Welcome everybody! Abe Abich, Founder and CEO of Abich Financial Services wanted to talk to you about social security. You know whenever we have market volatility , market crash, and ton of unemployment and different things like we’ve had this 2020.
Oftentimes, thinking about, people started thinking about their exit and maybe retiring early which also involves maybe taking social security early. We know there’s pros and cons to every investment decision and financial decision we make when it pertains to our retirement.
Taking benefits early may work for you or it might not. You know if you wait ’til 70 only 3% of financial, of Americans wait til 70 to take social security. If you take benefits at 62, we know that the benefits will be reduced. We do know that if you live to about to 82-83 and you passed away before age 82-83 it would have been better to take benefits at age 62.
We also know that if you live past age 82 or age 83 it would be best to wait til 65 or 66 you full retirement age and every year that you wait and defer those benefits your benefits grow by about an 8 percent guaranteed compounded return from the government and to get an 8 percent guaranteed compounded return you pretty much can’t find that anywhere right.
So Social Security is very very important and Social Security planning. Social Security maximization is extremely important that’s something that very few financial advisors and financial professionals help their clients with nobody gets paid to you know Social Security is not a product it’s not an investment that somebody can sell and make any money on so a lot of professionals just ignore it.
That’s a huge important part of your retirement plan and we have social security action planning software where we can put your specific birth dates in the software and give you the real numbers and show you hey here’s what your benefits look like.
If you take benefits this year here’s what they look like if you take benefits
in three years or at 70 so you can see the real numbers and then you can make a firm educated decision that’s best for you.
If you have any questions about how to plan for your Social Security when to take Social Security benefits anything social security related we’re here for you and we can give you that insight and help you as to when is best for you to take Social Security.
Visit https://abichfinancial.com to request consultation.