estimate your Social Security benefits
Consider how long your retirement will last
Determine if you want to continue working
Look at the tax consequences
Evaluate spousal opportunities

13. Estimate Your Benefits
Determine how much income you’ll need to retire
Use the online calculator at to see how much you’ll receive from Social Security
First, you should take a few minutes to estimate your Social Security benefits and see how that relates to your retirement income needs and goals.
Start by determining how much income you’ll need to retire. Many financial experts estimate that you’ll need at least 70-80% of your current annual income to maintain your lifestyle in retirement.
To get an idea of how much guaranteed income Social Security can provide, use the online calculator on the Social Security website ( Input your personal information and Social Security card number and you’ll get the most recent updates of how much you’ll receive at age 62, Full Retirement Age and age 70. These numbers will help you determine if it makes sense to delay or start Social Security right away. [ ]
PLANNING TIP: Use the results to help you determine if it makes sense to delay or start right away

14. Consider How Long Your Retirement Will Last
Longevity plays a key role in determining which option is best
Total Benefits by Age and Start Time
Age
Begin at Age 62
Begin at FRA of 66
Begin at Age 70 62
$9,000 $0 66
$45,000
$12,000 70
$81,000
$60,000
$15,840 75
$126,000
$120,000
$95,040 78
$153,000
$156,000
$142,560 80
$171,000
$180,000
$174,240 82
$189,000
$204,000
$205,920
◄ Breakeven
The second step is to consider how long your retirement will last. Longevity plays a key role in determining which option is best for you. In fact, if you expect a shorter retirement due to health or other reasons, you may want to claim early, even with reduced benefits.
For example, take a look at this hypothetical illustration. Assuming a monthly benefit of $1,000 at Full Retirement Age of 66, it illustrates the total income you would receive if you claimed Social Security at age 62, 66 and 70.
Even though taking early payments at age 62 means a reduced monthly benefit of $750 (75% of $1,000), this strategy would still provide you with more total income up to age 78, at which point delaying payments to age 66 would have been the better choice.
Likewise, if you lived past age 82, you would have been better-off waiting until age 70 to start Social Security.
◄ Breakeven [ ]
Note: This illustration assumes a monthly benefit of $1,000 at Full Retirement Age.
PLANNING TIP: Investors who expect a shorter retirement may want to claim early, even with reduced benefits

15. Determine If You Want to Continue Working
If you work and take benefits prior to your Full Retirement Age (FRA), some of your benefits may be withheld
Benefits are reduced $1 for every
Earned over $2
$15,480
In calendar years before FRA is reached $3
$41,400
In the calendar year in which FRA is reached (until the month of FRA)
Note: The income threshold in this table is for Source: Social Security Administration Fact Sheet.
Next, you should determine if you want to continue working. If you work and take benefits prior to your Full Retirement Age (FRA), some of your benefits may be withheld. These reductions are on top of any reductions made for starting payments before Full Retirement Age.
Here’s how it works:
Benefits are reduced $1 for every $2 earned over $15,480 in 2014 in calendar years before FRA is reached.
In the year in which FRA is reached, benefits are reduced $1 for each $3 earned over $41,400 in 2014 until the month FRA is reached.
Benefits are not reduced once you attain FRA.
However, it’s important to realize that any amounts withheld are only temporary. Reductions made as a result of wages are added back to your benefit after you reach Full Retirement Age, so there’s no penalty for working longer. Benefits are not lost; they’re simply deferred. [ ]
PLANNING TIP: Any amounts withheld are only temporary. They’re added back to your benefits after you reach Full Retirement Age, so there’s no penalty for working longer.

16. Look at the Tax Consequences
Depending on how much you earn, you could pay tax on up to 85% of your Social Security benefits!
The fourth step is to look at the tax consequences of taking Social Security benefits. Depending on how much you earn in wages and other income, you could pay tax on up to 85% of your Social Security benefits.
To determine the taxable amount of your Social Security benefits, add up your adjusted gross income, tax-exempt income and 50% of your annual Social Security benefits. If this amount exceeds $34,000 for single filers or $44,000 for married couples filing jointly, up to 85% of benefits is subject to ordinary income tax!
To help minimize taxes, make sure your total income doesn’t exceed the threshold amounts. This may mean reducing your work hours to prevent the wages you earn from pushing you over the limit. [ ]
PLANNING TIP: To help minimize taxes, make sure your total income does not exceed the threshold amounts.

