How to save for retirement with Social Security benefits | Tyler Adams, ChFC® posted on the topic | LinkedIn (2024)

Nearing retirement age? Learn how to navigate the complexities of inflation, taxes and more in our latest article. #RetirementPlanning #FinancialFreedom

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Social Security Benefits Part I: Changing Course on Collecting Social Security PaymentsIt is common for individuals to have a change of heart regarding decisions made when transitioning to retirement. It might be the fact that you are not ready for early retirement, you were overconfident that you could retire, you desire to reenter the workforce, or you prefer to delay receiving retirement until full retirement age. This article will navigate the process of how to reverse course on when social security payments commence.

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Why is checking your social security balance important? When you plan your finances, especially for retirement, it’s essential to understand what your social security will look like when you do retire. You can check this figure online and better inform your financial planning efforts. By having an estimated figure in mind for retirement, you can plan your finances accordingly.

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One small mistake could blow up your entire budget in retirement. If you're currently collecting, or planning to claim Social Security in 2024, you'll need to be sure to avoid these three mistakes. https://ow.ly/beTw50Q4jtx

Don't leave one of your biggest retirement income sources up to guesswork. Help get a clear vision of your future Social Security benefits sooner than you think! This 6-step article guide helps you calculate your projected payments years in advance. With this powerful knowledge, you may strategically adjust other aspects of your financial plan.Here’s how to help estimate your social security benefits: https://lnkd.in/e3AyJA64#finance #retirement #benefits

According to the latest Social Security Trustees Report, there may be cuts of 23% coming to retirement benefits as early as 2034. While that may seem like it’s still quite a ways down the road for those planning to retire in 2024, the truth is that a 23% cut to benefits coming 10 years into your retirement could be devastating, particularly if you’re depending on that income to finance your golden years. Although legislative action could still prevent this from happening, it’s best to prepare yourself now for any eventualities.

Social Security benefits can potentially make or break retirement for many seniors, so it's wise to ensure you're collecting as much as possible. By knowing your FRA (and how your claiming strategy will affect your benefit amount) as well as what types of benefits you qualify for, you can maximize your monthly payments.

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Do you have questions about Social Security or Medicare? Investment Planning, Retirement Planning, Tax Planning, Social Security Claiming, Medicare and Spending Strategies are complicated and can be confusing. Be careful. There are lots of mistakes that you can make. Call me at 423 646-3006 if you would like to discuss your situation and determine which option suits your style best. I'm a member of the Association of Financial Educators, Registered Social Security Analyst®, Certified Retirement Education Specialist, Certified Plan Fiduciary Advisor, and Certified Financial Fiduciary® who practices Full Disclosure – always divulge all fees and commissions as well as disclose any conflicts of interest -and agree to always put your best interest first.

Do you have questions about Social Security or Medicare? Investment Planning, Retirement Planning, Tax Planning, Social Security Claiming, Medicare and Spending Strategies are complicated and can be confusing. Be careful. There are lots of mistakes that you can make. Call me at 423 646-3006 if you would like to discuss your situation and determine which option suits your style best. I'm a member of the Association of Financial Educators, Registered Social Security Analyst®, Certified Retirement Education Specialist, Certified Plan Fiduciary Advisor, and Certified Financial Fiduciary® who practices Full Disclosure – always divulge all fees and commissions as well as disclose any conflicts of interest -and agree to always put your best interest first.

After paying into Social Security during your working years, you may be anxious to start receiving retirement benefits ASAP, but that might not be the best long-term strategy. Here's what to consider. https://lnkd.in/gQJafkS6