Hidden Assets: Managing Your Social Security
Understanding Social Security and knowing how to make the most of retirement benefits is crucial. People contemplating retirement should plan carefully to maximize their assets.
Retirement specialist, James A. (Al) Hurt, Jr. has been assisting individuals and businesses with wealth management for the past forty years. His article, Hidden Assets: Managing Your Social Security, recently published in the Spring 2014 edition of the CSA Journal, focuses on Social Security and knowing how to make the most of your retirement benefits. Excerpts from his article can be read below.
As financial advisors, we are often asked, "How can I get the most out of my Social Security?" Are we responding with uninformed answers such as, "You have plenty of other assets," or "I’m not sure I would count on Social Security." The average two-earner couple receives $583,000 in lifetime Social Security Benefits (Steuerle and Quackenbush 2012). The reality is that Social Security is a huge benefit and when to start drawing benefits is a decision that many people get wrong.
Let’s look at Social Security as the "hidden asset" that everyone seems to give the least amount of attention, and in many cases is the largest asset a retired couple may have. You need to think about Social Security as social insurance that you have paid for, and you have a measure of control as to when your benefits are paid. Therefore, everyone has the responsibility to themselves and their families to make sure this asset is maximized to its fullest potential.
Provided by Society of Certified Senior Advisors
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