Facts and Figures

Choosing the right Social Security election may be the most important decision of your retirement.
The wrong decision can impact your retirement by tens of thousands of dollars.

 

Why Maximize Social Security?Untitled

For most people, Social Security is the only income stream that: 

  • Adjusts annually to keep up with inflation
  • Is tax-advantaged-at worst, it’s only 85% taxable as ordinary income
  • Continues to pay you for as long as you live
  • Funded by a government promise

 

QUESTION: How long is the Social Security benefit reduced if you apply before full retirement age?

Answer: For Life

FACT:  24% of U.S. workers admit that they have postponed their planned retirement age at least once during the past year.    Source: Employee Benefit Research Institute and Matthew Greenwald & Associates, Inc.  2010 Retirement Confidence Surveys

QUESTION: What percentage of retirees claim Social Security benefits at age 62?

Answer: 50%

FACT:  According to a recent AARP survey of Baby Boomers, 40% of them plan to work “until they drop”.  Source: AARP Study as reported in Time Magazine

TRUE OR FALSE:  A trust is an easy way to avoid probate and death taxes.

trusts   Many people believe:

  •    Trusts are for the rich
  •    Trusts are complicated
  •    Trusts are expensive
  •    Trusts take away control of my property

FALSE!  Trusts are for everyone, they’re simple and inexpensive.

QUESTION:  What is the Three-Year Rule?

Answer: A gift made within three years of death is included in your estate for purposes of imposing a death tax. You can easily avoid this rule by early planning.

QUESTION:  Do you need a Durable Power of Attorney?

Answer:  YES! A Durable Power of Attorney is an easy way to appoint someone in advance to be your guardian should you become incapacitated.

QUESTION:  Without a Durable Power of Attorney, a guardianship must be established to handle your financial affairs

Answer:  Yes! A Durable Power of Attorney is an easy way to appoint someone in advance to be your guardian should you become incapacitated.

QUESTION:  What percentage of retirees receive reduced Social Security benefits?

Answer:  74%

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