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Address:

819 West 7th Avenue 
Spokane, WA 99204

Phone:

509-327-1171

Fax/Other:

509-327-1181

    

Choosing when to begin taking your social security payments is a decision that affects the rest of your income sources. The more you take for Social Security, the less you may need to tap other savings and investing accounts.

 

THE MAXIMUM OPTION

Generally, to get the maximum benefit, you have to delay Social Security payments until age 70. At that point, you lock in your maximum Social Security benefit. Your payments may increase by as much as 8% per year from Full Retirement Age (FRA) to age 70 if you can afford to wait. But, between FRA and age 70, you'll still need some other sources of income. Will you work longer or withdraw a portion of your other assets to cover the bridge years?

 

THE FULL RETIREMENT AGE (FRA) OPTION

Working until your FRA may be your best choice. By claiming at FRA, you'll receive your full Social Security benefit payments for the rest of your life. You'll also have more time to add to your retirement savings and stay invested to potentially increase your nest egg.

 

THE MINIMUM OPTION

For some people, claiming Social Security before FRA is a necessity- you may lose a job, suffer an illness or need to step away from work to care for a loved one.

If you find that you need to claim early, before your FRA, your payment amount will be permanently reduced. In some cases, you could lose up to 25% to 30% of your full benefit. Taking your benefit early may result in drawing down more of your investment portfolio to cover the amount of income you need throughout retirement.

SOCIAL SECURITY IS ONE PIEICE OF YOUR RETIREMENT INCOME.

Having your guidance through the retirement income planning process can help you put a plan in place to live a comfortable retirement on your terms. By partnering with Balderson and Hebert, LLC to build a complete retirement income plan, you'll find that Social Security will make up one part of your retirement income, while the other income sources will come from your personal savings, pensions, and investments, or from working longer.

It's important to find the right mix to help create an effective, straightforward lifetime retirement income plan.

You've known about Social Security for years. You've paid into the system with every paycheck. But now that you're getting closer to retirement, how much do you really know about the benefits that Social Security will provide?

It's important to learn the fine points of Social Security because it will become the base of your retirement income.

  • It can provide anywhere from 20% to 40% of your income throughout retirement.
  • Backed by the US Government, it comes with a lifetime guarantee and cost of living increases.
  • It can help protect your spouse's income if he or she lives longer than you do.

Balderson and Hebert LLC can help you see how Social Security fits into your overall retirement income strategy and help you decide when and how to take your monthly payments.

Working with us, you can feel more confident and prepared to make the decisions about Social Security that will work best for your personal situation.

 

Are there other aspects of Social Security that I should know?

YES.

Follow the link below, or contact our office at (509) 327-1171 and we will send you a complimentary brochure explaining the Social Security basics. We will be available to answer any questions you still have after you have had a chance to read through the information.


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