17. Evaluate Spousal Opportunities
Coordinate benefits between both spouses to help increase overall income
Each spouse has the opportunity to receive both spousal benefits AND their own benefits at different times. For example:
Age 66:
Claim spousal benefit
Ages 67-69:
Delay own benefits to maximize future payments
Age 70:
Take own benefits for higher income
The next step is to evaluate your spousal opportunities. Consider what you and your spouse will receive using your own benefits and that of your spouse, and coordinate these benefits to help increase overall income.
Assuming that both spouses have a qualifying earnings history, each spouse can receive both spousal benefits and their own benefits at different times. For example, a high-earning husband can claim spousal benefits at his Full Retirement Age of 66 (if his wife is also taking benefits), delay his own benefits from ages to maximize future payments, and take his own benefits at age 70 for higher income.
By combining early and delayed benefits between both spouses, a married couple can help maximize their income throughout retirement. We’ll show you a more detailed example of how this works later in the presentation. [ ]
PLANNING TIP: Combine early and delayed benefits to help maximize retirement income for married couples.

18. Don’t Overlook Survivor Benefits
When you begin Social Security payments can increase the survivor benefit for your spouse
A surviving spouse should consider which option would provide a higher benefit—their own earnings or the survivor benefit [ ]
PLANNING TIP: If the survivor benefit is higher, avoid taking it prior to your Full Retirement Age or your benefit will be reduced by up to 28.5%.
Finally, don’t overlook the impact of survivor benefits. When you begin Social Security payments can increase the survivor benefit for your spouse. For example, if you earn more than your spouse and you want to leave him or her with a larger survivor benefit, you may want to consider waiting until after your Full Retirement Age to start Social Security. This way, you can help ensure that your spouse receives maximum benefits after your death.
In terms of retirement income, a surviving spouse has the choice of either taking his or her own benefit or that of the deceased spouse, whichever is higher. If the survivor benefit is higher, avoid taking it prior to your Full Retirement Age or your benefit will be reduced by up to 28.5%.
There are other ways you can use survivor benefits to help maximize income. We’ll take a look at a more detailed example in the next section of this presentation.

19. Understanding Your Choices How to Decide When to Start
Strategies to Help Maximize Your Retirement Income
In this third and final section of our presentation, we’ll highlight a few strategies that can help you maximize your retirement income.

20. Start Now and Get More Later
Combine early and delayed benefits for married couples to generate more income
With this strategy, the low-earning spouse starts income right away at age 62
The high earner takes spousal benefits at Full Retirement Age (age 66), delaying his or her own benefits for maximum income
At age 70, the high earner takes his or her own benefits and the low earner switches to spousal benefits to generate higher income!
First, let’s take a closer look at the spousal benefit strategy we discussed earlier in this presentation. One variation of this strategy is to combine early and delayed benefits for married couples in order to generate more income.
With this strategy, the low-earning spouse starts income right away at age 62, even though he or she would receive reduced benefits. The high earner then takes spousal benefits at Full Retirement Age (age 66), delaying his or her own benefits for maximum income.
At age 70, the high earner takes his or her own benefits and the low earner switches to spousal benefits to generate higher income!

21. Total Benefits Paid at Age 90
Example: Generate $215,016 More Income Over 28 Years!
Start Now and Get More Later
Assumptions: Fred and Jane are married; they are 62 years old with Full Retirement Age (FRA) at 66; and their Social Security benefit at FRA is $2,400 for Fred and $1,000 for Jane
Monthly Income at Age 62
$750
Monthly Income at Age 66
$1,250
Monthly Income at Age 70
$4,118
Total Benefits Paid at Age 90
$1,133,736
Jane takes a reduced early benefit ($750)
Fred elects spousal benefits and receives half of Jane’s benefit ($500)
Jane continues her own benefit ($750)
Fred takes his full delayed benefit ($3,168)
Jane elects spousal benefits to generate more income ($950)
That’s $215,016 more than if Fred and Jane had both elected early benefits at age 62!
Here’s an example of how this works. Let’s assume that Fred and Jane are married; they’re both 62 years old with Full Retirement Age at age 66; and their Social Security benefit at Full Retirement Age (FRA) is $2,400 for Fred and $1,000 for Jane. The couple’s goal is to begin income now and maximize benefits over time. By taking Jane’s benefit at age 62 and delaying Fred’s benefit until age 70, they can increase their overall Social Security payments by $215,016 over 28 years.
Let’s look at the details. At 62, Jane begins drawing a reduced monthly benefit of $750 ($1,000 reduced by 25%). When Fred turns 66, he is able to take a spousal benefit of $500 (1/2 of Jane’s benefit at FRA). Four years later at age 70, Fred draws his full delayed benefit of $3,168 and Jane’s benefit is increased by the difference between her benefit at FRA ($1,000) and half of Fred’s benefit ($1,200), which is $200. Thus, her benefit rises from $750 to $950, giving the couple a combined benefit of $4,118 at age 70. If they continued taking benefits for the next 20 years, total benefits paid to Fred and Jane at age 90 would be $1,133,736.
In comparison, if both Fred and Jane were to elect early benefits at age 62, they would receive total benefits paid of $918,720 at age 90, which is $215,016 less than the Start Now and Get More Later strategy!
Note: For this strategy to work, the individual receiving spousal benefits must be between his or her FRA and age 70, and the other spouse must also be receiving benefits. This strategy will only result in higher aggregate benefits if both spouses survive for a certain amount of time. In this example, if either Fred or Jane passes away before age 78 (the breakeven point), they would have received less income using the Start Now and Get More Later strategy.
Of course, each person's experience will vary based on their individual circumstances.
Note: Illustration does not reflect any cost of living increases.

