Social Security

Get the Most Out of Your Social Security Income

Most people contribute to Social Security throughout their working lives and count on it for income during retirement. If you are like many out there, you plan to begin collecting as soon as possible, either when you turn 62 or after you retire from full-time employment. However, you may be better served to wait on collecting. At LaPorte Financial, we can help you determine how to claim your Social Security income.

Understanding Social Security

Social Security is a government-sponsored retirement program that provides retirees with a reliable income source. Your benefit amount depends on your highest 35 years of qualifying income but your age and work history determine your actual benefit amount. You may be able to collect at 62, however your check might be as much as 30% lower than if you wait until full retirement age. Likewise, it can increase by up to 32% if you wait until after your FRA.

Developing a Strategy To Optimize Benefits

Our financial advisor will help you develop a strategy that allows you to determine benefits based on your circumstances. In addition, they will assess your work history and full retirement age and considers your health, life expectancy and marital status to help you determine the best time for you to begin collecting. No two individuals are alike, so your Social Security strategy should be designed to work for you.

LaPorte Financial works with you to develop a plan to get the most appropriate Social Security benefits in retirement. Get in touch today to schedule a consultation.