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Social Security Planning

Top Social Security Planning Provider in Bradenton & Bonita Springs, Florida

Social Security planning falls right in as one of the most crucial steps in the financial planning process. About 61 million people depend on Social Security benefits to assist them during their retirement or with disability income. However, among those millions, many don't realize the importance of integrating their Social Security planning into their overall financial plan. 

The Integra Capital Advisors team in Bradenton / Sarasota and Naples / Bonita Springs, Florida have guided our clients through the analysis and reasoning for the best Social Security benefits decision for them. If you require Social Security planning services, then give us a call!

What is Social Security Planning

Creating a Social Security plan includes reviewing your personal benefits and considering reasonable life expectancies for you and your spouse to determine the best ages for you to claim your benefits. Beyond considering longevity, other factors include how long you plan on working, or if you will work in retirement after your main career ends. We’re here to assist you with this decision so you can understand the various claiming options available. The goal, of course, is to maximize lifetime Social Security benefits for you and your spouse.

Preparing For Social Security

Social Security planning is one of the most essential parts of financial planning you should consider. No matter what age you are, it's time to start if you have not done so already. 

There are certain factors that may cause individuals to want to claim earlier, including:

  • The need for Social Security income right away
  • A desire to invest your monthly benefit
  • A shorter than average life expectancy
  • Your spouse wants to delay filing to maximize their benefits

Some of the finer details of Social Security you should be aware of include planning for spousal benefits and reducing the associated taxes on Social Security income. 

Our financial advisors can help bring some clarity and support of the following: 

  • An in-depth look at your claiming options
  • Strategy creation 
  • Calculating the potential future value of benefits 
  • Factoring in inflation 

When You Can Start Collecting Benefits

The earliest you can begin claiming your Social Security benefits is at age 62. If you start receiving your benefits before your full retirement age (FRA), your monthly amount will be permanently reduced based on how early you start your claim.  Your FRA will be between age 66 and 67 depending on the year in which you were born. 

Waiting past your full retirement age out to as long as age 70 provides delayed filing credits which increase each month. Once you reach age 70, your benefit will not increase further and there is no reason to delay past that age to file for benefits. 

Average Life Expectancy

Social Security planning is best done a few years before you anticipate retiring or by your early 60s. According to the World Health Organization, the average life expectancy of a US citizen at birth is at 78 years. Females are listed at age 81 and males are expected to live to age 76. However, the life expectancy for a 65-year-old is 85! It's critical that you stay aware of your health as you get older to consider a reasonable life expectancy to use in the Social Security claiming decision. 

Schedule An Appointment With Us, Today!

We know that Social Security planning is a crucial part of your overall financial plan. Here, at Integra Capital Advisors, we strive to provide you with the most informed financial advice possible. Schedule your appointment with us today because it's never too early to plan for your future. 

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