Approaching Retirement? Social Security Claiming Tactic You Need to Know

Retire Ready

 

SPONSORED BY REAP FINANCIAL

Most retirees know by claiming your Social Security benefits at age 62, you face a 25% reduction of the benefit you would have received if you had started at the normal retirement age.  This is not always a bad thing.  Consider this: if you received $2,000/month from 62-66, that’s almost $100,000 in your hands and not the governments.  (Theoretically, if you retired at 62, but DID NOT defer, you’d be drawing down your own retirement accounts).

Here is where the claiming strategy comes into play:  by stopping your benefits when you hit retirement age (66), you don’t have to pay back any of the benefits you received previously.  (If you stop benefits early, you will have to pay back).  From this point, your expected Social Security benefit will grow by 8% per year until 70 years of age.  For the right families, this strategy could mean tens of thousands more to you in retirement.  Get informed on your options with the new report “The Social Security Decisions.”

To claim your copy, email us at Retire@REAPFinancial.com.  We’ll mail it out to you!

Or set up an appointment to meet with REAP Financial in person by clicking the following link: https://austinfinancialplanner.com

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