“Demystifying Social Security” a presentation from Social Security expert Andy Landis was well attended and well received by clients. Andy started with the question of whether or not the Social Security fund was solvent, reviewed how Social Security computes payments, and then walked participants through a series of scenarios around how to receive the most lifetime payments.
In reality there are many scenarios and there is not a preferred, “one size fits all” solution. Depending upon one’s circumstances a retiree may want to start their benefits at age 62, another at age 66 and for others, age 70 in order to maximize the overall benefits to the family. In some cases, the decision involves one spouse starting benefits early at 62, while having the other spouse “file and suspend” his benefit to age 70.
Andy addressed many questions around working after retirement and how to find out what a retiree’s benefit really is going to be. Bottom line: make an appointment to visit your local Social Security office well in advance of your retirement date.