Social Security Planning

Work Or Retire Finding the right age and correct strategy to claim Social Security retirement benefits can have a substantial impact on a retiree’s financial security. It is essential for CPA personal financial planners to educate clients about the options and run the numbers pertaining to different claiming scenarios assuming different life expectancies. Traditionally, the Social Security Administration’s (SSA) default position has been to recommend the option that provides recipients the largest benefit today, which may be a good idea if you are in ill health and without sufficient assets. However, after considering early retirement penalties, delayed retirement credits, survivor benefits, inflation cost of living adjustments, two-income households, the tax advantage of Social Security and longer life expectancies, it may make sense for one or both spouses to delay to age 70.
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