Optimizing Social Security Claims In Retirement Income Planning

Social Security claiming strategy is a cornerstone of retirement income planning.

The advantage of deferring Social Security retirement benefits beyond full retirement age can be significant when a client is expected to live beyond his or her actuarial expected lifespan. But is it advantageous to defer Social Security benefits even if a client dies before his or her actuarial life expectancy? We will explore the various options clients face in choosing a Social Security claim strategy and optimizing it to fit into a retirement investment portfolio, including:

• • Who should claim social Security – you or spouse – based on your retirement planning horizon?
• • What claim strategy gives you maximum life time benefits based on the length of your plan and life expectancy?
• • When each spouse should claim his or her own benefit?
• • Which spouse should file a “restricted” application for only a spousal benefit?
• • How does the claim strategy fit in with your overall retirement income plan and investment strategy?