Income and Social Security Planning

Oversee your current and future cash flow to fit your needs.

Understanding your Social Security benefits is a crucial step in planning for your financial future. Ways to optimize your benefits are often poorly publicized, making it even more essential to educate yourself on available options and filing strategies. Furthermore, changes and concerns over the state of the program add to the confusion.

Deciding which approach to take can be complex, and rampant social security myths make it challenging to know the best way forward. Meeting with a financial advisor at Royal Oak Financial Group can determine how you can best maximize your Social Security Benefits.

Social Security is a critical asset for most Americans. It’s likely one of the most important benefits you’ll earn through your working years. Filing for benefits at an arbitrary date can cause you to miss out on hundreds if not thousands of dollars. Working with an advisor to create a maximization strategy that makes sense for your life circumstances can alleviate the guesswork.

Who is Eligible for Social Security?

Social Security is a retirement benefit program sponsored by the government and designed to replace a portion of your income when you retire. If you’ve worked and paid taxes, you’ve been paying into Social Security for most, if not all, of your career.

To qualify for benefits, you have to meet one of the following requirements:

  • Retired Worker. To accumulate the 40 credits necessary for basic eligibility, you have to have worked in a Social Security covered job for at least 10 years.
  • Spouse of a Retired Worker. As the spouse of a retired worker, you may qualify for benefits. If you’re divorced, you may still be eligible if you meet certain conditions.
  • Survivors. If you’re the widow or widower of a retired worker, you are likely to be eligible for Social Security survivor benefits.

How We Can Help

Our financial advisors work with clients to determine the right time to start taking Social Security by looking at your complete financial picture. A comprehensive analysis can give you a better sense of your benefit income based on different claiming scenarios. By eliminating the guesswork and choosing to claim the right benefits at the right time, you can realize significant extra income in your retirement.

Envision Your Future. Plan for It With Us.

Meet with our fiduciary team to discuss your ultimate financial goals.

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