Ill-Timed Social Security Withdrawals Could Leave Your Spouse Shorthanded
Financial Expert Explains How to Time Social Security Just Right
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April 22, 2014 (www.investorideas.com newswire) For most middle income couples, Social Security represents a substantial portion of their retirement income- often upwards of $500,000 in lifetime benefits. According to Nicole Mayer AIF of RPG- Life Transition Specialists, a proper Social Security withdrawal strategy will allow couples to maximize their retirement assets.
"Understanding your options can save both you and your spouse a large sum in the long run," says Mayer. "Most people simply elect Social Security at the age they decide to retire, not the age in which they will receive the maximum lifetime benefit."
Mayer explains that all too often, couples elect their Social Security too early. "While you are eligible to receive payments as early as 62, waiting to enroll builds delayed retirement credits that can add upwards of $300-400k to your lifetime benefits," says Mayer. "Our Social Security Timing program evaluates factors such as the retired worker benefit, the spousal benefit and the survivor benefit with 81 election age combinations across nine different election strategies to find the highest lifetime benefit for you and your spouse. There are over 1,300 combinations of claiming strategies."
Please contact me if you would like to speak with Nicole Mayer of RPG-Life Transitions Specialists about this topic.
About RPG-Life Transition Specialists (RPG) Located in Riverwoods, Illinois, RPG-Life Transition Specialists (RPG) is a financial planning firm committed to tailoring the retirement process for each individual client and providing financial education programs for corporations. With a 95% client retention rate over the course of 16 years, the experienced staff of financial professionals takes time to counsel each prospect and deliver a plan designed to meet each individual’s specific needs. . They have been featured in esteem publications like the Wall Street Journal and Crain’s Chicago Business. RPG-Life Transition Specialists is located at 2610 Lake Cook Road, Suite 250, in Riverwoods, Illinois. They can be reached at (800) 596-0253. Find them online at www.rpgplan.com. Securities and advisory services offered through National Planning Corp. (NPC), Member FINRA/SIPC. A Registered Investment Adviser. RPG and NPC are separate and unrelated companies.
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