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    Integrity Wealth Management

    Getting The Most Out Of Your Social Security Benefits

    While many people equate social security to a retirement program, it is much bigger than that. Social security is involved in the lives of nearly every single person in the United States including older Americans, disabled workers, and families who may have lost a spouse or parent. Currently, over 160 million people work and pay their social security taxes and about 60 million people receive monthly benefits from social security. Many of the people who are receiving benefits from social security are those who are retired and their families, which comes down to about 42 million individuals. 

    No matter if you’re receiving the benefits of social security or you’re paying those taxes, it’s important that you understand that there are certain strategies that may affect you and your family’s growth in the future, as well as right now! In this blog post we will be discussing topics that you may want to discuss with your financial advisor in order to get the best plan for you and your family. 

    When you’re able to claim your social security, it has the ability to replace about 40% of a person’s average wage earners income after retiring. When figuring out your options for social security and its benefits, you want to think about what is going to be best for you. Every person is different, which means that everyone’s retirement plan may need to be different. This is why it’s important to speak to a financial advisor to figure out a plan that is going to give you the maximum benefits. For example, after speaking with an advisor you may find that you need a higher percentage of your pre-retirement earnings to live the way you want. 

    Even though we’re deep into 2019, there are changes that have been made that you’re going to want to discuss with your financial advisor. You’re also going to want to discuss how these changes may affect you and your money in the grand scheme. It’s important to understand what changes have been made because they may affect you directly. 

    One major aspect to understand when it comes to your social security benefits is the Bipartisan Budget Act of 2015, section 831. The Bipartisan Budget Act contained two restrictions, claim then suspend and spouse then worker. These can change the way you and your spouse or family can file for social security benefits. No matter if you’re married or not, these two have changed the way that you and your spouse can file for social security benefits. 

    While the full retirement age is around 66, you can access your social security benefits as early as 62. However, you may receive less than your full retirement benefit amount. Starting your benefits early can reduce the amount of social security based off of the number of months that you’re receiving until you reach your full retirement age. There are many pros and cons, so in order to maximize your benefits, speak with an advisor. They’ll be able to help you figure out how social security will affect your children, your spouse, your employment, and so much more.  

    Benjamin Franklin said, “An investment in knowledge always pays the best interest,” and at Integrity Wealth Management & Insurance Services, LLC we’re here to help you gain that knowledge. For more information about how to maximize your social security benefits, our firm is offering an event purely on social security which you can register for here. With over 25 years in the financial industry, we’re a relationship driven firm and create plans that are built for you with your best interests in mind. Contact us today to learn more information about us and our event. 

    Investment advisory services offered through Virtue Capital Management, LLC (“VCM”), a registered investment advisor. VCM and Integrity Wealth Management & Insurance Services, LLC are independent of each other. For a complete description of VCM’s investment risks, fees and services, please review the Virtue Capital Management firm brochure (ADV Part 2A) which is available by contacting Steven Anderson or by contacting VCM.

    Virtue Capital Management, LLC and Integrity Wealth Management & Insurance Services, LLC are not affiliated with or endorsed by the Social Security Administration or any other government agency.