5 Social Security Mistakes Couples are Making Right Now

  • Social Security benefits could be a $1M+ retirement income stream for many couples, yet they spend very little time on this topic.

  • You need to avoid making mistakes with this part of your retirement income plan— it may be your only income stream with a cost-of-living adjustment. Getting a set of professional eyes on your situation is a must.

  • Go here to get the full PDF guide on the 5 Social Security Mistakes Couples Are Making Right Now.

  • Go here to find out how to get 1-on-1 help with a personalize claiming strategy for your Social Security benefits.

Many people don’t consider how important Social Security benefits are to their retirement income plan.

That’s because the entire financial industry is SO FOCUSED on investments. But don’t fall into the trap of thinking that’s all that matters.

For couples that are on track to receive $2,000/month each, Social Security benefits could easily be over a MILLION DOLLAR income stream (possibly one of your largest assets).

And if you have more than $1 million in retirement savings, congrats! That’s well above average.

Getting to that point means you made the most of your opportunities—I urge you to do the same with your Social Security claiming decision.

I’m going to give you the 5 mistakes I see most often in my practice along with a short excerpt for each one.

If you want more details on each mistake, go here and I’ll deliver the PDF version of this info directly to your inbox.

Ok, here we go — the 5 Social Security mistakes couples are making right now:

#1- Only focusing on your breakeven point - Spouse A says, “I don’t think I’m going to make it to my breakeven age of 81—I’m going to claim my Social Security now.” What spouse A is not thinking about is that they could be locking in a lower benefit amount for spouse B for the rest of their life as well.

#2- Not considering how Social Security benefits fit into the overall plan - Social Security benefits can be a very good hedge against 3 of the most feared scenarios for retirees.

#3- Assuming you’ll get nothing from Social Security - If nothing else, Social Security benefits can provide some stability in the plan and possibly allow couples to be more aggressive with other buckets of money. And for those couples where benefits are meaningful, it’s not reasonable to assume you’d get nothing. The reason is that ongoing payroll taxes fund the majority of Social Security benefits.

#4- Ignoring taxes - One brief tip: you can start using Qualified Charitable Distributions (QCDs) when you reach age 70 ½ if you regularly give to charities or your church. Using a QCD will allow the distribution to avoid taxation, and it can satisfy part (or all) of your Required Minimum Distribution (RMD).

#5- Trying to “double up” and take benefits while you’re still working -You may make too much money to actually receive any benefits before what the Social Security Administration deems your “full retirement age.” And if you really don’t need the money, waiting until you actually retire and need benefits for your cash flow may be a good way to go.

So there they are: the 5 Social Security mistakes couples are making right now. The PDF version has a lot more info, so I recommend downloading that if you found this info helpful.

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I hope 5 Social Security Mistakes Couples Are Making Right Now makes a difference for you and your family. I’ll see you on the inside.

Best,

Ben

Benjamin Earls, CFP®

CERTIFIED FINANCIAL PLANNER® PROFESSIONAL