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Important Information about Social Security Benefits and Retirement in San Diego

Posted by Greenwald and Gerke on August 24, 2017
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Do you think that you have a good plan to maximize your Social Security benefits? If you don’t have a financial professional to help, then it is likely that you are missing some important details! We talked to Brett Gottlieb, an Investment Advisor with Comprehensive Advisor, to get some tips that you can implement for your retirement strategy.

Retirement Planning at Any Age

Regardless of your age, you need to talk to an expert so that you know how you should be planning your benefits through the Social Security program. Even though the system used to be simple, there are many options that can influence your results.

In fact, there are 567 ways that you can claim your benefits! Only a few of these methods work for each person, so you need to work with an expert to consider the strategies that will be best for your circumstances.

Navigating the Rules of Social Security Benefits

The Social Security Administration has put together a long list of rules that regulate the retirement benefits, which means that you need to navigate these rules to receive your benefits. For example, many recipients don’t realize that they need to pass an earnings test, which is a measure of current income that determines when Social Security benefits can be paid out. Your financial advisor can guide you through this process.

Filing for Benefits is Permanent

The most important thing that you need to understand is that your filing for Social Security benefits is permanent. Once the request has been filed, you won’t ever be able to change that request. So, it is critical to ensure that you have an experienced financial professional who can offer advice to ensure that everything is accurate on your submission.

Not only will a professional offer advice, but they can also provide the support that you need to manage taxes on the income. The state of California doesn’t tax these benefits, but there is a Federal tax component that needs to be managed.

As you can see, there are factors that could influence your Social Security benefits. As you are looking at your options, it is important to consider the lifestyle that will fit your retirement savings and benefits. If you decide that you want to move to a new home for retirement, then we encourage you to talk to our team here at Greenwald & Gerke Realtors. We offer the real estate services that you need for retirement: (844) 782-9674

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