22. File and Suspend
Help maximize income by filing for benefits at Full Retirement Age and then suspending receipt until age 70
This strategy allows the low-earning spouse to receive payments equal to 50% of the high earner’s benefit
Plus, the high earner continues to delay payments, accruing credits for more guaranteed income at age 70
The second strategy we’ll discuss is the File and Suspend strategy, which is another way for married couples to take advantage of spousal benefits. With this strategy, a high-earning married individual at Full Retirement Age can file for benefits and then suspend receipt of those benefits until age 70. This strategy allows the low-earning spouse to receive payments equal to 50% of the high earner’s benefit. Plus, the high earner continues to delay payments, accruing credits that will provide him or her with more guaranteed income at age 70!

23. Example: Generate $78,336 More Income Over 24 Years
File and Suspend
Assumptions: Charlie and Mary are married; their Full Retirement Age (FRA) is 66; and their Social Security benefit at FRA is $2,400 for Charlie and $1,000 for Mary
Monthly Income at Age 66
$1,200
Monthly Income at Age 70
$4,368
Total Benefits Paid at Age 90
$1,158,336
Charlie files and suspends his benefit ($0)
Mary elects spousal benefits and receives half of Charlie’s benefit ($1,200)
Charlie takes his own benefit ($3,168)
Mary continues spousal benefits ($1,200)
That’s $78,336 more than if Charlie had not suspended his benefit at age 66!
Let me show you how this can provide a couple with $78,336 more income over 24 years. Consider Charlie and Mary, a 66-year-old couple who are both at Full Retirement Age (FRA) and want to take immediate income while maximizing their overall retirement benefits. Charlie’s benefit at FRA is $2,400 and Mary’s is $1,000. By suspending Charlie’s benefit and having Mary begin spousal benefits immediately, the couple can receive more benefits than if full benefits were elected at age 66.
Here are the details. First, Charlie elects and suspends his benefit right away, so he takes zero income at age 66. Mary elects spousal benefits and receives 50% of Charlie’s benefit at FRA, or $1,200. By suspending his benefits, Charlie continues to accrue credits until he begins full payment of $3,168 at age 70. Since Mary continues to receive her benefit of $1,200, Charlie and Mary’s combined benefit is $4,368 at age 70. If they continued to take benefits over the next 20 years, total benefits paid to Charlie and Mary at age 90 would be $1,158,336.
In contrast, if the couple had elected to take full benefits at age 66, they would have received a total of $1,080,000 at age 90, which is $78,336 less than the File and Suspend strategy!
Note: For this strategy to work, the individual who is filing and suspending benefits must be between his or her FRA and age 70. Like the previous example, the results of the File and Suspend strategy depends on the longevity of the couple. If Charlie and Mary passed away before age 82 (the breakeven point), then they would have received less income under the File and Suspend strategy.
Of course, each person's experience will vary based on their individual circumstance.
Note: Illustration does not reflect any cost of living increases

24. 3. Claim Survivor Benefits Early
For high-earning widow(er)s, consider starting survivor benefits at age 60 to help increase overall income
This strategy provides the surviving spouse with additional income from age 60 to 69
Plus, by delaying payments until after Full Retirement Age, the high earner can receive the maximum amount of Social Security benefits based on his or her own earnings at age 70!
Third, if you’re a high-earning widow or widower, you may want to take survivor benefits early at age 60, even though you’ll receive reduced benefits.
That’s because you’ll be able to earn extra income from age 60 to 69. Plus, you can delay your own benefits, allowing additional credits to accrue and helping you generate more benefits at age 70, when you claim your own benefits!

