Claiming Social Security benefits for your household, whether married or single, is a highly individualized decision. Although many people may fall into groups with similar circumstances, we make very few recommendations that might be the same for another individual in a similar case.
When you consider all of the items in the list below, it should be clear there are many different aspects of claiming social security that will be unique to your personal situation.
Since Social Security claiming is a topic that touches on the foundations of your retirement planning, it is critical to incorporate complete retirement income planning into the decision-making process.
There are multiple software programs in the marketplace that will look at your age, marital status, assumed rates of return, and life expectancy, to come up with a recommendation for claiming your “optimized” retirement benefits. While the answer it gives may be optimized for certain circumstances, that software program doesn’t know anything about your other resources or sources of other income in retirement. Therefore, a standalone Social Security claiming analysis will frequently come up with an entirely different result than one from a program that looks at all your financial resources in retirement.
We at REDW Wealth have many tools to assist you in looking at specific questions about your claiming or incorporating your claiming strategies into a retirement income plan.