Financially Stable Retirement Income

When you decide to “take a load off” by resting your body on a stool, do you want to rest on a rocky bench that might cause you to either slide off or to force you to exert extra energy to continually stabilize yourself? A stable three-legged stool provides support through careful construction of each leg of the stool. A well-constructed stool provides a solid foundation to rest upon. If one leg of the stool is shorter than another, sitting on the stool provides an unstable, rocky experience.

Likewise, for financial stability during retirement, it is important to consider three elements regarding Social Security filing. Three things that a married couple should consider prior to filing for Social Security benefits are:

  1. Waiting until one spouse turns age 70
  2. Coordinating spousal benefits
  3. Maximizing surviving spouse benefits

It is critical that married couples view Social Security as a joint lifetime benefit. Filing too early can result in a reduced benefit. As Social Security provides surviving spouse benefits, this will affect not just one person’s life, but the lives of two people.

Intrigued? Perplexed? Wondering exactly how much income can be gained or lost by following the best strategy? Answering these questions is not easy. Each couple’s financial situation is unique. Learning how to analyze a particular couple’s financial situation and making filing recommendations relative to the complex Social Security regulations takes training and forethought. Learn more about the issues to address prior to making client filing recommendations by visiting NSSA Certification.

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