25. Example: Receive an Additional $85,800 in Survivor Benefits
Survivor Benefits Strategy
Assumptions: Bob and Cindy are married; they are 60 years old with Full Retirement Age (FRA) of 66; their Social Security benefit at FRA is $2,400 for Bob and $1,000 for Cindy; and Cindy dies at age 60.
Monthly Income at Age 60
$715
Total Benefits Paid from Ages 60-69
$85,800
Total Benefits Paid from Ages 70-90
$760,320
Bob claims survivor benefits and receives 71.5% of Cindy’s benefit ($715)
In this example, a widower can receive an additional $85,800 in survivor benefits. Here’s how. Assume that Bob and Cindy are a married couple, both 60 years old with Full Retirement Age at age 66. Their benefit at Full Retirement Age is $2,400 for Bob, and $1,000 for Cindy.
Unfortunately, Cindy passes away at age 60. Since Bob’s earnings are much higher than Cindy’s, Bob claims survivor benefits at age 60 and receives 71.5% of Cindy’s benefit, or $715 per month.
Bob can take this income every month over the next 10 years, all the while delaying his own benefits to maximize his future payments. From ages 60-69, he earns total benefits of $85,800. At age 70, he switches over to his own benefits and earns $3,168 per month over the next 20 years for a total of $760,320 at age 90.
In this way, Bob earns $85,800 in survivor benefits that would have been lost if he did not take advantage of these benefits!
That’s $85,800 in survivor benefits that would have been lost if Bob did not take advantage of these benefits!
Bob takes his own benefit from age ($3,168)
Note: Illustration does not reflect any cost of living increases

26. 4. Build an Income Bridge to Help Increase Future Benefits
If you decide to retire later, you may need to bridge the potential income gap with retirement sources other than Social Security
Possible solutions:
Fixed annuities
Index Annuities with optional income benefits
Retirement accounts like IRAs or 401(k)s
Earnings from work
Finally, let’s look at how you can build an income bridge to help supplement future Social Security benefits. If you decide to retire later, you may need to bridge the potential income gap with retirement sources other than Social Security. Possible solutions include:
Fixed annuities—these products are issued by insurance companies and offer a fixed rate of return guaranteed by the issuer. This means that you can receive a stable source of guaranteed income to supplement your reduced Social Security benefits. Fixed annuities are also tax-deferred, meaning that you won’t pay income tax on earnings until they’re withdrawn. Fixed annuities don’t provide access to the growth potential of equities; as a result, your income may not keep up with rising costs.
Index annuities with an optional income benefit—these products are tax-deferred, but unlike fixed annuities, offer upside growth potential based in part on the performance of an index. Many index annuities with an optional income benefit also offer guaranteed income that you won’t outlive, while still giving protecting your principal. Guarantees are backed by the claims-paying ability of the issuing insurance company. Keep in mind that optional income benefits are subject to additional fees and other limitations. If you fund your IRA or 401(k) with an index annuity, you should realize that these retirement accounts are already tax deferred. An index annuity provides no additional tax-deferred benefit beyond that provided by the plan.
Retirement accounts like IRAs or 401(k)s—they can provide you with income after you reach age 59½. Early withdrawals prior to that date may be subject to an additional 10% federal tax. Keep in mind that withdrawals of earnings will also be subject to ordinary income tax.
Earnings from work. To help generate income before you reach age 70, you may want to continue working. A full or part-time job may offer not only financial benefits, but also mental and physical advantages.
Note: for all annuities, withdrawals may be subject to company-imposed withdrawal charges and an additional 10% federal tax if taken prior to age 59½.

27. Choosing the Right Option for You
Carefully think through your Social Security strategy before submitting your benefit claims
Be sure to ask yourself:
When do I really want to retire?
How do I want to spend my retirement?
Do I have the right strategy to help me achieve my goals?
When it comes to choosing the best Social Security option for you, keep in mind that Social Security is more restrictive than ever on allowing filing changes, so it’s important to carefully think through your strategy before submitting your benefit claims.
Be sure to ask yourself:
When do I really want to retire?
How do I want to spend my retirement?
Do I have the right strategy to help me achieve my goals?
I’m always available to answer questions and to make sure your retirement income strategy remains consistent with your long-term financial goals, so please don’t hesitate to call me at any time.
I’m always available to answer questions and to make sure your retirement income strategy remains consistent with your long-term financial goals.

28. Make the Most of Your Social Security Benefits Today!
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